{"id":15666,"date":"2024-10-15T16:53:02","date_gmt":"2024-10-15T11:23:02","guid":{"rendered":"https:\/\/fly.finance\/blog\/?p=15666"},"modified":"2024-10-15T16:53:04","modified_gmt":"2024-10-15T11:23:04","slug":"payment-plans-for-student-loans","status":"publish","type":"post","link":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/","title":{"rendered":"Payment Plans for Student Loans: What and How to Choose?"},"content":{"rendered":"\n<p>Education loan is a significant financial assistance to all aspiring students planning to pursue higher education in India and abroad. Choosing the right loan repayment plans and effective strategies lets you pay off your student debt more efficiently and work towards financial stability. Among different payment plans for student loans, the perfect one is selected based on the repayment tenure, interest rates, and monthly income. Let\u2019s explore the major types of plans to repay your education loans trouble-free.<\/p>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2 id=\"table-of-contents\">Table of contents<\/h2><ul><li><a href=\"#h-standard-repayment-plans\" data-level=\"2\">Standard Repayment Plans<\/a><\/li><li><a href=\"#h-extended-repayment-plans\" data-level=\"2\">Extended Repayment Plans<\/a><\/li><li><a href=\"#h-graduated-repayment-plan\" data-level=\"2\">Graduated Repayment Plan<\/a><\/li><li><a href=\"#h-income-driven-repayment-plans\" data-level=\"2\">Income-Driven Repayment Plans<\/a><\/li><li><a href=\"#h-faqs\" data-level=\"2\">FAQs<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-standard-repayment-plans\"><span id=\"standard-repayment-plans\">Standard Repayment Plans<\/span><\/h2>\n\n\n\n<p>The standard repayment plan is one of the common types of payment plans for student loans. It is automatically assigned by the lender to the borrowers unless you choose an alternative repayment plan.<\/p>\n\n\n\n<p>The repayment tenure is typically 10 years per loan, but it can range from 10 years to 30 years if you consolidate multiple loans in one direct <a href=\"https:\/\/fly.finance\/blog\/education-loan\/understanding-student-loan-consolidation\/\"><strong>student loan consolidation<\/strong><\/a>. You will make fixed monthly payments on a specified date over the repayment period.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The standard payment plan for student loans helps you pay off your debt in a shorter timeframe and minimize the total interest paid over debt.<\/li>\n\n\n\n<li>Fixed EMIs (<a href=\"https:\/\/fly.finance\/blog\/education-loan\/full-form-of-emi\/\"><strong>full form- Equated Monthly Installments<\/strong><\/a>) provide stability in budget planning.<\/li>\n\n\n\n<li>Making extra payments towards the principal does not incur any penalties, helping you reduce overall debt faster.<\/li>\n<\/ul>\n\n\n\n<p>It is ideal for borrowers who can afford higher monthly instalments. Individuals confident about maintaining high monthly payments due to stable employment or significant earnings potential post-studies might find this option beneficial given its efficiency in minimizing long-term interest costs.<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: Applying for an education loan to study abroad? Check out this blog to know all about the latest <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/rbi-guidelines-for-education-loan\/\"><strong>RBI guidelines on education loans<\/strong><\/a><strong>.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-extended-repayment-plans\"><span id=\"extended-repayment-plans\">Extended Repayment Plans<\/span><\/h2>\n\n\n\n<p>Another one on the list of types of payment plans for student loans is the extended repayment plan. It is designed to provide more time to pay off your education loans (typically up to 25 years), to make monthly payments more manageable.<\/p>\n\n\n\n<p>By extending the repayment period, monthly payments are significantly reduced compared to the standard repayment plans. This can help you ease financial strain, especially for recent graduates looking for stable and high-paying jobs.<\/p>\n\n\n\n<p>It is equally important to weigh the disadvantages that come with choosing this student loan payment plan. Extending the repayment term also means that while EMIs are lower, you will have to pay significantly more interest over the longer tenure. For example, if the interest on a loan is INR 7 lakhs for 10 years, it might be more if you extend your education loan for 25 years.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You remain in debt for a longer period, which can impact financial planning and goals such as saving for retirement or buying a house.<\/li>\n\n\n\n<li>Payments made under the extended repayment plan do not qualify for Public Service Loan Forgiveness (PSLF), which may be a significant drawback for those working in public service jobs.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-graduated-repayment-plan\"><span id=\"graduated-repayment-plan\">Graduated Repayment Plan<\/span><\/h2>\n\n\n\n<p>The next type of payment plan for student loans is the graduated repayment plan. It is designed for borrowers who expect a significant rise in their income over time. Monthly payments are structured in a way that has lower EMIs initially than those of standard repayment plans and increases every two years.<\/p>\n\n\n\n<p>Another benefit of choosing this payment plan is that it prevents negative <a href=\"https:\/\/fly.finance\/blog\/education-loan\/faqs-on-loan-amortisation\/\"><strong>loan amortisation<\/strong><\/a>. Payments are designed to cover at least the interest, ensuring that the loan balance does not increase over time due to unpaid interest. However, it is important to consider that if your income does not increase as anticipated, you may struggle to meet higher payment amounts later in the repayment term.