What are my repayment options?

When it comes to repayment options for federal student loans serviced by FedLoan Servicing, there are several plans designed to accommodate different financial situations and preferences. One of the most common is the Standard Repayment Plan, which generally lasts for ten years and has fixed monthly payments. Another option is the Graduated Repayment Plan, which also spans ten years but starts with lower payments that gradually increase over time. This approach is ideal for borrowers who anticipate their income will rise in the future. For those experiencing financial challenges, the Extended Repayment Plan allows borrowers to spread payments over a longer period, typically up to twenty-five years, with either fixed or graduated payment structures. Additionally, there are several Income-Driven Repayment Plans that calculate monthly payments based on your income and family size. These options, which include Income-Based Repayment, Pay As You Earn, and Revised Pay As You Earn, can be particularly beneficial for individuals whose income is lower than their debt level. Lastly, there is the possibility of loan forgiveness under various programs, such as Public Service Loan Forgiveness. It is important for borrowers to review their options carefully, as each plan has different eligibility criteria and long-term financial implications. For the most current information regarding repayment options and to find a plan that best suits individual needs, borrowers are encouraged to visit the official FedLoan Servicing website, where additional resources and contact information are available.