Standard Repayment Plan
The Standard Repayment Plan allows you to pay off your federal student loans in the shortest amount of time. This repayment plan saves you money over time because your monthly payments may be slightly higher than payments made under other plans, but you’ll pay off your loan in the shortest time. For this reason, you will pay the least amount of interest over the life of your loan.
Graduated Repayment Plan
Graduated repayment plans are an estimated monthly payment amount for the first two years of the term. This plan usually starts out with lower payments and increase over a period of up to 10 years from the date the loan entered repayment. No single payment will be more than three times greater than any other payment. If you anticipate your income to grow steadily over time, this payment option may be the right one for you. In some cases, you may be able to reduce your initial student loan payments by almost 50%. Repayment plans vary by loan type. Be sure to speak with one of our NCS specialist, to see what repayment options are available to you.