A repayment schedule under which the borrower pays the same amount for each installment payment throughout the entire repayment period or pays an amount that is adjusted to reflect annual changes in the loan's variable interest rate. The Standard Repayment Schedule cannot exceed 10 years, excluding in-school, grace, deferment, or forbearance periods.
Of the repayment options available to student loan borrowers, the most familiar is the Standard Repayment Plan, which requires fixed monthly payments for ten years. Monthly repayment amounts may be adjusted to reflect changes in the variable interest rate.
Equal monthly payments comprised of principal and interest.
Loan repayment plan that provides for fixed annual payment over a fixed period of time. Borrower has up to 10 years to repay the loan.
A repayment plan that allows borrowers to make a standard consistent monthly payment throughout the entire repayment term.
A loan repayment plan in which a loan is repaid with equal monthly payments throughout the life of the loan.
Most student loan payments are set up on a standard repayment plan with monthly payments that remain constant throughout the repayment period.
A repayment alternative in which a borrower pays a set amount monthly over the entire repayment term. Also called "Simple Repayment".
A repayment schedule where the borrower pays the same amount for each payment for the entire repayment period.