- LOAN REPAYMENT -
Federal Student Loans are tracked through the National Student Loan Data System (NSLDS). (You will need your PIN to login.) NSLDS displays loan type, amount, and servicer information. NSLDS only lists federal loans ex.Stafford, PLUS, Perkins, and Federal Consolidation Loans. Private students loans can be accessed through the lender's website.
Viewing your loan history allows you to make informed decisions on which Repayment Plan you should choose, if you should Consolidate, and when your first payments are due.
An overview of loan types and terms can be found here.
Federal Stafford, Direct PLUS, and Direct Consolidation Loans
All loans are automatically placed in the Standard Repayment term of 10 years. You can request to extend the repayment term up to 25 years which can reduce monthly payments. You can switch repayment plans at any time without penalty. Options include:
- Standard - 10 years, loan paid in full, same payment every month
- Extended - 25 years, loan paid in full, same payment every month
- Standard Graduated - 10 years, paid in full, payments begin low then increase every 2 years
- Extended Graduated - 25 years, paid in full, payments begin low then increase every 2 years
- Income Based Repayment - 25 years, remaining balance after 25 years is cancelled, payments vary based on income
- Income Based Repayment - 10 years, remaining balance after 10 years of qualifying payments (requirement includes full-time employment in public service position) is cancelled, payments vary based on income
- Pays as You Earn Repayment - similar to the Income Based Repayment but with a lower percentage of income required for repayment
- The Perkins Loan program has only one repayment plan: 10 years. Pre-payment may be made with no penalty.
- A Perkins Loan may be consolidated with Direct Stafford and Direct PLUS Loans. See repayment plans above for a Consolidation Loan.
For a comprehensive list and repayment estimate calculators, go here.
Federal Student Loans can be consolidated into the Direct Loan Program. Consolidation rolls all loan accounts into one lump sum with a fixed interest rate based on a weighted average of all loans. Consolidating makes it more convenient to make payments for students with multiple loan servicers (Direct Loans, Access Group, Sallie Mae, etc) to make payments, change repayment plans, request a deferment, etc., and can possibly lower the overall interest rate. It is necessary for students who have FFELP loans and wish to participate in Public Service Loan Forgiveness to consolidate their loans into the Direct Loan Program.
You will need your Federal Student Loan history that can be found on NSLDS to complete consolidation.
Deferment allows you to postpone payments on your Federal Loans for a specified period of time. While in deferment, interest does not accrue on your Subsidized Stafford Loans. Unsubsidized loans continue to accrue interest which is capitalized at the end of the deferment period.
Forbearance is also available to postpone payments on both your Federal and Private Loans. Unlike deferment, interest continues to accrue on all loans, including the Subsidized Stafford loan.
The following are some Deferment and Forbearance options. Click on each for a brief overview. Contact your lender for additional information and to discuss which option is best for your situation.
- Economic Hardship Deferment
- Unemployment Deferment
- Military Deferment
- Discretionary Forbearance
- Administrative Forbearance
- Mandatory Forbearance
The information presented here is an attempt to highlight key points and considerations with respect to your options and responsibilities.
You are always welcome to contact the Financial Aid Office with any questions.