Can you switch between options? Choose Extended at one time then change it to Income-Based Repayment (IBR) later?
Yes, as noted, the repayment options are incredibly flexible – a feature not found in most types of consumer credit. The most important thing to do is to contact your lender or servicer, explain your circumstances and explore all the options to meet best meet your personal circumstances. If you have loans with two different lenders or servicers, Sallie Mae and the US Department of Education as an example, ask that the repayment options be coordinated between both entities; that’s pretty common today and will result in the best options for you.
