After college, you’ll need to choose a repayment plan for your student loans. Here are the most common options:
Standard Repayment Plan:
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Fixed monthly payments over 10 years
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Pay less interest overall
Graduated Repayment Plan:
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Payments start low and increase every two years
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Good if you expect your income to grow
Income-Driven Repayment Plans:
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Payments are based on your income and family size
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Can make payments more affordable
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After 20–25 years, remaining balance may be forgiven (but could be taxable)
Extended Repayment Plan:
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Stretch payments over up to 25 years
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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.
