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What Student Loan Plan Am I On?: A Guide For Students

Modified On Oct 10, 2023

As a student, you may have taken out student loans to pay for your education. However, with different types of student loan plans available, the next question is: “What student loan plan am I on”. Thus, it can be confusing to figure out which one you’re on. This guide will help you understand the different types of student loan plans and how to determine which one you’re on.

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What Student Loan Plan Am I On: A Guide For Students

STUDENT LOAN

There are eleven types of federal student loan plans: 

1. Standard Repayment Plan

The standard repayment plan is the default plan for federal student loans. It allows you to make equal payments over 10 years. If you have not chosen a different plan, you are likely on the standard repayment plan.

2. Graduated Repayment Plan

The graduated repayment plan starts with lower payments that gradually increase over 10 years. This plan is ideal for students who expect their income to increase over time.

3. Income-Driven Repayment Plan

The income-driven repayment plan allows you to make payments based on your income and family size. There are four types of income-driven repayment plans: Income-Based Repayment (IBR), Pay As You Earn (PAYE), Revised Pay As You Earn (REPAYE), and Income-Contingent Repayment (ICR). If you are on an income-driven repayment plan, it’s important to recertify your income and family size every year.

4. Federal Direct Subsidized Loans

This type of loan is for undergraduate students who demonstrate financial need. The government pays the interest on the loan while the student is in school, during the six-month grace period after graduation, and periods of deferment. This loan has a fixed interest rate and is limited to a specific amount each year.


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If you have been awarded a Federal Direct Subsidized Loan, you can check your loan status by logging into the National Student Loan Data System (NSLDS) website. This website will provide you with all the details of your loan, including the amount disbursed, the interest rate, and the repayment plan.

5. Federal Direct Unsubsidized Loans

This loan is available to both undergraduate and graduate students and does not require a demonstration of financial need. Unlike the subsidized loan, the government does not pay the interest on the loan. The interest accrues while the student is in school and during other periods of deferment. The loan has a fixed interest rate and is limited to a specific amount each year.

If you have been awarded a Federal Direct Unsubsidized Loan, you can check your loan status by logging into the NSLDS website. This website will provide you with all the details of your loan, including the amount disbursed, the interest rate, and the repayment plan.

6. Federal Perkins Loans

This loan is for undergraduate and graduate students who demonstrate exceptional financial need. The government pays the interest on the loan while the student is in school, during the nine-month grace period after graduation, and periods of deferment. This loan has a fixed interest rate and is limited to a specific amount each year.

If you have been awarded a Federal Perkins Loan, you can check your loan status by contacting the financial aid office at your school.

7. Federal Direct PLUS Loans

This loan is available to graduate students and parents of undergraduate students. The loan does not require a demonstration of financial need, and the borrower’s credit history is taken into account when determining eligibility. The interest rate is fixed, and the loan has a specific limit.

If you have been awarded a Federal Direct PLUS Loan, you can check your loan status by logging into the NSLDS website. This website will provide you with all the details of your loan, including the amount disbursed, the interest rate, and the repayment plan.

8. Private Student Loan Plans

Private student loans are not issued by the government, and therefore, do not have as many repayment options as federal student loans. However, some lenders offer different repayment plans.

9. Fixed Repayment Plan

The fixed repayment plan allows you to make equal payments over some time, usually 10 years.

10. Interest-Only Repayment Plan

The interest-only repayment plan allows you to pay only the interest on your loan for some time, usually 4 years. After that, you will need to make both interest and principal payments.

11. Deferred Repayment Plan

The deferred repayment plan allows you to delay making payments on your loan while you’re in school. However, interest will still accrue during this time, and you will need to repay the loan with interest after you graduate.

READ ALSO: HOW TO GET GCSE RESULTS ON HOLIDAY

Determining Your Student Loan Plan

To determine which student loan plan you’re on, you can check your loan service’s website or call them directly. You can also check the National Student Loan Data System (NSLDS) website, which provides information on all of your federal student loans.

In conclusion, understanding your student loan plan is critical in managing your finances. By knowing the type of loan you have, you can plan for the future and manage your debt.

Remember to keep track of your loan status by logging into the NSLDS website or contacting your school’s financial aid office. With this guide, you can confidently determine which student loan plan you are on and what it means for your financial future.

I hope you find this article helpful.

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