A repayment plan is a structured repaying of funds that have been loaned to an individual, business or government over either a standard or extended period of time, typically alongside a payment of interest.[1] Repayment plans are prominent within the financial industry of a national economy where liquid funds are in high demand to assist in investment opportunities, governmental expenditure or personal finance. The term first saw prominence with its use by the International Monetary Fund to describe its form of financial loan repayment from individual nations. Typically, the term "repayment plan" refers to the system of Federal Student Aid in the United States of America, which assists in covering tertiary education expenses of domestic students.[2]
- ^ Alexandra Twin. "Repayment Is Paying Back Money Borrowed from a Lender". Investopedia. Retrieved 13 May 2019.
- ^ "Federal Student Aid". Federal Student Aid. Retrieved 13 May 2019.
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