Choosing the best student loan repayment plan depends on your financial goals and circumstances. Here are some of the most common repayment plans available for federal student loans:

1. Standard Repayment Plan: This plan spans 10 years and requires you to make equal monthly payments. If you can afford the standard plan, you’ll pay less in interest and pay off your loans faster than you would on other federal repayment plans.

2. Graduated Repayment Plan: This plan also gives you 10 years to repay your loans, but your payments start out lower and increase every two years. This plan is best for those who expect their income to increase over time.

3. Extended Repayment Plan: This plan gives you up to 25 years to repay your loans, with either fixed or graduated payments. This plan is best for those who need lower monthly payments but will end up paying more in interest over time.

4. Income-Driven Repayment Plans: These plans are best for those who want lower monthly payments and student loan forgiveness. There are four types of income-driven repayment plans: Income-Based Repayment (IBR), Pay As You Earn (PAYE), Revised Pay As You Earn (REPAYE), and Income-Contingent Repayment (ICR). These plans adjust your monthly payments based on your income and family size, and any remaining balance is forgiven after a certain number of years.

To choose the best repayment plan for you, consider your financial goals and circumstances. If you want to pay less interest over time, the standard repayment plan is the best option. If you need lower monthly payments, income-driven repayment plans may be the best choice. Before changing student loan repayment plans, use the Education Departments Loan Simulator to see what you’ll owe on each plan. Any option that decreases your monthly payments will likely result in you paying more interest overall.