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I am repaying my Direct Consolidation Loan under the Standard Repayment Plan. Do payments I make under this plan count toward the required 120 payment
Generally, no. The Standard Repayment Plan for Direct Consolidation Loans is not the same
repayment plan as the 10-Year Standard Repayment Plan for Direct Subsidized Loans and Direct
Unsubsidized Loans and Direct PLUS Loans, and payments made under the Standard Repayment
Plan for Direct Consolidation Loans do not qualify for PSLF purposes.
Under the Standard Repayment Plan for Direct Consolidation Loans, the maximum repayment period
may be up to 30 years, depending on the amount of the consolidation loan and the amount of your
other education loan debt. This longer repayment period results in a monthly payment amount that is
less than the monthly payment amount required under the 10-Year Standard Repayment Plan.
For a monthly payment made under any Direct Loan repayment plan other than IBR, Pay As You
Earn, ICR, or the 10-Year Standard Repayment Plan to be eligible for PSLF purposes, the payment
amount must not be less than what it would be if you repaid the loan under the 10-Year Standard
Repayment Plan. For a Direct Consolidation Loan, the Standard Repayment Plan will result in a
scheduled monthly payment that is equal to the monthly payment amount under the 10-Year Standard
Repayment Plan only if the amount of the consolidation loan and your other education loan debt is
less than $7,500.