Can I change my repayment plan?

Yes. Most borrowers may change repayment plans at any time. The Direct Loan Program offers four repayment plans with various term selections.

Borrowers who are required to repay under the ICR plan must make three consecutive monthly payments before changing to another plan. There is no limit to the number of times borrowers may change plans.

• A borrower may change to the ICR plan at any time. The maximum 25-year repayment period may include prior periods of repayment under certain other repayment plans, and certain periods of economic hardship deferment. If loans are not fully repaid after 25 years of repayment, any unpaid amount will be forgiven. The forgiven amount may be considered taxable income. (The ICR Plan is NOT available if you have a Direct PLUS Consolidation Loan(s) made before July 1, 2006 and/or a Direct PLUS Loan(s). However, you are eligible to repay any Direct Consolidation Loan(s) made on/after July 1, 2006 under the ICR Plan even if it includes a PLUS Loan(s).)
• A borrower may change to another plan as long as the new plan has a repayment term that is longer than the amount of time the borrower has already spent in repayment. The new repayment term is determined by subtracting the amount of time a borrower has spent in repayment from the term allowed under the new plan.

You can submit a request to change your repayment plan online by accessing the Change Repayment Plan page via "Your Account" page of our web site.