There are 4 payment plans you should almost never select:

– Graduated
– Extended
– “Old” IBR
–  Income Contingent Repayment (ICR)

I can’t tell you how many times I have seen an attorney in Extended or Graduated repayment plans because they wanted the lowest monthly payments.

The truth is the Extended and Graduated plans end up being the most expensive plans in the long-run. 

The kicker is that payments made under Extended and Graduated do not qualify for PSLF or long-term loan forgiveness.

So, the end result is paying a fortune in interest when you could have selected an income-based plan that both keeps your monthly payments at a reasonable level AND qualifies for loan forgiveness.