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Repayment Options

Student loan repayment schedules fall into one of three categories

Level - the monthly installment amount remains the same throughout repayment; small changes in the monthly installment amount may occur for loans with a variable interest rate if the annual interest rate increases.

Graduated - the monthly installment amount varies during repayment. Typically a graduated repayment schedule allows borrowers to elect a period of smaller payments during the beginning of the repayment period. Some graduated payment programs base the monthly installment amount on interest only for a limited period of time; others may allow a payment that is smaller than a level payment but still pays some principal and interest. Some programs base the monthly installment on a percentage of the borrower’s income for a limited period of time.

Income Sensitive - the monthly payment amount will be established based on your monthly gross income and student loan debt. To apply for an Income-Sensitive Repayment Schedule for the next 12 months, complete an application, and submit documentation of your most recent total monthly gross income from all sources (i.e. Pay Stub).

• Income Sensitive Application (52 KB PDF)

Modified Graduated Repayment Schedule for TERI guaranteed loans - Reduce your monthly payments with the Modified Graduated Repayment Schedule. You may qualify for the Modified Graduated Repayment Schedule (MGRS), which will reduce your monthly payment amount by up to 50% for a whole year.

• Modified Graduated Repayment Schedule for TERI Guaranteed Loans (20 KB PDF)

If you would like to explore a different repayment schedule, please contact us. Any of our customer service representatives will be happy to explain your options to you. If you prefer to have your questions answered via email, please use the Live Online Contact feature.

If your account has already become delinquent by 60 days or more and you need to make immediate payment arrangements, please contact a representative in our Default Prevention Department

Default Prevention (800) 328-0355.
Monday through Friday 8:00 AM - 9:00 PM (ET)
Saturday 8:00 AM - Noon. (ET)