Income-Based Repayment is offered on FFELP Loans and Direct Loans not eligible for Pay As You Earn. Parent Plus Loans, Federal Consolidated Loans with underlying Parent Plus Loans, and private loans are not eligible for Pay As You Earn, Revised Pay as You Earn, or Income-Based Repayment.
Thereof, how many federal student loan repayment plans are there?
There are three federal student loan repayment plans not tied to income and for which all types of federal student loans qualify, including direct, FFEL and PLUS. Standard. Repaying a student loan in 10 years is the typical term for a federal student loan.
Simply so, which repayment plan will you be placed on automatically unless? When you complete exit counseling upon leaving school, you’ll have the option to pick a repayment plan. If you don’t, you’ll automatically be placed on the 10-year standard repayment plan. But you can change plans at any time once you’ve begun paying down your loans.
Correspondingly, which repayment plan will you be placed on automatically?
The standard repayment plan