Global Elix 
Holders of federal student loans can choose from a variety of payment plans. Unless you make arrangements with your loan servicer to enroll in an alternative plan, you will be automatically enrolled in a conventional repayment plan after your grace period expires and you graduate from school. However, you are free to switch to a different plan that might suit you better.
Which repayment plan will you be placed on automatically?
A) Standard Repayment Plan
B) Graduated Repayment Plan
C) Extended Repayment Plan
D) None Of The Above
The correct Answer is A): Standard Repayment Plan
Explanation:
Which repayment plan will you be placed on automatically unless?
Unless you choose an alternative repayment plan, you will be automatically enrolled in the Standard Repayment Plan when you graduate from school.
Your monthly payments under the Standard plan are fixed, and overall, you’ll typically pay less than you would under other plans. Your payments under an IDR plan are determined by your family size and income, making them more reasonable. After 20 to 25 years of payments, you may be entitled to have any leftover debt on your loans canceled.
Standard Repayment
- This plan is open to all customers.
- If you don’t pick a different plan, you will be put in this one.
- You pay a set amount each month so that you can pay off your loans in 10 years (or up to 30 years for consolidation loans).
- In the long run, you’ll pay less than with other plans, but your first month’s payments will likely be the biggest with this one.
- This plan might be better for you if you work for the government and want to get your loans cleared after ten years through PSLF.
Standard repayment plan eligibility
The standard payback plan can be used by anyone with one of the following loans:
- Direct subsidized loans
- Direct unsubsidized loans
- Direct PLUS loans
- Direct consolidation loans
- Subsidized federal Stafford loans
- Unsubsidized federal Stafford loans
- FFEL PLUS loans
- FFEL consolidation loans
While most have a 10-year repayment plan option, private student loans are not eligible for government repayment plans like regular repayment.
Pros:
- In contrast, a shorter repayment period will result in lower interest payments over time.
- Stick to a monthly budget with fixed costs.
Cons:
- Monthly payments might be higher than with other deals.
- Fixed-rate payments can make it hard to pay your loan bill if your income drops.
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FAQs
Which repayment plan will you be placed on automatically?
The Standard Repayment Plan you are placed on automatically.
Which repayment plan will you be placed on automatically unless you change it by contacting your server for student loans?
The standard repayment plan is the most straightforward way to pay back student loans. If you don’t choose a different strategy, you’ll be put into this one when you start paying back your debt.
Which repayment plan will you be placed on automatically unless you change it by contacting your servers?
The Standard Repayment Plan is the plan that your lender will put you on automatically unless you change it by calling your lender.