<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: <\/strong><strong>Check out this blog to know the details of <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/what-happens-to-the-education-loan-if-the-borrower-dies\/\"><strong>what happens to education loans if the borrower dies<\/strong><\/a><strong>.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-income-driven-repayment-plans\"><span id=\"income-driven-repayment-plans\">Income-Driven Repayment Plans<\/span><\/h2>\n\n\n\n<p>The income-driven repayment plan (IDR plan) is an income-based payment plan for student loans. These plans adjust the monthly payments based on income and family size, with potential <a href=\"https:\/\/fly.finance\/blog\/education-loan\/student-loan-forgiveness\/\"><strong>student loan forgiveness<\/strong><\/a> after a certain period.<\/p>\n\n\n\n<p>You must recertify your income and family size each year to maintain eligibility for IDR plans. Failure to do so can result in reversion to the standard repayment plan. Any remaining balance on the loan is forgiven after the repayment term ends, but this forgiven amount may be taxable as income. You can explore other types of income-driven repayment plans-<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td colspan=\"2\"><strong>Types of IDR Plans<\/strong><\/td><\/tr><tr><td>Saving on a Valuable Education (SAVE) Plan<\/td><td>Monthly payments are capped at 10% of discretionary income, with forgiveness after 20 years for undergraduate loans and 25 years for graduate loans.<\/td><\/tr><tr><td>Pay As You Earn (PAYE) Plan<\/td><td>Payments are capped at 10% of discretionary income, with forgiveness after 20 years.<\/td><\/tr><tr><td>Income-Contingent Repayment (ICR) Plan<\/td><td>Payments are the lesser of 20% of discretionary income or what you would pay under a fixed repayment plan over 12 years, with forgiveness after 25 years.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>This was all about the different repayment plans for student loans. While all of them offer significant benefits for <a href=\"https:\/\/fly.finance\/blog\/education-loan\/managing-student-loans\/\"><strong>managing student loans<\/strong><\/a> more effectively, it is necessary to examine the potential disadvantages before committing to any specific repayment plan. You must review financial situations and future career prospects to make informed decisions.<\/p>\n\n\n\n<p>To learn more about <a href=\"https:\/\/fly.finance\/loans\"><strong>education loans<\/strong><\/a>, the best <a href=\"https:\/\/fly.finance\/international-bank-account\"><strong>bank accounts for students<\/strong><\/a>, <a href=\"https:\/\/fly.finance\/forex\"><strong>forex,<\/strong><\/a> and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs\"><span id=\"faqs\">FAQs<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1728989978921\"><strong class=\"schema-faq-question\">What are the different types of repayment plans for student loans?<\/strong> <p class=\"schema-faq-answer\">There are four main types of student loan repayment plans. These are Standard Repayment, Graduated Repayment, Extended Repayment, and Income-Driven Repayment (IDR) plans.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1728989994654\"><strong class=\"schema-faq-question\">What repayment plan is best for student loans?<\/strong> <p class=\"schema-faq-answer\">The best repayment plan depends on individual circumstances. However, the Standard Repayment Plan is typically recommended for lower overall interest costs if you can afford higher monthly payments.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1728990006147\"><strong class=\"schema-faq-question\">Can you pay student loans monthly?<\/strong> <p class=\"schema-faq-answer\">Yes, student loans are generally paid every month. The payment amount varies based on the chosen repayment plan, repayment tenure, and loan amount.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1728990069348\"><strong class=\"schema-faq-question\">What is the longest payment plan for student loans?<\/strong> <p class=\"schema-faq-answer\">The longest repayment plan available is the Extended Repayment Plan, which can extend up to 25 years for federal student loans.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1728990083129\"><strong class=\"schema-faq-question\">Can I switch repayment plans?<\/strong> <p class=\"schema-faq-answer\">Yes, borrowers can switch between repayment plans at any time based on their financial situation and the fulfilment of a specific payment plan.<\/p> <\/div> <\/div>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-pale-ocean-gradient-background has-background has-fixed-layout\"><tbody><tr><td colspan=\"2\"><strong>Additional Reads<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/faqs-on-education-loan-repayment\/\"><strong>FAQs on Education Loan Repayment<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/student-loan-forgiveness-programs\/\"><strong>Student Loan Forgiveness Programs<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/amortisation-in-education-loan-refinancing\/\"><strong>Amortisation in Education Loan Refinancing<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/early-repayment-charge-of-education-loan\/\"><strong>Early Repayment Charge of Education Loan<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/pros-and-cons-of-student-loan-consolidation\/\"><strong>Pros and Cons of Student Loan Consolidation<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/pros-and-cons-of-education-loan-restructure\/\"><strong>Pros and Cons of Education Loan Restructure<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/pay-student-loans-with-credit-card\/\"><strong>Pay Student Loans with Credit