**Extended repayment terms are available to Direct Loan borrower with no outstanding principal or interest balances as of October 7, 1998 and with more than $30,000 in Direct Loans.
* Income Contingent Repayment (ICR) Plan - payment amount is based on your income (and your spouse's income, if you are married), loan balance and family size, and can vary year-to-year for up to 25 years.
Satisfactory Repayment Arrangements
Borrowers in default on Direct Loan and FFEL Program loans who wish to consolidate their loans in a plan other than the Income Contingent Repayment (ICR) plan must have made satisfactory repayment arrangements with the loan holder(s). Three consecutive, voluntary, on-time monthly payments on a defaulted Direct Loan or FFEL Program loan constitute satisfactory repayment arrangements. Borrowers must work with their current loan holders to set up reasonable and affordable payments. Borrowers who wish to consolidate defaulted Perkins or health professions loans should contact their loan holders for information on satisfactory repayment arrangements under those programs.
Separation Date
The actual or anticipated date when the borrowers graduate, leave school, or drop to a less than half-time status. The separation date is used to determine the loan's grace period and the date the first loan payment will be due.
Servicer
An entity designated to track and collect a loan on behalf of a loan holder.
Simple Daily Interest
The method used to calculate interest on student loans.
Status (Loan status)
The present state of your Subsidized, Unsubsidized, PLUS, or Consolidation loan(s).
TAgs:Federal Aid; Federal Programs; Financial Aid Applicants; Financial Aid Recipients; Loan Programs; Student Financial Aid; Student Financial Aid
