Lower My Payments through Extended Repayment

Set financial goals to help develop a budget and manage debt. Create your goals by asking:

• How quickly do I want to be debt-free?
• What kind of lifestyle do I want?
• What am I willing to do without in order to pay off my debt more quickly?
• How quickly do I want to buy a home?
• How long do I want to work?
• What kind of lifestyle do I want in retirement?
• How much money will I need to invest to retire?

Calculate your budget to determine how much you can afford to pay each month on your student loans. Be sure to include:

• Income estimates — check sites such as salary.com for information about your field if you don't currently know what your salary will be
• Basic expenses (food, housing, transportation, insurance, etc.)
• Other obligations (taxes, credit card, student loans and other debt)
• Miscellaneous expenses (entertainment, clothing, etc.)
• Savings or investments (retirement, children's education, etc.)

What if You Show a Deficit

If your budget shows a deficit you either need to reduce expenses or consider other loan repayment plans like Graduated, Extended Repayment or Income-Based Repayment. These plans may free up additional money each month.

Use online calculators to help determine what your monthly payments and total paid will be for your federal student loans under several of the repayment plans available. All you need is the current loan amount for each of your federal student loans.

To find the current loan amount for your Access Group student loans, log on to My Account and see the “Loans” section.

Note: To see if you qualify for Income Based Repayment (IBR), you will need additional information such as adjusted gross income as reported on your federal income taxes.

Payment Charts

These charts will also give you an idea of monthly payments based on loan type, amount borrowed and payment option.

Federal Stafford Loans | Federal PLUS Loans

Additional Information

For more about estimating your monthly payments, read "What Impact Will Your Education Debt Have on Your Future?"

Review and choose the payment plan that allows you to meet your financial goals based on your budget. Looking at your debt and resources collectively will allow you to determine if you should pay your debt:

• As fast as you can;
• More slowly based on what you can afford;
• More slowly in order to maximize ability to save/invest for the future.

If the last two bullets apply to your situation, consider choosing the Extended Repayment Plan. This plan frees up more cash each month. That cash can help you afford your monthly expenses if your budget is tight, or, allows you to start investing for the future.