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Loan Repayment

When a student graduates, withdraws or drops below half-time enrollment (as defined by their program):

  • their in-school status ends,
  • student loan grace periods (see below) begin and
  • loan repayment may start or resume.

Borrowers of federal student loans will be contacted regarding completing the required online exit counseling within 30 days after in-school status ends. Online exit counseling:

  • reviews the terms and conditions of your loan(s),
  • covers your rights and responsibilities as a borrower,
  • identifies your federal loan servicer, 
  • provides your federal loan total and estimates your monthly payment amounts under the various repayment plans.

See your loan promissory notes for additional details. Visit the Federal Student Aid website for comprehensive information.

  • Federal Subsidized/Unsubsidized Loans have a grace period of six months before repayment begins. Note: If you have loans from a prior enrollment that were in repayment before you returned to school at Northwestern, you will resume making payments for these loans as soon as your in-school deferment ends. Check with your loan servicer(s) to determine when your first payment is due.
  • Federal Graduate PLUS Loans issued after July 1st, 2008 have a six-month post-enrollment deferment period. Contact your loan servicer(s) regarding GradPLUS Loans issued before July 1st, 2008 to request a deferment.
  • Federal Consolidation Loans have no grace period and will begin immediate repayment.
  • Federal Perkins Loans have a post-enrollment grace period of six months before repayment begins. (Note: This loan program ended in 2017.)

For private student loans, contact your lender/loan servicer(s) to determine when your first payment is due and for the specific repayment terms.

 Contact your loan servicer(s) to discuss your repayment options, due dates, payment methods, deferments, forbearance, etc. You can find out who services your federal student loans on the Federal Student Aid website. For private student loans, check your credit report at the Annual Credit Report website.