VALLEY — For those who finished college in May and have federal student loans, it’s almost time to start repaying them. These tips from KHEAA may help.

One of the smartest things is pay more than the scheduled payment amount. Asking the lender to apply the extra to the principal will mean less interest over the life of the loan.

There are several plans from which to choose. The standard repayment plan calls for equal monthly payments over 10 years. The minimum monthly payment is usually $50. Other options include:

• Graduated repayment, with lower amounts that get higher over the 10-year period.

• Income-driven repayment plans, with monthly amounts based on income and family size. Some plans forgive the balance for those who make on-time payments for a certain time.

• Pay As You Earn, for those who received no loans before Oct. 1, 2007, and at least one loan after Sept. 30, 2011.

Taxes may have to be paid on any amount that is forgiven.

Remember that the federal government can change repayment programs at any time.

KHEAA is a public, non-profit agency established in 1966 to improve students’ access to college. It provides information about financial aid and financial literacy at no cost to students and parents. KHEAA also helps colleges manage their student loan default rates and verify information submitted on the Free Application for Federal Student Aid (FAFSA). To learn more about those services, visit www.kheaa.com.

In addition, KHEAA disburses private Advantage Education Loans on behalf of its sister agency, KHESLC. For more information about Advantage Education Loans, visit www.advantageeducationloan.com.