What student loan repayment plans are available?

In Wisconsin, students have access to a wide variety of repayment plans for student loan debt. Depending on the type of loan and the lender, the repayment plans may vary, but generally include the following options: 1. Standard Repayment Plan: Under this plan, monthly payments are fixed for up to 10 years. This plan is best for borrowers who can afford the monthly payments and who want to pay off their loan quickly. 2. Graduated Repayment Plan: This plan allows borrowers to make lower payments at the beginning of the loan and gradually increase over the loan’s term, up to 10 years. This plan is best for those who may have difficulty making larger payments initially. 3. Extended Repayment Plan: With this plan, borrowers can extend the repayment term up to 25 years. Payments are generally lower than they would be under the standard repayment plan, but interest accumulates over the longer repayment period and the borrower may end up paying more overall. 4. Income-Based Repayment (IBR) Plan: This plan allows borrowers to make payments based on their income and family size. Payments may be as low as $0 per month and the repayment term may stretch up to 25 years. This plan is best for borrowers with lower incomes. 5. Pay As You Earn (PAYE) Plan: Similar to IBR, PAYE allows borrowers to make payments based on their income and family size. This plan is best for borrowers with very low incomes and especially those who received loans after October 1, 2007. 6. Income-Contingent Repayment (ICR) Plan: This plan allows borrowers to make payments based on their income, family size, and total amount of debt. The repayment period may be up to 25 years. This plan is best for borrowers with the highest levels of debt and/or low or variable incomes. No matter which repayment plan a borrower chooses, it’s important to read and understand all of the terms and conditions before signing any documents. Borrowers may also speak with their lender directly to discuss their options and find the best repayment plan for their situation.

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What student loan repayment plans are available?

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