Changing repayment plans is a good way to manage your loan debt when your financial circumstances change. For example, you can usually lower your monthly payment by changing to another repayment plan with a longer term to repay the loan. There are no penalties for changing repayment plans.

As a result in a change in legislation, some of the repayment plans being offered to William D. Ford Federal Direct Loan borrowers have changed. The Standard, Extended and Graduated Repayment plans will no longer be made available to any new borrowers entering repayment after 09/10/2007.

Existing borrowers (borrowers who have already entered repayment on one or more of their loans prior to 9/10/07) and who have one of the grandfathered plans already assigned to their loans will remain on those plans. In addition, subsequent loans that book for that borrower will be placed on the same grandfathered repayment plan.

To learn more about different repayment options click HERE!