Repayment on Federal Direct Loans begins six months after graduation from Pitzer, or if you cease to be at least a half-time student. Generally, you will have from 10 to 25 years to repay your loan, depending on the repayment plan that you choose. You may choose among several repayment plans. You may change plans at any time and there is no penalty for pre-payment.
Standard Repayment Plan – Fixed monthly payments of at least $50 for up to 10 years.
Graduated Repayment Plan – Payments start out lower and increase, usually every two years. Loan must be repaid within ten years.
Income-Contingent Repayment (ICR) Plan – Your monthly payment is adjusted each year based on your annual income (and your spouse’s income, if you are married), your family size, and the total amount of your Direct Loans. You make payments for 25 years and then any unpaid loan amount will be forgiven.
Income-Based Repayment (IBR) Plan -This plan caps required monthly payments at an amount that is intended to be affordable based on income and family size. You are eligible to repay under the IBR if your calculated IBR payment is less that what you would have to pay under the 10-year Standard Repayment Plan. If you repay under the IBR for 25 years and meet other requirements, any remaining balance of your loan(s) may be canceled.