Card<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/education-loan-rejection-with-high-credit-score\/\"><strong>Loan Rejection with High Credit Score<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/education-loans-without-collateral\/\"><strong>Education Loans Without Collateral<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/benefits-of-student-loan-refinancing\/\"><strong>Benefits of Education Loan Refinancing<\/strong><\/a><strong>&nbsp;<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Education loan is a significant financial assistance to all aspiring students planning to pursue higher education in India and abroad. Choosing the right loan repayment plans and effective strategies lets you pay off your student debt more efficiently and work towards financial stability. Among different payment plans for student loans, the perfect one is selected &#8230; <a title=\"Payment Plans for Student Loans: What and How to Choose?\" class=\"read-more\" href=\"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/\" aria-label=\"Read more about Payment Plans for Student Loans: What and How to Choose?\">Read more<\/a><\/p>\n","protected":false},"author":29,"featured_media":15670,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-15666","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Payment Plans for Student Loans: What and How to Choose?<\/title>\n<meta name=\"description\" content=\"Check here all about repayment plans for student loans. Explore the ideal plan based on income and financial situation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Payment Plans for Student Loans: What and How to Choose?\" \/>\n<meta property=\"og:description\" content=\"Check here all about repayment plans for student loans. Explore the ideal plan based on income and financial situation.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/\" \/>\n<meta property=\"og:site_name\" content=\"Fly Finance\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/shubhika.garg\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-15T11:23:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-15T11:23:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/flyblog.fly.finance\/uploads\/2024\/10\/Payment-Plans-for-Student-Loans-2.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Shubhika Garg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shubhika Garg\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Payment Plans for Student Loans: What and How to Choose?","description":"Check here all about repayment plans for student loans. Explore the ideal plan based on income and financial situation.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/","og_locale":"en_US","og_type":"article","og_title":"Payment Plans for Student Loans: What and How to Choose?","og_description":"Check here all about repayment plans for student loans. Explore the ideal plan based on income and financial situation.","og_url":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/","og_site_name":"Fly Finance","article_author":"https:\/\/www.facebook.com\/shubhika.garg\/","article_published_time":"2024-10-15T11:23:02+00:00","article_modified_time":"2024-10-15T11:23:04+00:00","og_image":[{"width":1024,"height":640,"url":"https:\/\/flyblog.fly.finance\/uploads\/2024\/10\/Payment-Plans-for-Student-Loans-2.webp","type":"image\/webp"}],"author":"Shubhika Garg","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Shubhika Garg","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/#article","isPartOf":{"@id":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/"},"author":{"name":"Shubhika Garg","@id":"https:\/\/fly.finance\/blog\/#\/schema\/person\/1f13adc00f6f67e7ed5a2fb5e97bfec6"},"headline":"Payment Plans for Student Loans: What and How to Choose?","datePublished":"2024-10-15T11:23:02+00:00","dateModified":"2024-10-15T11:23:04+00:00","mainEntityOfPage":{"@id":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/"},"wordCount":1114,"commentCount":0,"publisher":{"@id":"https:\/\/fly.finance\/blog\/#organization"},"image":{"@id":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/#primaryimage"},"thumbnailUrl":"https:\/\/flyblog.fly.finance\/uploads\/2024\/10\/Payment-Plans-for-Student-Loans-2.webp","articleSection":["Education Loan"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/#respond"]}],"accessibilityFeature":["tableOfContents"]},{"@type":["WebPage","FAQPage"],"@id":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/","url":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/","name":"Payment Plans for Student Loans: What and How to Choose?","isPartOf":{"@id":"https:\/\/fly.finance\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/#primaryimage"},"image":{"@id":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/#primaryimage"},"thumbnailUrl":"https:\/\/flyblog.fly.finance\/uploads\/2024\/10\/Payment-Plans-for-Student-Loans-2.webp","datePublished":"2024-10-15T11:23:02+00:00","dateModified":"2024-10-15T11:23:04+00:00","description":"Check here all about repayment plans for student loans. Explore the ideal plan based on income and financial situation.","breadcrumb":{"@id":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/#breadcrumb"},"mainEntity":[{"@id":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/#faq-question-1728989978921"},{"@id":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/#faq-question-1728989994654"},{"@id":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/#faq-question-1728990006147"},{"@id":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/#faq-question-1728990069348"},{"@id":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/#faq-question-1728990083129"}],"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/#primaryimage","url":"https:\/\/flyblog.fly.finance\/uploads\/2024\/10\/Payment-Plans-for-Student-Loans-2.webp","contentUrl":"https:\/\/flyblog.fly.finance\/uploads\/2024\/10\/Payment-Plans-for-Student-Loans-2.webp","width":1024,"height":640,"caption":"Payment Plans for Student Loans"},{"@type":"BreadcrumbList","@id":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/fly.finance\/blog\/"},{"@type":"ListItem","position":2,"name":"Education Loan","item":"https:\/\/fly.finance\/blog\/category\/education-loan\/"},{"@type":"ListItem","position":3,"name":"Payment Plans for Student Loans: What and How to Choose?"