There are a variety of repayment plans available for most federal loans, and the choice can sometimes seem overwhelming. If you don’t contact your loan servicer to select a repayment plan, you will automatically be placed in Standard Repayment. Students who wish to choose a different repayment plan should contact their servicers before their grace period expires to select the plan which best suits their financial goals. In general, the faster you pay down your loans, the less you pay in the long run. The longer you take, the more interest accrues, the more expensive the loan becomes. Borrowers can pay more than is required at any point without penalty, so some students will pick a repayment plan with a low minimum payment, but send in extra money when they have it. You can browse the Department of Education's Federal Student Aid site for in-depth information.
We recommend that all medical students take advantage of their free premium access to AAMC’s Medloans Organizer and Calculator (MLOC), a helpful and important resource to track and manage your student loan debt both while and after you are in school. The calculator was developed to assist medical students and residents with managing their education debt to ease the burden of keeping important loan terms and borrowed amounts organized. The MLOC provides a secure location to organize and track student loans while also displaying possible repayment plans and costs based on the borrower’s specific indebtedness.
Alumni without access can utilize the tool as a guest by adding their loan history here.
All federal loan borrowers can estimate their payments and determine which repayment plan fits their needs by using the Federal Student Aid Repayment Estimator.
Here are some of the more common federal loan repayment plans:
Traditional Repayment Plans:
Standard Repayment Plan
Graduated Repayment Plan
Extended Repayment Plan
Income-Driven Repayment Plans:
Revised Pay As You Earn Repayment Plan (REPAYE)
Pay As You Earn Repayment Plan (PAYE)
Income-Based Repayment Plan (IBR)