Sample Assessment — This is a real example case, not your results

Student Loan Repayment Plan

Sample case

FFEL loans$25,000–$50,000 balanceExtended Repayment planIncome $50k–$75kFamily size 3Private employer

Every month on Extended Repayment, you overpay $47 vs. IBR — and none of it counts toward forgiveness. That's $564 gone this year you don't have to spend.

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Situation

You have FFEL (Federal Family Education Loan) program loans with a balance between $25,000 and $50,000, currently on an Extended Repayment plan, which lowers monthly payments by stretching the term but increases total interest paid. Your income of $50,000–$75,000 with a family size of 3 means you likely have significant discretionary income savings available under income-driven repayment plans. The key issue is that FFEL loans are not directly eligible for most newer IDR plans or PSLF — but federal Direct Consolidation can resolve this, opening access to IDR plans that could substantially reduce your monthly payment and eventually provide forgiveness after 20–25 years.

Recommended Plan

Income-Based Repayment (IBR)

After consolidating FFEL loans into a Direct Consolidation Loan, IBR is the most stable and accessible income-driven plan available. Unlike SAVE (currently in court-ordered forbearance), IBR is fully operational. Estimated monthly payment: ~$213/month. Forgiveness of remaining balance after 25 years.

Plan Comparison

SAVE / REPAYEN/A

Currently unavailable due to court-ordered forbearance. If it becomes available, would yield ~$150–$190/month for this income and family size.

Income-Based Repayment (IBR)$213/mo

Most practical IDR option after consolidating FFEL loans. 15% of discretionary income. Forgiveness after 25 years. Recommended.

Pay As You Earn (PAYE)$142/mo

10% of discretionary income, forgiveness after 20 years. Has a 'new borrower' requirement — eligibility depends on loan origination dates. Lower payment if eligible.

Income-Contingent Repayment (ICR)$350/mo

20% of discretionary income. Generally results in higher payments than IBR or PAYE. Typically chosen only when a borrower doesn't qualify for other IDR plans.

Standard 10-Year Repayment$426/mo

Fixed payments over 10 years. Lowest total interest cost but highest monthly payment. No forgiveness. Benchmark against which IDR savings are measured.

Extended Repayment (Current Plan)$260/mo

Stretches payments over 25 years. Does NOT count toward IDR forgiveness. Time on this plan doesn't advance the 20- or 25-year forgiveness clock.

Step-by-Step Plan

  1. 1Apply for a Direct Consolidation Loan at studentaid.gov/loan-consolidation to convert your FFEL loans into a Direct Consolidation Loan. This is necessary because FFEL loans are not directly eligible for most IDR plans. Note: consolidation resets any progress toward forgiveness timelines, but since you are on Extended Repayment (which does not count toward IDR forgiveness), this is generally not a loss.
  2. 2During or immediately after the consolidation process, submit an Income-Driven Repayment (IDR) application at studentaid.gov/idr to request the IBR plan. You can link your tax information via the IRS Data Retrieval Tool to verify your income.
  3. 3Contact your new loan servicer (assigned after consolidation) to confirm your consolidation has been processed and that you have been placed on IBR. Ask for written confirmation of your new monthly payment amount and annual recertification date.
  4. 4Set a calendar reminder to recertify your income and family size annually. Your servicer will notify you, but missing the deadline can cause your payment to jump to the standard repayment amount until recertification is completed.
  5. 5Review your overall financial picture periodically. After consolidation and enrollment in IBR, compare total interest costs over the life of the loan versus your current Extended plan. If your income rises significantly, your IBR payment will increase accordingly.

Urgent Deadlines

  • ⚠The SAVE plan is currently in court-ordered forbearance with an uncertain timeline. IBR is the stable alternative available now.
  • ⚠There is no hard external deadline to consolidate FFEL loans, but every month you remain on Extended Repayment is a month that does not count toward the 25-year IDR forgiveness timeline.
  • ⚠After consolidation and IBR enrollment, your first annual income recertification will typically be due about 12 months after enrollment — mark this date when you receive confirmation from your servicer.

PSLF Eligibility

PSLF does not apply to this case. PSLF requires full-time employment with a qualifying public service employer (federal, state, local, or tribal government, or a 501(c)(3) nonprofit). Private for-profit employment does not generate qualifying PSLF payments. If your employment situation were to change to a qualifying employer in the future, you could begin accumulating PSLF-qualifying payments on Direct Loans under a qualifying IDR plan at that point.

Your loans, your income, your plan.

This sample is a different case. Your plan is built from your specific loan type, balance, and situation.

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