Here is a rundown on the Graduated Repayment plan to give you a better idea if it is the best option for you.
The Good: Allows you to start out making lower payments and raises in predetermined increments over time, typically two years.
The Bad: Your payment will go higher than your original payment you weren’t able to afford initially (but never more than 3x your lowest payment). A borrower must make sure they have a plan to cover the expenses long term
Who it is good for: Some (such as a doctor in residency) who is expecting to make less at the beginning of their lives but will have income that will grow with their payments over the years
Eligibility Requirements: Both Standard and FFELP loans are eligible. However you must have at least 48 months of term remaining to apply.
How do I apply: This can be done through your servicer’s website or by making a verbal or written request.