which repayment plan will you be placed on automatically unless you change it by contacting your servicer?
which repayment plan will you be placed on automatically unless you change it by contacting your servicer?
Answer: The repayment plan that you will be placed on automatically, unless you change it by contacting your loan servicer, is typically the “Standard Repayment Plan.” The Standard Repayment Plan is a fixed monthly payment plan over a specific period of time, usually 10 years for federal Direct Loans. This plan ensures that your loan will be paid off within the designated timeframe.
If you don’t actively choose a different repayment plan, your loan servicer will generally place you on the Standard Repayment Plan by default. However, it’s important to note that there are several alternative repayment plans available, such as Income-Driven Repayment Plans, which may offer more flexible terms based on your income and family size. If you’re seeking a different repayment plan that better suits your financial circumstances, you would need to contact your loan servicer to discuss and make the necessary arrangements.