Repaying Your Student Loans
Note that details provided on this page reference loans made under the Federal Family Education Loan Program (FFELP). Effective July 1, 2010, all new federal student loans will come directly from the U.S. Department of Education (ED) under the William D. Ford Federal Direct Loan Program (Federal Direct Loans). For information regarding Federal Direct Loans, refer to ED's Direct Loan Program website or contact the college's financial aid office.
Any loans you’ve taken out for college need to be paid back, regardless of whether you’ve completed your degree or landed a job in your field of study. In addition, some of the financial aid you’ve received may have program requirements that must be met now to prevent the funds received from turning into a loan. Once out of college, you’ll typically have a six to nine month grace period (depending on the type of loan program) before you have to start making payments. With a Federal Stafford Loan, most lenders will allow you to choose a repayment plan that best suits your new income and financial status. In the absence of a repayment option selection, you will be given the standard repayment option.
Repaying your student loan(s) is a very important responsibility. The consequences of falling behind and becoming delinquent will have a detrimental effect on your credit rating and may lead to default. Make sure you budget your money wisely in order to make your monthly payments. If you are having a difficult time and are unable to make your payments, contact your lender immediately to discuss your situation.
If you are unsure who holds your loan(s) and need help identifying your lender, servicer and/or guarantor, use the National Student Loan Data System (NSLDS) Student Access site to retrieve your loan information, including outstanding balances and statuses. You may also contact them by phone at 800-4-FED-AID (800.433.3243).