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Loan Repayment

When you graduate, withdraw, or are enrolled below half-time (as defined by your program), your in-school status ends and your grace period (if applicable) begins. Loan repayment starts when your grace period ends.

Who do I make my loan payments to?

You make your loan payments to your lender/servicer. Contact your loan servicer(s) to discuss your repayment options, due dates, payment methods, interest accrual, deferments, forbearance, etc.

Source: Federal Student Aid

How do I choose a repayment plan?

Your loan servicer(s) will contact you (before your first payment is due) with information regarding the repayment plan options for your Federal Stafford, GradPLUS & Direct Consolidation Loans. The repayment plan you select will depend on your individual circumstances, goals and preferences.

You may choose to pay off your debt as quickly as possible to reduce the total amount of interest; or more slowly to maximize your ability to save and/or invest for the future. You may prefer the flexibility of a lower monthly payment with the option of making additional payments targeting your higher interest rate loans.

Use the federal repayment estimator to compare your monthly payments under the various repayment plans. This calculator will access all your federal loan data from the National Student Loan Data System and create a chart showing your starting and ending payments, the total amount of interest you will pay over the life of the loan, and possible amounts forgiven under the income driven plans.

Source: Federal Student Aid

Auto debit

Be sure to ask your lender or servicer about signing up for auto debit payments. You can have your bank automatically send your monthly loan payment from your checking or savings account to the lender or servicer. Not only will it help ensure you don’t miss any payments, but most lenders offer a discount to borrowers who sign-up for this feature.

Helpful infographics