Individuals graduating with federal student loans must enroll in the 10-year standard repayment schedule.  Graduates who want a little more flexibility can extend these payments for 30 years or more.  Other repayment options include staggered repayment schedules that increase payments every few years.    Additionally, students have access to income-based repayment plans in which the loan recipient allocates a portion of the income over a period of time.  Personal loan recipients usually have repayment plan options available from 5 years to 20 years. If necessary, students can also refinance private loans to get lower interest rates.    Prepayment penalties are forbidden with both federal and private loans. As such, at any time, you can make additional principal payments, which will help you repay the loan ahead of schedule.