Definitions for "Standard Repayment"
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. The Standard Repayment Schedule cannot exceed 10 years, excluding in-school, grace, deferment, or forbearance periods.
Of the repayment options available to student loan borrowers, the most familiar is the Standard Repayment Plan, which requires fixed monthly payments for ten years. Monthly repayment amounts may be adjusted to reflect changes in the variable interest rate.
Equal monthly payments comprised of principal and interest.