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REPAYMENT PLAN OPTIONS

 

Repaying your student loan is one of the smartest choices you will ever make. ACS offers a variety of repayment plans designed to meet your budget while minimizing the interest costs over the life of your loan.

Click a repayment option below to learn more:

Level Repayment | Graduated Repayment | Income Sensitive | Extended Repayment | Income Based Repayment (IBR)

Level Repayment Plans

The Level Repayment Plan is designed to allow the borrower to make payments of equal amounts throughout the payment period. This plan provides the least amount of interest accrual over the life of the loan.

Here is an example of a borrower with a $30,000 loan balance on a Level Repayment Plan:

PrincipalInterest RatePayment TermMonthly Payment*Total Interest PaidTotal Paid
$30,000Fixed at 6.8%10 Years; 120 Months$345.23$11,426.74$41,426.74

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Graduated Repayment Plan

The Graduated Repayment Plan offers lower payments during the first years of repayment with increasing monthly payments over time. A monthly payment amount is calculated over the term of the loan with the lowest payments in the first two years and highest in the last two years. Payment amounts increase at 24 month intervals during the repayment period. This plan results in higher interest costs than the Level Repayment Plan over the life of the loan.

Here is an example of a borrower with a $30,000 loan balance on a Graduated Repayment Plan:

PrincipalInterest RatePayment TermInitial Monthly Payment*Final Monthly Payment*Total Interest PaidTotal Paid
$30,000Fixed at 6.8%10 Years; 120 Months$199.36$597.32$14,567.44$44,567.44

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Income Sensitive Repayment Plan

Under this plan, payments may be reduced to as little as four percent of a borrower's total gross monthly income or the monthly interest accrual on the loan, whichever is greater (a minimum payment of $5.00 is required). This plan results in higher interest costs than the Level Repayment Plan over the life of the loan.

Here is an example of a borrower with a $30,000 loan balance on an Income Sensitive Repayment Plan:

PrincipalInterest RatePayment TermInitial Monthly Payment*Final Monthly Payment*Total Interest PaidTotal Paid
$30,000Fixed at 6.8%11 Years; 132 Months$169.97$345.23$13,466.38$43,466.38

The example assumes the person only applies/qualifies for the Income Sensitive Plan for the first 12 months of repayment, then it amortizes the remainder of the repayment term under a level repayment plan.

If you are interested in obtaining an application for an Income Sensitive Repayment Plan, please Contact Us.

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Extended Repayment Plan

This payment plan is designed for borrowers with loan balances that exceed $30,000 and those borrowers who had no outstanding balance on their loan as of October 7, 1998. The repayment term under this payment plan may be extended for up to 25 years. ACS offers a choice of either a Level or Graduated Plan under the option. This plan results in higher interest costs than the Level Repayment Plan over the life of the loan.

Here is an example of a borrower with a $30,000 loan balance on an Extended Level Payment Plan:

PrincipalInterest RatePayment TermMonthly Payment*Total Interest PaidTotal Paid
$30,000Fixed at 6.8%25 Years; 300 Months$208.22$32,466.49$62,466.49

If you are interested in obtaining an application for an Extended Repayment Plan, please Contact Us.

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Repayment Plan Comparison

Repayment PlanPrincipalInterest RatePayment TermInitial Monthly Payment*Final Monthly Payment*Total Interest PaidTotal Paid
Level$30,000Fixed at 6.8%10 Years; 120 Months$345.23$345.23$11,426.74$41,426.74
Graduated$30,000Fixed at 6.8%10 Years; 120 Months$199.36$597.32$14,567.44$44,567.44
Income Sensitive$30,000Fixed at 6.8%11 Years; 132 Months$169.97$345.23$13,466.38$43,466.38
Extended$30,000Fixed at 6.8%25 Years; 300 Months$208.22$208.22$32,466.49$62,466.49

*All examples provided are for illustrative purposes only and may not reflect the details of your account.

To review the estimated payment amount for all repayment plans using your own information, click here. This will take you to the repayment calculator option.

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