Student Loan Information
Repayment Plans
Federal Direct & PLUS Loans
Federal Direct & PLUS Loans offer a variety of repayment plans designed to fit different needs and income levels. The amount you pay and the length of time to repay your loans will vary depending on the repayment plan you choose.
Borrowers must notify their federal loan servicer of the repayment plan they wish to select. Although you're asked to choose a repayment plan when you first begin repayment, you might want to switch repayment plans later if a different plan would work better for your current financial situation. You can change plans any time as long as the maximum repayment period under your new plan is longer than the time your Direct Loans have already been in repayment.
Go to Repayment Plans and Calculators for more information about the various repayment plans and to calculate your estimated repayment amount under each of the different plans.
Repayment Plan Options
| Standard Plan | Graduated Plan | Extended Plan | Graduated Extended Plan | |
| Borrower Eligibity | All are eligible | All are eligible | Over $30,000 in loans | Over $30,000 in loans |
| Term | 10-year | 10-year | 25-year | 25-year |
| Public Service Loan Forgiveness (PSLF) Eligible? | Yes | No | No | No |
| Payments | Fixed for life of loan | Start smaller and grow over time | Fixed for life of loan | Start smaller and grow over time |
| Cost | Higher monthly payments | Higher montly payments later | Paying for longer/ costs more overall | Paying for longer/ costs more |
| Benefits | Paid-off sooner/costs less overall | Lower monthly payments to start/ costs less overall | Lower monthly payments | Lower monthly payments |
| SAVE Plan | Income-Based Repayment (IBR) Plan | Pay as you Earn (PAYE) Plan | Income Contingent Repayment (ICR) Plan | |
| Term | 20-year | 20-25 year | 20-year term | 25-year term |
| Forgiveness | Forgiveness eligible after 10 years | Outstanding balance forgiven after 20 or 25 years | Oustanding balance forgiven after 25 years | Outstanding balance forgiven after 25 years |
| Payment Determination | Payments auto adjusted when permission to IRS is granted | Borrower must update income and family size each year | Borrower must update income and family size each year | Borrower must update income and family size each year |
| % of Discretionary Income | 5% of discretionary income (beginning 2024-2025, 10% before 2024-2025) | 10-15% of discretionary income | 10% of discretionary income | 20% of discretionary income |
Federal Perkins Loans
Federal Perkins Loans offer only one type of repayment plan. The loans are repaid in equal monthly installments over a maximum 10-year repayment term. To see any amounts still due, or to find your Perkins loan servicer, log in to your dashboard on studentaid.gov and scroll down to the My Loan Servicers section or call the Federal Student Aid Info Center at 1-800-433-3243.
Resources
Financial Aid
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Address
Texas Tech University | Student Financial Aid & Scholarships | West Hall 301 | P.O. Box 45011, Lubbock, TX 79409 -
Phone
(806) 742-3681 -
Email
finaid.advisor@ttu.edu