Loans contribute to form a significant part of the funds that come under financial aid. As all loans do, the financial aid loans also need repayment. However, as they are being offered to a student who hasn’t yet started full-fledged earning lifestyle, the government makes sure to provide them with the best possible terms. For a student receiving these loans, it is important to understand how these prices could be cut-down, forgiven or changed according to convenience. Quite a few repayment plans are available that offer flexibility. Initially, once you’ve signed up for a loan, you would be asked to choose a repayment plan of your choice which when not done in stipulated time will lead to you being placed in a standard repayment plan. The standard repayment plan is set to have your loans paid off in a span of 10 years. This plan can be changed by you at any point of time to suit your needs and conditions. The amount to be paid per month would be decided on the basis of how much you make. All the money to be repaid regarding your student loan will be handled by your loan servicer to whom payments are made directly.