Know your options
There are several repayment options, but whether you have federal or private student loans will determine how you tackle your repayments:
• Standard repayment plan: The default plan. You take up to 10 years to repay federal loans with monthly, fixed payments (though consolidation loans could take up to 30 years).
• Extended repayment plan: You pay your federal student loans back over 25 years with lower monthly payments than the Standard plan.
• Graduated repayment plan: You pay your federal student loans back over a 10-year period, with lower payments at the beginning of the term, and a gradual increase (consolidation loans could take up to 20 years).
• Income-driven repayment plan: The amount you pay depends on your income and family size in this type of federal loan repayment.
You can also refinance your student loans with a private lender to consolidate (combine) your loans to ensure you have just one monthly payment.
The most important thing to remember is this: Your loan servicer can help you find the right plan. Find out more about what repayment option might be right for you by taking our quiz. Trust us, you’ve got this!
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