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Income Sensitive Repayment Plan
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If you have a high level of debt and need a lower payment than under the standard repayment plan, this option may be right for you.
This plan will extend your payments from the standard 10-year plan to a period of up to 25 years allowing you to opt for a lower payment. Borrowers who choose to extend the loan term through this option will be able to choose from a graduated payment or a level payment over the new term. This plan is available to borrowers who took out their first Stafford or PLUS loan after 10-07-98 and whose balance exceeds $30,000.
Something to consider! Because the length of time you pay your loan will be extended, you will be able to make lower monthly payments. Therefore, the total interest cost of the loan will be higher. However, this plan can help make high levels of debt more affordable. Be sure to choose the plan that makes sense to you.
If this plan doesn't meet your needs, you may contact your Student Loan Servicer or one of the SunTrust Education Loan Specialists at 800.552.3006. SunTrust Education Loan Specialists can assist you Monday through Friday from 8:30 a.m. to 6:00 p.m. EST.
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