It's a lot more fun to celebrate college graduation than it is to develop a student loan repayment strategy. So if you're a new grad with federal loans, you'll likely end up on the default standard repayment plan, which requires you to pay a fixed amount every month for 10 years until your loans are paid off.
After graduation, student loan management is the last thing you want to think about. If you have landed your first full-time job, the reality of paying back your student loans is right around the corner. If you have been out several years, this is still an opportune time to learn more about your student loans and potentially save money.
While many graduates are bogged down with high interest rates and burdensome payments, many don't understand the terms of their loans. We've complied some data to help you visualize how different loan repayment options could impact your monthly payments and total loan amount by manipulating a few variables on a $25,000 standard student loan situation.