Student Loan Repayment Options: Which Plan Is Right for You?

After college, you’ll need to choose a repayment plan for your student loans. Here are the most common options:

Standard Repayment Plan:

• Fixed monthly payments over 10 years
• Pay less interest overall

Graduated Repayment Plan:

• Payments start low and increase every two years
• Good if you expect your income to grow

Income-Driven Repayment Plans:

• Payments are based on your income and family size
• Can make payments more affordable
• After 20–25 years, remaining balance may be forgiven (but could be taxable)

Extended Repayment Plan:

• Stretch payments over up to 25 years
• Lower monthly payments, but more total interest

Conclusion:
Choose a plan that fits your budget and goals. You can usually switch plans if your circumstances change. Check with your loan servicer to see what you qualify for.