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Repayment Plan Comparison

Granite State Management & Resources (GSM&R) is proud to service your student loans. We encourage you to LOGIN to our secure online management tool 24 hours a day to make a payment, check your balance and apply for deferments and forbearances. You'll discover everything you need to help you manage your student loan account and also find resources to help you manage life after college.

Do you have questions? We take great pride in offering you the highest level of service to help you successfully repay your loans. Our friendly customer service team is ready to help, just contact us.

* Please note when reviewing the chart below:

  • The Federal Family Education Loan (FFEL) Program includes the following loan types: Subsidized Federal Stafford Loans, Unsubsidized Federal Stafford Loans, Federal PLUS Loans, and Federal Consolidation Loans.
  • The William D. Ford Federal Direct Loan (Direct Loan) Program includes the following loan types: Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, and Direct Consolidation Loans.

Income-Driven Repayment Plans

Income-Based Repayment Plan (IBR)

UP TO 20 OR 25 YEARS
Eligible Loans: All Federal Direct Loan Program Loans and all Federal Family Education Loans, except Parent PLUS Loans and Consolidations including Parent PLUS Loans

Monthly Payments: Your payment is calculated by taking 15% (10% if you are a new borrower*) of the difference between your adjusted gross income (AGI) and 150% of the poverty level for your state and family size. If your calculated monthly payment is less than what your payment would be on a standard repayment plan, you qualify for IBR. Your payments change as your income changes.

On subsidized loans, if your payment does not cover all interest that accrues, you do not have to pay the difference between your monthly payment amount and the remaining interest that accrues for the first 3 consecutive years of repayment under the plan.

Requirement to Recertify Income and Family Size: You are required to recertify your income and family size annually. Failure to submit documentation by the deadline will result in capitalization of interest and an increase in payment amount to the 10-year standard payment amount.

If you want to leave the plan, you will be placed on the standard repayment plan. You may not change to a different repayment plan until you have made at least one payment under the standard repayment plan or a payment under reduced-payment forbearance.

To re-enter the plan, you must again demonstrate a partial financial hardship.

Quick Comparison: You must have a partial financial hardship. Your monthly payments will be lower than payments under the 10-year standard plan. You'll pay more for your loan over time than you would under the 10-year standard plan. If you have not repaid your loan in full after making the equivalent of 25 years (20 years if you are a new borrower*) of qualifying monthly payments, any outstanding balance on your loan will be forgiven. You may have to pay income tax on any amount that is forgiven.

*You are a new borrower for the IBR plan if you have no outstanding balance on a Direct Loan or Federal Family Education Loan (FFEL) Program loan as of July 1, 2014 or have no outstanding balance on a Direct Loan or FFEL Program loan when you obtain a new loan on or after July 1, 2014.

Income-Based Repayment Plan - APPLY

Pay As You Earn Repayment Plan (PAYE)

UP TO 20 YEARS
Eligible Loans: All Federal Direct Loan Program Loans, except Parent PLUS Loans and Consolidations including Parent PLUS Loans

Monthly Payments: Your payment is calculated by taking 10% of the difference between your adjusted gross income (AGI) and 150% of the poverty level for your state and family size. If your calculated monthly payment is less than what your payment would be on a standard repayment plan, you qualify for Pay As You Earn. Your payments change as your income changes.

On subsidized loans, if your payment does not cover all interest that accrues, you do not have to pay the difference between your monthly payment amount and the remaining interest that accrues for the first 3 consecutive years of repayment under the plan.

Requirement to Recertify Income and Family Size: You are required to recertify your income and family size annually. Failure to submit documentation by the deadline will result in capitalization of interest and an increase in payment amount to the 10-year standard payment amount.

You may change to any other repayment plan for which you are eligible at any time. To re-enter the plan, you must again demonstrate a partial financial hardship.

Quick Comparison: You must be a new borrower on or after Oct. 1, 2007, and must have received a disbursement of a Direct Loan on or after Oct. 1, 2011. You must have a partial financial hardship. Your monthly payments will be lower than payments under the 10-year standard plan. You'll pay more for your loan over time than you would under the 10-year standard plan. If you have not repaid your loan in full after you made the equivalent of 20 years of qualifying monthly payments, any outstanding balance on your loan will be forgiven. You may have to pay income tax on any amount that is forgiven.
Pay As You Earn (PAYE) - APPLY

Revised Pay As You Earn Repayment Plan (REPAYE)

UP TO 20 OR 25 YEARS
Eligible Loans: All Federal Direct Loan Program Loans, except Parent PLUS Loans, and Consolidations including Parent PLUS Loans

Monthly Payments: Your payment is calculated by taking 10% of the difference between your adjusted gross income (AGI) and 150% of the poverty level for your state and family size. Your payments change as your income changes.

