A loan repayment plan is a structured schedule that outlines how a borrower will pay back borrowed money, typically including the principal amount and interest. This plan specifies the duration of the loan, the monthly payment amount, and the total cost of the loan over time. It helps borrowers manage their finances by providing a clear timeline for repayment. Different types of repayment plans exist, such as fixed-rate and income-driven plans. A fixed-rate plan maintains the same monthly payment throughout the loan term, while an income-driven plan adjusts payments based on the borrower's income. Understanding these options can help borrowers choose the best plan for their financial situation.