Loan Education

Become a responsible borrower and save time and money by being aware of the details surrounding the repayment of your federal student loan. We can help you learn about your repayment plan options, when you have to start making payments, how to make your payment, how to pay off your loan faster, and what to do if you have an issue making payments.

Person signing papers

Loan Repayment Tips

Update Your Contact Information

Ensure that your contact information is current in your profile on your loan servicer’s website and in your profile.

Get Information About Your Next Repayment

It is important that you understand what you owe. Your loan details are available through your loan servicer account and account. A billing statement outlining the amount owed, the payment due date, and upcoming interest will be sent to you by your loan servicer, and you must pay within 21 days of the due date.

Use The Best Repayment Plan That Works For You

Explore your repayment options using the Loan Simulator. A smart move to reduce your payment amount is to choose a repayment plan that is determined by your income. Income-driven repayment (IDR) plans are based on how much money you earn and family size. This also includes the Saving on a Valuable Education (SAVE) Repayment Plan. Under an IDR plan, payments may be as low as $0 per month. If you do not choose a repayment plan, you will be automatically enrolled in the Standard Repayment Plan.

Take Action If You Can’t Afford Your Payment

Contact your loan service provider immediately to discuss your options. You are able to lower your monthly payment by signing up for an IDR plan. Consolidating your federal student loans is also an option, however, you should consider the pros and cons of consolidation.

Request Short-Term Relief

If you are unable to find a repayment plan that works for you right now, you can request to temporarily pause or lower your payments through deferment or forbearance. Before making a request, use Loan Simulator to learn how it will affect your loan and loan payments. Remember that interest can still add up during deferment or forbearance.

Understand The Consequences of Not Repaying Your Loan

If you miss a payment, your loan becomes delinquent. After 270 days, your delinquent loan goes into default which results in severe consequences.