Standard Repayment Plan: This is the default plan, where you pay a fixed amount each month for the loan term, typically 10 years. It's straightforward and usually results in the least amount of interest paid over time.
Graduated Repayment Plan: Ideal for those expecting their income to increase over time, this plan starts with lower payments that gradually increase, usually every two years. While you might pay more interest over time compared to the standard plan, it can ease your initial financial burden.
Income-Driven Repayment Plans: These plans adjust your monthly payments based on your income and family size. They're designed to be affordable, with payments recalculated each year. While they can extend your loan term and potentially increase the total interest paid, they offer a safety net if your income fluctuates.