What student loan repayment plans are available?

Student loan repayment plans available to help manage your student loan debt in Kansas vary depending on the type of loan. Federal student loan borrowers have many repayment plans to choose from, including the standard 10-year repayment plan, the graduated repayment plan, the extended repayment plan, income-based repayment (IBR) plans, and the income-contingent repayment (ICR) plan. The standard 10-year repayment plan requires you to repay your loan within 10 years, and your monthly payments are generally the same throughout the repayment period. The graduated repayment plan starts with lower payments that gradually increase over time, and you can choose to pay the loan off in 10 years or longer. The extended repayment plan allows you to extend the repayment period up to 25 years, depending on the total amount of your loan. The IBR and ICR plans base your monthly payments on your income and family size. These plans are ideal if your income is too low to make payments under the standard or graduated repayment plans. In addition to the federal student loan repayment plans, there may also be private loan repayment options available. Private loans usually offer fixed-rate payment plans where the monthly payments and repayment term are set when the loan is taken out. Whatever type of loan you have, you should always try to understand the details of each repayment plan option to make the best decision for your individual financial situation. Speak with your loan provider to determine which repayment plan is right for you.

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What student loan repayment plans are available?

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