Master Student Loan Repayment Plans for Debt-Free Future

Types of Student Loan Repayment Plans

The U.S. Department of Education offers several repayment plans designed to accommodate different financial needs. These include:

• Standard Repayment Plan: This plan sets fixed payments over a 10-year period. While the monthly payments may be higher, you’ll pay less interest over time.
• Graduated Repayment Plan: Payments start lower and increase every two years. This plan is ideal if you expect your income to rise steadily.
• Income-Driven Repayment Plans: These plans adjust your monthly payments based on your income and family size. They include Income-Based Repayment (IBR), Pay As You Earn (PAYE), and Revised Pay As You Earn (REPAYE), among others¹.
• Extended Repayment Plan: This plan allows for lower monthly payments over an extended period of up to 25 years, making it suitable for those with larger loan balances.