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Financial Services blog

Know your repayment options

April is National Financial Literacy Month — a month devoted to helping all Americans learn more about healthy financial habits. At University of Phoenix, we’re committed to responsible student loan borrowing, and that’s why our focus this month is on student loans and developing good student loan practices.

You may not be in repayment on your student loans yet, but that doesn’t mean you shouldn’t pay attention to them. Besides knowing how much you owe and what else you plan to borrow, it’s also important to know what your future monthly payment will be.

The first thing you should do is figure out what you can afford as a payment on a monthly basis. Students typically start out in the Standard Repayment Plan, which is a fixed payment amount each month for up to a 10-year term. The Graduated Repayment Plan also has a 10-year term, yet the payments start out lower and slowly increase every two years. The Extended Repayment Plan typically has a lower payment than the standard plan, with up to a 25-year term.

There are also income-driven plans, such as the Income-Based, Income-Contingent and Pay as You Earn repayment plans. These plans are based on adjusted gross income, family size and total amount of student loans. Contact your loan servicer for more detailed information on which of the plans might work best for your budget.

An iGrad article has great summary information about the different repayment plans. You will need to be logged in to eCampus to access the article.

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Financial aid FAQ

Do you have general questions about federal financial aid? Find useful answers on our financial aid FAQ page.


Repaying your student loans

Know what you’ll owe. To help you understand more about repaying student loans, we’ve compiled a list of responses to many frequently asked questions.

We also recommend that you visit studentaid.ed.gov/repay-loans to learn more about managing your monthly payments based on your total loan balance and interest rates.