Business and Personal Finance Dictionary

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• STANDARD REPAYMENT PLAN
  
  A repayment schedule under which the borrower pays the same amount for each installment payment throughout the entire repayment period or pays an amount that is adjusted to reflect annual changes in the loan's variable interest rate. For FFELP loans, the Standard Repayment Schedule cannot exceed 10 years, excluding in-school, grace, deferment, or forbearance periods. Private loans may have a shorter or longer repayment term, depending on the loan program.
  
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