There are a lot of federal loan payment plans out there, and for someone just out of school, it can be overwhelming to try to evaluate them all and determine what’s best. The Dept. of Ed’s calculator does a great job of helping with that, but here’s a more advanced breakdown of the main federal loan repayment options. Keep in mind, if you’re in default, you’ll need to get out of default before applying for some of these plans.
This is a followup to an article I wrote for Yahoo Finance: How To Get Your Federal Loans Out Of Default Without Getting Scammed. If your federal loans are in default, it will make more sense if you read that article first and then read this one.