When a borrower leaves school and enters repayment on their student loans, these loans are typically enrolled on a Standard Repayment Plan. On the Standard Repayment Plan, borrowers are required to pay a fixed payment over a ten year term (10-30 years for Consolidation Loans). The Standard Repayment Plan is a good option for borrowers who wish to pay off their loans within a short time frame. Since the Standard Repayment Plan is set to a ten year repayment term, this plan often requires higher monthly payments than alternative plans, but also results in money saved in total interest costs.
Loans Eligible for Standard Repayment
- Direct Subsidized Stafford Loans
- Direct Unsubsidized Stafford Loans
- Direct PLUS Loans for Parents or Graduate Students
- Direct Consolidation Loans
- Subsidized FFEL Stafford Loans
- Unsubsidized FFEL Stafford Loans
- FFEL PLUS Loans for Parents or Graduate Students
- FFEL Consolidation Loans
To enroll in the Standard Repayment Plan, borrowers can contact their loan servicer(s).