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Types of student loan repayment plans

Need to start repaying your student loans? According to Get Rich Slowly, one of your steps is to pick a repayment plan:

  • Graduated repayment plans
  • Extended repayment plans
  • Income-based repayment
  • Pay as you earn, or PAYE
  • Income-contingent and income-sensitive plans

The article gives more info on the different types of repayment plans and also directs you to a handy tool to help you choose:

The Federal Student Aid repayment estimator can help you determine eligibility and projected monthly payments before you contact your servicer to ask to be put on a plan.

Check out the article for more handy tips.

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Source: How to start paying student loans – best practices guide

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