Get Ready for Student Loan Repayment! Student loans are a good investment in your future. It's a good idea to keep borrowing to a minimum. Borrow only what you need to cover necessary expenses, not extras. To lower your monthly payments, pay interest while in school or in your grace period. Unpaid interest is added to your loan balance (capitalized) when you enter repayment.
The most common loan types are:
- Subsidized Direct Loan - no interest due during the in-school or grace period.
- Unsubsidized Direct Loan - Interest begins to accrue at the time of disbursement and will continue throughout the life of the loan.
- Perkins Loan - no interest due during the in-school or grace period. Some loan forgiveness options.
- PLUS loan for parents - available to parents of dependent students.
- GRAD PLUS Loan - For graduate and professional students.
- Private or Alternative Student Loans.
For a description of loan terms and interest rates, click here.
The best place to find your complete loan history of federal loans borrowed is at the National Student Loan Data System website
. In addition to loan history, contact information is provided for the servicer that holds your loan.
There are many payment options for subsidized and unsubsidized loans. Payment generally begins 6 months after you are no longer enrolled at least ½ time (9 months for Perkins Loans). Payment options include:
- Standard 10-year fixed repayment.
- Extended repayment plan option if subsidized and unsubsidized loan total is $30,000 or more, out to 25 years.
- Income Contingent repayment plan or Income Based repayment if you are experiencing financial difficulties.
- Loan Forgiveness for borrowers who enter public service and make 120 on-time payments.
- Consolidation may be an option to combine some or all of your federal loans.
- Deferments and forbearance options.
Student Loan Repayment Plan Information and Calculator