A repayment plan is a financial arrangement in which an individual or entity agrees to make regular payments over time to satisfy a debt. The term can refer specifically to a formal, structured program that allows someone with outstanding student loans to gradually pay off their balance by making monthly installments. Such plans typically involve interest charges and may also include fees for the service of administering the plan. In general usage, however, "repayment plan" can refer more broadly to any arrangement in which a borrower makes regular payments towards settling an obligation.