Different repayment plans for federal education loans

Repayment plans available for federal loans....... The students are provided with different proposals to repay their federal loans. A borrower can select the repayment plan that is most suitable for his budget. This way the loan is paid off and a good credit history is obtained with the same shot.
Three other alternative plans are there beside the standard repayment plan. The interest rates for the alternatives are generally lower, however the total amount of interest paid is much more than the standard one as the repayment period is extended.
Have a look on different plans –

• Standard Repayment Plan: Under this plan the borrower pays a fixed amount through out the loan term. The loan term or the period of repayment depends on the amount of loan. It could be as shorter as 10 years and the monthly installment could be as minimum $50 all over the span.
  
• Extended Repayment Plan: This is quite similar with Standard Repayment Plan. Here the loan term is extended for 12 to 30 years. The extension depends upon the amount of loan. Fixed payment is charged every month. Since the repayment period is long, the borrower pays more towards the loan holder.
  
• Graduated Repayment Plan: Floating amount of payment is charged under this scheme. Unlike Standard or Extended plans, here the repayment process begins with a lower amount and it keeps on increasing on every two years. The loan term is 12 to 30 years again and it also depends on the amount borrowed.
  But monthly payment cannot be less than 50% and more than 150% of what is charged in Standard plan for the equivalent loan amount. Moreover, it should cover the accrued interest at least.
  
• Income Contingent Repayment Plan: Income Contingent Repayment or ICR is really a good option to continue with timely payments. Most of us are aware that how important it is to stay current on loan accounts. Those who are pursuing jobs with lower salaries find the plan very much helpful.
  Here the monthly payment is decided on every anniversary of the loan disbursement date depending upon the amount borrowed, the income of the borrower and his family size and as a result the installment can increase or decrease accordingly. Minimum $5 is charged anyway. The loan term is generally 25 years and the best part of the plan is at the end of the term, remaining amount is written off! Doesn't that sound good?

All the repayment plans are applicable for any federal student loan; however, ICR is not permitted for parent loans.
Don't you feel that it is hard to be defaulter on a student loan, since federal government and department of education is offering so many good plans!