Under which repayment plan are scheduled monthly payments the same every month?

The standard repayment plan is characterized by fixed monthly payments that remain the same throughout the repayment period. This plan is typically structured to ensure that the borrower can pay off the total balance of the loan, including interest, over a set term, usually ranging from 10 years. Since the payments do not fluctuate, borrowers can easily budget for them each month, providing predictability in managing monthly expenses.

In contrast, the graduated repayment plan begins with lower payments that gradually increase over time, while the income-based repayment plan adjusts payments according to the borrower’s income, leading to potential variations each month. The extended repayment plan may also offer fixed payments, but it generally extends the repayment term beyond the standard plan, potentially reducing monthly payments but increasing total interest paid over time.

Overall, the standard repayment plan's feature of consistent monthly payments makes it accessible and straightforward, appealing to borrowers looking for stability in their financial obligations.