If borrowing remains a necessity, consider all factors, such as loan servicing fees,
interest rates and repayment plans, to choose the best option for you. Loans are a
form of financial aid that must be paid back within a specific time after a student
graduates, leaves college or falls below half-time enrollment. The standard repayment
plan for federal loans is 10 years. If you are late with your payment, it can have
a negative effect on your credit history.