The Direct Loan Program offers a range of repayment plans: Standard Repayment plan - fixed payment for up to 10 years to repay. Extended Repayment plan - fixed payment for 12 to 30 years to repay, depending on loan balance. Graduated Repayment plan - smaller payments at first and larger payments later for up to 30 years to repay, depending on loan balance. Income Contingent Repayment (ICR) plan - payment amount is based on your loan balance and your income (and your spouse's income if you are married) and can vary year to year for up to 25 years. The Income Contingent Repayment plan is NOT available to PLUS loan borrowers. Individualized payment plans can also be arranged with the Direct Loan Servicing Center. Changing repayment plans is a good way to manage your loan debt when your financial circumstances change. For example, you can usually lower your monthly payment by changing to another repayment plan with a longer term to repay the loan. There are no penalties for changing repayment plans.

An arrangement with a lender where a borrower who has fallen behind in loan payments, which specifies an agreed repayment plan. Security An asset or piece of property designated as collateral against a loan.

A systematic plan you use to repay debt. First, review personal budget and personal cash flow to see how much you can pay on a periodic basis. Next, pick a period in which you want to repay the debt. Finally, calculate a monthly payment. While repaying a debt, you want to avoid increasing your debts. That will only prolong the time that it takes to repay, and will discourage you. In other words, a repayment plan also requires spending discipline. For example, you may aim to repay a $1,000 debt in 12 months. A debt repayment plan is also helpful in repairing your credit.

An arrangement by which a borrower agrees to make additional payments to pay down past due amounts while still making regularly scheduled payments.

An agreement between a lender and a borrower who is delinquent on his or her mortgage payments, in which the borrower agrees to make additional payments to pay down past due amounts while still making regularly scheduled payments.

A plan to repay delinquent payments, agreed upon between a lender and borrower, in an effort to avoid foreclosure.

A plan to repay delinquent installments.

A schedule arranged between a lender and borrower to set out how a debt is to be paid out.

A schedule you agree with us for repaying your One account borrowings over the mortgage term. Your monthly One account statement will help you to keep track of whether you are ahead or behind your repayment plan.

When a borrower falls behind in mortgage payments, many lenders will negotiate a repayment plan rather than go to court.

A plan for repaying missed payments over time.

Modifications made to the repayment terms of an existing loan after the borrower is delinquent. Often used when the borrower misses payments, but the lender does not foreclose.

An arrangement made to repay delinquent installments or advances. Lenders' formal repayment plans are called "relief provisions."

Modification of an existing loan after the borrower has been delinquent. Often used when the borrower misses payments but the lender does not foreclose.

Re-negotiation of repayment rather than foreclosure, which is sometimes done when a borrower falls behind in payments.

An alteration of an existing loan created after a borrower fails to pay. Can be used by lenders as an alternative to repossession or foreclosure.

An agreement between a lender and a borrower, made to help the borrower repay delinquent installments.