The standard repayment plan is the plan that a loan will be placed on automatically unless contact are made to change the plan.
The repayment plan refers to the financial based plan which sets out the number of fixed period and amount of paying back a loan.
Some type of repayment plan includes:
- Standard repayment plan: This repayment plan is the automatic plan that fixed monthly payments on a loan for like 10 years.
- Extended repayment plan: This repayment plan is the plan which allows repayment of loan for up to 25 years.
- Graduated repayment plan: This is the type of repayment plan that allows lower repayment at the beginning and higher repayment later on.
Therefore, Option A. is correct.
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