Oh well. I'd like to ask if whenever I take out a loan, I have the option of repaying it however I want, right?
Certainly, you can. You have options for doing the choosing when is time to repay your loan. That's when you make use of the plans.
SO, lets say i go for these plans under the standard repayment thing, What do i get there?
To be more specific there, your payments by the month would be in a fixed amount of at least $50 each month and made for up to 10 years for all loan types. However, Direct Consolidation and FEEL Consolidation loans are excepted.