On subsidized loans, if your payment does not cover all interest that accrues, you do not have to pay the difference between your monthly payment amount and the remaining interest that accrues for your first 3 consecutive years of repayment under the plan.

On subsidized loans after the first consecutive 3 years and on unsubsidized loans during all periods, you are only responsible for paying half of the difference between your monthly payment amount and the remaining interest that accrues.

Requirement to Recertify Income and Family Size: You are required to recertify your income and family size annually. Failure to submit documentation by the deadline will result in capitalization of interest and being placed on the alternative repayment plan with a payment that will ensure your loan is paid in full over a period that is the lesser of 10 years or the remainder of 20 or 25 years.

You may change to any other repayment plan for which you are eligible at any time. To re-enter the plan, you must provide income documentation for the period you were not on the plan. This information will be used to calculate your current monthly payment amount and the amount you would have been required to pay under the REPAYE plan for the period you were on a different repayment plan.

If the amount you would have been required to pay under the REPAYE plan is more than what you actually paid when you were not on the REPAYE plan, your new payment amount will be increased by an amount that is equal to the difference between what you paid while not on the REPAYE plan and what you would have been required to pay if you had been on the REPAYE plan, divided by the number of months remaining in your 20- or 25-year forgiveness period.

Quick Comparison: There is no income requirement to enter the plan. You’ll pay more for your loan over time than under the 10-year standard plan.

Any remaining balance on eligible Direct Loans that you received for undergraduate study is forgiven after 20 years of qualifying repayment.

Any remaining balance on any eligible Direct Loans that you received for graduate or professional study is forgiven after 25 years of qualifying repayment. You may have to pay income tax on any amount that is forgiven.

Revised Pay As You Earn - APPLY

Income-Contingent Repayment Plan (ICR)

UP TO 25 YEARS
Eligible Loans: All Federal Direct Loan Program Loans, except Parent PLUS Loans and Consolidations including Parent PLUS Loans (unless consolidated into a Direct Consolidation Loan on or after July 1, 2006)

Monthly Payments: Payments are calculated each year and are based on your adjusted gross income, family size, and the total amount of your Direct Loans. Your payments change as your income changes.

You are responsible for paying all of the interest that accrues.

Requirement to Recertify Income and Family Size: You are required to recertify your income and family size annually. Failure to submit documentation by the deadline will result in the recalculation of your payment amount to be the 10-year standard payment amount.

You may change to any other repayment plan for which you are eligible at any time. There are no restrictions to re-enter the plan.

Quick Comparison: There is no income requirement to enter the plan. You'll pay more for your loan over time than under the 10-year standard plan. If you do not repay your loan after making the equivalent of 25 years of qualifying monthly payments, the unpaid portion will be forgiven. You may have to pay income tax on the amount that is forgiven.
Income-Contingent Repayment Plan (ICR) - APPLY
General Repayment Plans

Standard Repayment

UP TO 10 YEARS
Eligible Loans: All Federal Direct Loan Program Loans, Federal Family Education Loans and NHHELCO Alternative Student Loans (TREESM, LEAFSM, EDvestinU®)

Monthly Payments: Payments are a fixed amount of at least $50 per month.

Quick Comparison: You'll pay less interest for your loan over time under this plan than you would under other plans. Loan is repaid in the shortest amount of time if payments are made as scheduled.
Standard Repayment - APPLY

Graduated Repayment

UP TO 10 YEARS
Eligible Loans: All Federal Direct Loan Program Loans, Federal Family Education Loans and NHHELCO Alternative Student Loans (TREESM, LEAFSM, EDvestinU®)

Monthly Payments: Payments are lower at first and then increase, usually every two years.

Quick Comparison: You'll pay more for your loan over time than under the 10-year standard plan. Works best if you expect your income to increase steadily over time. Your largest payment will be no more than three times your smallest payment.
Graduated Repayment - APPLY

Extended Repayment 

UP TO 25 YEARS
Eligible Loans: All Federal Direct Loan Program Loans and all Federal Family Education Loans.

Monthly Payments: Payments may be fixed or graduated.

Quick Comparison: You'll pay more for your loan over time than under the 10-year standard plan. Your monthly payments would be lower than the 10-year standard plan. If you are a Direct Loan borrower, you must have more than $30,000 in outstanding Direct Loans. FFEL borrower, you must have more than $30,000 in outstanding FFEL Program loans. For both programs, you must also be a new borrower as of Oct. 7, 1998.
Extended Repayment - APPLY

Income-Sensitive Repayment Plan

UP TO 10 YEARS
Eligible Loans: All Federal Family Education Loans

Monthly Payments: Your monthly payment is based on annual income. Your payments change as your income changes.

Quick Comparison: You'll pay more for your loan over time than you would under the 10-year standard plan. Maximum repayment period of 10 years.
Income-Sensitive Repayment Plan - APPLY