Question

If you can make the monthly payments, the default plan -- also known as the __________ Repayment Plan -- is advisable because it keeps you on track to pay off your loans in 10 years and minimizes total interest

Answer 1

The default plan that makes the monthly payments for student federal loans is also known as the Standard Repayment Plan.

The Standard Repayment Plan is advisable as it keeps one on track to pay off loans in 10 years and minimizes total interest.

What is the Standard Repayment Plan?

The standard repayment plan is the default students loan repayment plan.  It has fixed monthly payments for 10 years.

The main features of the standard repayment plan are:

• Breaks up student loans into 120 fixed monthly payments.
• Monthly payment remains predictable.
• The monthly payment is fixed during the loan repayment term.

Other available federal loan payment plans for students include:

1. Graduated Repayment Plan
2. Extended Repayment Plan
3. Pay As You Earn Repayment Plan (PAYE)
4. Revised Pay As You Earn Repayment Plan (REPAYE)
5. Income-Based Repayment Plan (IBR)
6. Income-Contingent Repayment Plan (ICR)
7. Income-Sensitive Repayment Plan.

Thus, the default plan that makes the monthly payments for student federal loans is also known as the Standard Repayment Plan and it is more advisable.

Learn more about Student Loans Repayment Plans at https://brainly.com/question/23752038 and https://brainly.com/question/16724065