Plan setup and agreed upon between a borrower and creditor that outlines how the money will be paid back. The repayment plan clearly indicates the original loan amount, how much goes to the principle and how much goes to interest. It may also include the due date for each payment and identified any other fees related to the loan. The repayment plan must be agreed upon before the loan can be dispersed. Repayment plans may be altered at the lender’s discretion.
Black’s Law Online Dictionary
