Choosing a repayment plan
When you start making payments on a new student loan, you're automatically signed up for standard repayment. But you can choose other payment options.
See which repayment option best meets your needs.
Standard repayment
Principal and interest payments are due each month throughout the loan repayment term.
Graduated repayment
Payments are lower at the beginning of repayment and step up at specified periods and in specified amounts over the term of the loan.
Income-sensitive repayment
Monthly payments are based on a percentage of the borrower's monthly income for Stafford, PLUS, and SMART LOAN® (federal consolidation) borrowers.
Extended repayment
Eligible borrowers receive payment relief through a lengthened repayment term of up to 25 years.
Student loan consolidation
Student loan consolidation is an important debt management tool that allows borrowers to bundle existing loans into one new loan, providing both convenience and lower monthly payments. There are two types of student loan consolidation: federal student loan consolidation and private student loan consolidation.
Serialization
Sallie Mae purchases a borrower's loans held by other Federal Family Education Loan Program (FFELP) lenders or institutions and services them in one account with the borrower's other Sallie Mae-owned loans. Borrowers make one monthly payment and retain the original terms and interest rates on their loans.
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