There are different repayment plans for student loans based on your financial situation
There are three plan options which are standard, income driven, and extended. The standard repayment plan is the basic plan which helps you to pay back your loans within ten years.The income driven plan is for people who can’t afford the standard plan and your payment accounts are based on your level of income and the size of your family. Lastly, there is the extended repayment plan which is designed for people who have bigger loan balances, and you have to have at least $30,000 in outstanding federal student debt.
Basically student loans take quite a while to pay off and you are stuck with this debt for a few years.
Also the shorter the amount of time is that it takes you to pay back your student loans, the more likely it is for you to have a lower interest, but your amount of income determines how fast you will be able to pay off your loans.
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