Repayment plans are structured agreements that outline how borrowers will pay back their loans over time. These plans typically specify the amount to be paid each month, the interest rate, and the total duration of the repayment period. They can vary based on the type of loan, such as student loans, mortgages, or personal loans. Different types of repayment plans exist to accommodate various financial situations. For example, income-driven repayment plans adjust monthly payments based on the borrower's income, while fixed repayment plans maintain the same payment amount throughout the loan term. Understanding these options can help borrowers choose the best plan for their needs.