Federal Loan Repayment
All students receive exit counseling when they graduate or attend school less than half-time. The exit counseling provides information on your loans and when repayment begins.
When you graduate or withdraw you will have six months before your first payment is due. This is called a grace period. PLUS Loans do not have a grace period. This time allows you to get financially settled, select your repayment plan and determine the amount of income you need to put toward your student loan each month.
There are flexible repayment options to help students manage this important financial responsibility. Contact your loan provider to discuss specific options.
Who is/are my lender(s)?
The National Student Loan Data System (NSLDS) is the U.S. Department of Education’s central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct/FFELP Loan program, and other Department of Education programs. Also login to www.myedaccount.com.
NSLDS Student Access provides a centralized, integrated view of all loans and grants so that students can access and inquire about their loans and/or grant data.
Loan Repayment Calculators
Direct Lending Loan Calculators can be found online at studentloans.gov. For more information on repaying your student loans, please visit Student Aid online.
Deferment
A deferment is a period in which repayment of the principal balance is postponed. During a deferment, if the loan is subsidized, the government pays the interest charged. For unsubsidized, PLUS, unsubsidized consolidation, and PLUS consolidation loans in deferment, you are responsible for the interest that accrues during the deferment period. If you have unsubsidized loans, when you re-enter repayment at the end of the deferment period, any unpaid interest capitalizes (is added to the principal balance).
For complete information on deferment of your loan, contact your lender(s). If you are not eligible for a deferment you may still be eligible for a forbearance.
Forbearance
A forbearance is an arrangement to postpone or reduce your monthly payment amount for a limited and specific period during which you are charged interest. If you indicate a temporary inability, but willingness to pay the loan(s), you may ask for or be offered a forbearance. Interest that accrues during a forbearance is the responsibility of the borrower. When you re-enter repayment at the end of the forbearance period, any unpaid interest capitalizes (is added to the principal balance).
For complete information on the forbearance of your loan, contact your lender(s). If you are not eligible for a forbearance you may still be eligible for a deferment.
More Information on Repaying Federal Student Loans
Student Aid online has more information on repaying your student loans. We are also more than happy to discuss your options here in the office. Feel free to contact us.