Repaying Your Student Loan
What you need to know about repaying student loans...
Grace Period
After you graduate, leave school, or drop below half-time enrollment,
you may have a period of time before you have to begin repayment. This
“grace period” will be
- six months for a Federal (FFEL) or Direct Stafford Loan
- nine months for Federal Perkins Loans
If you have an un-subsidized student loan, interest accrues even while you are attending school, and you may have payments due, even during your grace period.
If you can make payments during your grace period, it's a good idea. They will usually be interest free, and you will have less to repay after graduation.
(If you’re a parent reading this and you have a FFEL or Direct
PLUS Loan, you don’t have a grace period—repayment generally
must begin within 60 days after the loan is fully disbursed.)
Exit Counseling
You’ll receive information about repayment, deferments and cancellations.Your
loan provider will notify you of the date loan-repayment begins and contact
information. Remember, you are still responsible, even if you don't hear
from your lender.
To complete your exit interview, please visit Exit Interview Counseling for Student Loans.
Paying Back Your Loan
You have a choice of repayment plans if you received a FFEL or a Direct
Loan.Your monthly payment will depend on the size of your debt and the
length of your repayment period. The links below may provide available
repayment options, including examples of monthly payments for different
loan amounts, and other topics you need to consider when managing your
loans. We can't emphasize enough the importance of making your full loan
payment on time either monthly ( which is usually when you'll pay ) or
according to your repayment schedule. If you don't, you could end up in
default, which has serious consequences. Student loans are real loans-just
as real as real as car loans or mortgages. You have to pay back your student
loans.
Get Your Loan Information
The U.S. Department of Education’s National Student Loan Data System
(NSLDS) allows you to access information on loan and/or federal grant
amounts, your loan status (including outstanding balances), and disbursements
made. Go to www.nslds.ed.gov.
More Resources