How do I choose the right repayment plan for my loan?
Choosing the right repayment plan depends on your financial situation, loan type, and future goals. What type of loan do you have?
I have a student loan, and I'm not sure if I should go for a standard or income-driven plan.
Income-driven plans can be beneficial if your income is low, as they adjust payments based on your earnings. Do you have a stable income?
I just started a job, but my salary is quite low right now.
In that case, an income-driven repayment plan might be a good option. It can help keep your payments manageable while you build your career.
What if my income increases in the future?
If your income increases, your payments may also increase under an income-driven plan, but you can always switch to a standard plan if that suits you better.
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