You can choose your repayment plan depending on what kind of student loan you have taken.

There are two kinds of loans: private student loans and federal student loans. Rules are different for both the loans.

Private student loans not being a federal fund, has very fewer repayment options.

Further there are two kind of federal loans:

Federal family education loan (FFEL): These loans are provided by private lenders that are guaranteed by federal government. This means lender gets reimbursement from federal government, if you default.
Federal Direct loans: They are given directly by federal government.
How repayment plans work?

Repayment plans helps you to reduce students monthly payment, by providing them various multiple repayment programs from which they can select the best that suits. You can even change repayment plans at any time, that too for free!

Private student loans have fewer option of repayment as compare to federal student loan.

Some of the options for private student loan repayment plans are:

Refinance private student loans

The best option you can look for is refinancing and consolidating your private loans. You can refinance your private loans with different banks.

However consolidation of federal loans is done automatically, but it’s not the case with consolidating private student loans. You have to apply and get the approval. On the basis of your credit score approval will be decides.

Forbearance

If repaying student loan is problem for you, you can seek your lenders help. Lender can offer you a few forms of limited relief. You should be aware of the fact that forbearance is short term. In fact, forbearance is subject to lenders approval.

Unlike private student loan repayment plans, federal student loan has many repayment plan options. Student can choose wisely the best for them.

Here are the repayment plan options for students with federal loans:

Standard Repayment Plan
This plan is for all federal subsidized, unsubsidized and consolidated loans.

How It Works: The enrolment in this plan will be done is automatically if you do not opt for another one. You need to pay fixed monthly payments of minimum $50 for up to 10 years. It is best for the one who can afford high monthly payments.

The Pros: You will save on your money as the loan will be repaid sooner than other plans, as a result ending up paying less interest.

The Cons: as compare to other plans, you will have to pay high monthly payments.

Graduated Repayment Plan
How It Works: At first your payments will be lower and will gradually increase usually every two years.
It is best for students who are not able to handle higher monthly payments immediately after graduation but are confident that their income will increase progressively

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The Pros: It allows you to pay off your loan within 10 years.

The Cons: as compare to standard plan, for graduate plan -you will end up paying more interest for the loan.

Extended Repayment Plan
How It Works: This plan allows repayment to be made for up to 25 years. The repayment window for this plan is up to 25 years. The borrower can choose you pay fixed monthly payment or graduated repayment option, where the monthly payment increases over time. The borrower who is having a loan of more than $30000 is eligible for this plan.

It is best for the borrowers, who want to reduce their monthly payments.

The Pros: You will get relief as the monthly payments amount would be smaller, as the loan repayment period is extended up to 25 years.