}]},{"@type":"WebSite","@id":"https:\/\/fly.finance\/blog\/#website","url":"https:\/\/fly.finance\/blog\/","name":"Fly Finance","description":"Explore blogs related to Education Loan, Student Bank Account, International Money Transfer, Scholarships along with latest news at Fly Finance.","publisher":{"@id":"https:\/\/fly.finance\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/fly.finance\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/fly.finance\/blog\/#organization","name":"Fly Finance","url":"https:\/\/fly.finance\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/fly.finance\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/flyblog.fly.finance\/wp-content\/uploads\/2024\/01\/29151141\/Fly-Finance-Logo-1.webp","contentUrl":"https:\/\/flyblog.fly.finance\/wp-content\/uploads\/2024\/01\/29151141\/Fly-Finance-Logo-1.webp","width":1080,"height":1080,"caption":"Fly Finance"},"image":{"@id":"https:\/\/fly.finance\/blog\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/fly.finance\/blog\/#\/schema\/person\/1f13adc00f6f67e7ed5a2fb5e97bfec6","name":"Shubhika Garg","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/df0315e532cdf62ee7275a4a65914c25f90ec1b0b137b1bf0bbca958325909f8?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/df0315e532cdf62ee7275a4a65914c25f90ec1b0b137b1bf0bbca958325909f8?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/df0315e532cdf62ee7275a4a65914c25f90ec1b0b137b1bf0bbca958325909f8?s=96&d=mm&r=g","caption":"Shubhika Garg"},"description":"Hey there! I'm Shubhika- a proud graduate in English Literature and Language from Delhi University. My journey as a content writer transitioned from online teacher into the world of words. Stepping into the domain of blogs and articles, I discovered my passion for writing growing deeper and stronger. Having said that, I have experience of writing for diverse industries in automobile, technology, ed-tech, finance and mental-health; crafting details to help you find the solution to what you are looking for. Join me as I invite you all explore and learn together.","sameAs":["https:\/\/www.facebook.com\/shubhika.garg\/","https:\/\/www.instagram.com\/shubhika.garg\/","https:\/\/www.linkedin.com\/in\/shubhikagarg71\/","https:\/\/www.tumblr.com\/blog\/shubhikahere"],"url":"https:\/\/fly.finance\/blog\/author\/shubhika\/"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/#faq-question-1728989978921","position":1,"url":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/#faq-question-1728989978921","name":"What are the different types of repayment plans for student loans?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"There are four main types of student loan repayment plans. These are Standard Repayment, Graduated Repayment, Extended Repayment, and Income-Driven Repayment (IDR) plans.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/#faq-question-1728989994654","position":2,"url":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/#faq-question-1728989994654","name":"What repayment plan is best for student loans?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The best repayment plan depends on individual circumstances. However, the Standard Repayment Plan is typically recommended for lower overall interest costs if you can afford higher monthly payments.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/#faq-question-1728990006147","position":3,"url":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/#faq-question-1728990006147","name":"Can you pay student loans monthly?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, student loans are generally paid every month. The payment amount varies based on the chosen repayment plan, repayment tenure, and loan amount.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/#faq-question-1728990069348","position":4,"url":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/#faq-question-1728990069348","name":"What is the longest payment plan for student loans?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The longest repayment plan available is the Extended Repayment Plan, which can extend up to 25 years for federal student loans.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/#faq-question-1728990083129","position":5,"url":"https:\/\/fly.finance\/blog\/education-loan\/payment-plans-for-student-loans\/#faq-question-1728990083129","name":"Can I switch repayment plans?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, borrowers can switch between repayment plans at any time based on their financial situation and the fulfilment of a specific payment plan.","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/15666","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/comments?post=15666"}],"version-history":[{"count":1,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/15666\/revisions"}],"predecessor-version":[{"id":15667,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/15666\/revisions\/15667"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media\/15670"}],"wp:attachment":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media?parent=15666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/categories?post=15666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/tags?post=15666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}