Options: extended repayment plan, graduated repayment plan, income-contigent repayment plan, revised pay as you earn repayment plan, standard plan

Match the following loan repayment plans and terms with their definitions. Use the Federal Student Aid website for help. 1. Payments start out low and then increase every 2 years. The repayment period is 10 years except for consolidation loans, which may have repayment periods up to 30 years. Payments cannot be less than the periodic interest charge nor greater than 3 times the Standard Plan payment. 2. Payments are based on the lesser of 20% of discretionary income, or a reduced standard plan payment amount based on income. Repayment period is 25 years, after which the remaining loan balance will be forgiven. Income tax may be due on the forgiven balance. 3. The repayment period can be up to 25 years. Must have $30,000 or more in direct loans. Payments can be fixed or graduated. 4. Payments are based on income and family size and are 10% of discretionary income. Monthly payment amounts will not exceed the standard plan amount. Repayment period is 20 years, after which time any remaining balance will be forgiven. Income tax may be due on the forgiven balance. 5. This is the default repayment plan if no other repayment plan is selected. The repayment period is up to 10 years with fixed monthly payments (minimum monthly payment is $50 ). Consolidation loans are eligible for repayment periods between 10 and 30 years