If you have a federal student loan and you don't choose a repayment plan when your loan enters repayment, your service provider will automatically place you on a **Standard Repayment Plan** . The Standard Repayment Plan has a repayment period of **10 years** (between 10 and 30 years for consolidated loans), with **120 equal monthly payments** .
You can change your repayment plan at any time by contacting your loan servicer. There are also other repayment plans available such as Graduated, Extended, Income-Driven, and Income Sensitive plans .
Here is an example of how the Standard Repayment Plan works. If you have a $10,000 loan with an interest rate of 5%, your monthly payment would be $106.07 for 120 months.