What are my repayment options?

In Virginia, the most common repayment option for student loans is the Standard Repayment Plan. This plan allows borrowers to make a fixed payment for up to 10 years. The amount depends on the amount borrowed and the interest rate. Another repayment option is the Graduated Repayment Plan. This plan allows borrowers to make lower monthly payments at the beginning of the loan term and gradually increase those payments until the loan is paid off. The payment terms are usually 10 years. The Extended Repayment Plan allows borrowers to extend the repayment term up to 25 years. For this plan, borrowers can choose either a fixed or graduated payment option. The terms of this plan are based on the amount borrowed and the type of loan taken out. The Pay As You Earn Repayment Plan is a good option for borrowers who have a limited or low income. Under this plan, monthly payments are based on your income and family size. This option can also extend the repayment term up to 20 years. Finally, the Income-Based Repayment Plan helps borrowers manage their loan payments based on their income. This option also extends the repayment term up to 20 years, but the monthly payments are based on the borrower’s income and loan balance. Each of these repayment options has its pros and cons, so it is important to consider each one carefully before deciding which is best for you. It is also important to always make on-time payments to ensure that you do not fall behind.

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What are my repayment options?

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