Standard Repayment Plan
E572502
The Standard Repayment Plan is a federal student loan repayment option that requires fixed monthly payments over a set term, typically resulting in less interest paid over time compared with extended or income-driven plans.
Statements (50)
| Predicate | Object |
|---|---|
| instanceOf |
federal student loan repayment plan
ⓘ
student loan repayment option ⓘ |
| administeredBy | U.S. Department of Education NERFINISHED ⓘ |
| appliesTo |
Direct Loans
ⓘ
Federal Family Education Loan (FFEL) Program loans ⓘ federal student loans not in default ⓘ |
| associatedConcept |
amortizing loan
ⓘ
fixed installment repayment ⓘ |
| benefit |
faster payoff compared with extended or income-driven plans for the same debt
ⓘ
lower total interest cost compared with extended or income-driven plans for the same debt ⓘ |
| borrowerAction | can be selected during or after the grace period ⓘ |
| communicationChannel | explained in federal loan disclosure and servicer communications ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| currency | U.S. dollars ⓘ |
| defaultStatus | often the default repayment plan if a borrower does not choose another plan ⓘ |
| drawback |
higher monthly payment than under most income-driven repayment plans
ⓘ
less flexibility if borrower income decreases ⓘ |
| eligibility |
available for Direct Consolidation Loans
ⓘ
available for Direct PLUS Loans ⓘ available for Direct Subsidized Loans ⓘ available for Direct Unsubsidized Loans ⓘ available for FFEL Consolidation Loans ⓘ available for FFEL PLUS Loans ⓘ available for FFEL Subsidized Stafford Loans ⓘ available for FFEL Unsubsidized Stafford Loans ⓘ available to most federal student loan borrowers ⓘ |
| forgivenessEligibility | does not itself provide loan forgiveness ⓘ |
| goal | to fully amortize the loan within a fixed term ⓘ |
| gracePeriodRelation | payments typically begin after the end of the loan’s grace period ⓘ |
| incomeRequirement | does not require income documentation ⓘ |
| interestOutcome |
usually results in less interest paid over the life of the loan than extended plans
ⓘ
usually results in less interest paid over the life of the loan than income-driven repayment plans ⓘ |
| loanTypeLimitation | does not apply to private student loans ⓘ |
| paymentAmountCharacteristic | highest monthly payment among common federal repayment plans for the same debt and term ⓘ |
| paymentCalculationBasis |
interest rate
ⓘ
loan balance ⓘ repayment term ⓘ |
| paymentChangePolicy | payments generally do not change over time ⓘ |
| paymentFrequency | monthly ⓘ |
| paymentStructure | fixed monthly payments ⓘ |
| prepaymentPolicy | borrowers may prepay without federal prepayment penalties ⓘ |
| publicServiceLoanForgivenessCompatibility | qualifying payments can count toward Public Service Loan Forgiveness if other PSLF criteria are met ⓘ |
| recertificationRequirement | does not require annual income recertification ⓘ |
| regulatoryFramework | governed by federal student aid regulations ⓘ |
| risk | higher risk of delinquency for borrowers with limited income compared with income-driven plans ⓘ |
| switchingPolicy | borrowers can usually switch from the Standard Repayment Plan to another eligible federal repayment plan ⓘ |
| targetBorrowerProfile | borrowers who can afford higher fixed payments ⓘ |
| typicalRepaymentTerm | 10 years ⓘ |
| typicalRepaymentTermRange |
up to 10 years for most borrowers
ⓘ
up to 30 years for some consolidation loans ⓘ |
Referenced by (4)
Full triples — surface form annotated when it differs from this entity's canonical label.