Understanding Repayment Options: A Quick Reference
Explore various repayment options for federal and private student loans.
Federal Loan Repayment Plans
Federal Loan Repayment Plans: Text: Explore Standard, Graduated, Extended, or Income-Driven Repayment Plans
Private Loan Repayment Options
Discuss with your lender and review your loan agreement for repayment options
Fixed-Rate loans
Variable-Rate loans
Interest-Only loans
Pros & Cons
Pros
Standard plan:
Predictable payments, less interest over time.
Income-Driven plan:
Lower monthly payments, potential for loan forgiveness.
Pros
Standard plan:
Higher monthly payments.
Income-Driven plan:
More interest over time, annual income verification.