Student Loan Repayment Options Explained
Introduction
Student loans are a major financial burden for many Americans. Understanding repayment options is key.
Standard Repayment
- 10-year plan.
- Fixed monthly payments.
Graduated Repayment
- Payments start low, increase over time.
Income-Driven Repayment (IDR)
Payments based on your income and family size.
Plans include PAYE, REPAYE, IBR, and ICR.
Forgiveness Programs
- Public Service Loan Forgiveness (PSLF).
- Teacher Loan Forgiveness.
Which Option Is Best?
It depends on your income, career path, and financial goals.
Sources
Disclaimer: This article is for educational purposes only and does not constitute financial advice.