What is the minimum payment on a standard plan?

Well actually it depends.  It is whatever the payment would be based on the principal and interest over a 10 year period.  However, the minimum installment amount on a Standard Level plan is $50.00 but this is only if you have either all FFELP or all Direct Loans.  If you have both your minimum is $100.00 because the minimum applies to both.  Remember the easiest way to know if you have a Direct Loan is the Loan Program starts with DL (such as DLSTFD).

What if you can’t afford this $50.00 or $100.00 bill?  No problem.  This is just the standard plan which we have discuss before is the highest plan.  You can look at a graduated plan or something based on your income (if your bill is only $50.00 you won’t qualify for extended as there won’t be enough debt).  But remember the less you pay the longer it will take you to pay it off (these plans are often times less than 10 years) and the more interest you will end up paying over time.