Once you know how much you have to spend monthly, consider your repayment options. For federal loans there are a few options to check out:
- The standard repayment (10-year repayment)
- Graduated repayment (starting with lower payments with gradual increases every
- Extended repayment (25 years to repay, with lower monthly payments but higher total interest costs)
- Long-term repayment (30 years to repay, which lowers monthly payments even more but is the most expensive option because of the added interest costs)
- Income-based repayment (a payment amount proportional to your income and family size)
- Income-contingent repayment (the repayment amount is calculated each year based on your adjusted gross income, family size, and total amount of your debt.