Federal Loan Repayment Plans

Federal loans offer several repayment options:

• Standard Plan: Fixed monthly payments over 10 years.
• Income-Driven Repayment Plans: Your payments are based on your income, helping you stay on track even if your salary fluctuates.

Private Student Loan Repayment Options

Private loans often have different terms from federal loans:

• Interest Rates: Can be fixed or variable, depending on the lender.
• Repayment Flexibility: Be sure to check if the lender offers forbearance or deferment in case of financial hardship.

Grace Periods and When Repayment Begins

Federal loans typically offer a 6-month grace period after graduation before you need to start making payments. Private loans may vary, so it’s important to understand your terms.

Deferment and Forbearance

If you’re struggling to make payments, deferment or forbearance can help:

• Deferment: Postpone your payments without accruing interest (for subsidized loans).
• Forbearance: Pause payments, but interest will still accrue.