Graduating with student loan debt? You’re not alone. But don't worry—understanding your repayment options can help make this journey a little easier. Let’s dive into the various paths to repay your student loan and how to find the best fit for you.
Standard Repayment Plan
The Standard Repayment Plan is simple: fixed payments over a 10-year period. This option may have higher monthly payments, but you’ll pay less in interest over time. If you’re eager to knock out your loan quickly, this could be your go-to choice.
Income-Driven Repayment Plans
With income-driven plans, payments are based on your income and family size, making them more manageable if you’re just starting your career. These plans can reduce monthly payments but often extend your loan term, meaning more interest over time. Track these payments and adjust as your income changes with Life Planner’s Loan Tracking feature to stay organized.
Graduated Repayment Plan
If you expect your income to increase in the coming years, a Graduated Repayment Plan starts with lower payments that increase every two years. This plan can be helpful for recent grads looking to ease into repayments.
Extended Repayment Plan
The Extended Repayment Plan allows you to stretch out payments over 25 years, lowering monthly payments but adding interest. It’s an option if you need long-term flexibility but want to pay attention to interest costs.
To keep track of your options and stay on top of payments, Life Planner offers features like Loan Repayment Alerts and Personal Finance Tracking, helping you manage due dates and monitor loan balances. Whether you’re managing one loan or multiple, Life Planner makes it easy to stay informed and in control.
Student loan repayment doesn’t have to be overwhelming. The right plan can give you financial peace as you build your career and life. Take charge of your finances with a bit of planning and by making use of helpful tools like Life Planner.
Ready to get started? Download Life Planner for comprehensive loan tracking, repayment alerts, and much more: