Standard Repayment Plan:
You will pay a fixed amount each month until your loan(s) are paid in full. Your monthly payments will be at least $50 for up to 10 to 30 years, based on your total education indebtedness.
Graduated Repayment Plan:
Your minimum payment amount will be at least equal to the amount of interest accrued monthly. Your payments start out low, and then increase every two years for up to 10 to 30 years, based on your total education indebtedness
Extended Repayment Plan:
To be eligible, your Direct Loan balance must be greater than $30,000 and you will have up to 25 years to repay your loan(s). You have two payment options:
Fixed Monthly Payment Option -You will pay a fixed amount each month until your loans are paid in full. Your monthly payments will be at least $50.
Graduated Monthly Payment Option - Your minimum payment amount will be at least $50 or the amount of interest accrued monthly, whichever is greater. Your payments start out low, and then increase every two years.
Income Contingent Repayment Plan (ICR):
Monthly payments that are based on a borrower's annual income, loan balance and family size, and are spread over a term of up to 25 years.
If you consolidate more than one loan type (subsidized, unsubsidized and PLUS) you will have one Direct Consolidation Loan with up to two parts: Direct Subsidized and Direct Unsubsidized Consolidation Loans. Even with up to two parts of each Direct Consolidation Loan, you make only one payment each month.
If you do not choose a plan, your new Direct Consolidation Loan will be placed on the Standard Repayment Plan; however, you may change plans at any time.
(Source: loanconsolidation.ed.gov)
