If you're graduating or leaving school, you probably have a lot on your mind. After all, you have the rest of your life to plan! It's also time to begin thinking about repaying the student loans you borrowed to help finance your education.
Exit Loan Counseling Session
If you borrowed a Federal Direct Loan, you are required to complete a loan exit counseling session before you graduate. This loan session will discuss loan repayment schedules, loan consolidation options, deferment processes, and grace periods.
When do I begin repaying my loan?
You will begin repayment six months after you graduate, withdraw, or drop to less than half-time status. Your first payment will be due approximately 30 to 45 days after this six month "grace period".
When will I hear from my lender about repayment?
Your lender will send you a repayment and disclosure statement listing your monthly payment, payment due dates, length of repayment, and current interest rate. Lenders will usually send your repayment information one or two months prior to the conclusion of your grace period.
What if I've forgotten what type of loan I have or who my lender is?
You can look up your complete loan history, including the servicer for each loan, by visiting the National Student Loan Database System (NSLDS). To access your records you will need your Department of Education PIN. If you have forgotten your PIN, you can have it reissued at the Federal Student Aid PIN website.
If you received a loan prior to Summer 2009 through the Federal Family Educational Loan Program (FFELP), your loan would be serviced by the lender you chose when you signed your Master Promissory Note (MPN).
Federal loans received after Summer 2009 are Federal Direct Loans where the federal government serves as the lender. The Department of Education determines your servicer at the time your promissory note is completed and the loan is disbursed. For specific questions about loan repayment or deferment, you can contact your federal loan servicing center directly.
Direct Loan Servicing Center
Department of Education Student Loan Servicing Center (ACS)
FedLoan Servicing (PHEAA)
Great Lakes Educational Loan Services, Inc.
We encourage students with Unsubsidized Stafford Loans to make interest-only payments in order to minimize the capitalization of the interest, which accrues during enrollment. By paying just $20 - $80 per month, you could save thousands of dollars over the life of the loan.