Under this plan, your monthly payments are:
- fixed or graduated
- made for up to 25 years
You must have had no outstanding balance on a Direct Loan and /or a FFEL Program loan as of October 7, 1998, or on the date you obtained a Direct Loan and/or a FFEL Program loan after October 7, 1998, and you must have more than $30,000 in outstanding Direct Loans or $30,000 in FFEL Program loans.
For example, if you have $35,000 in outstanding FFEL Loans and $10,000 in outstanding Direct Loans, you can choose the Extended Repayment Plan for your FFEL Loans, but not for your Direct Loans.
The Extended Repayment Plan option can extend the repayment period further than is provided for under the Standard and Graduated Repayment Plans for consolidation loans that are based on total education indebtedness that is over $30,000 but not exceeding $40,000.