Repaying Your Student Loans

Regulations require all students who have borrowed a federal loan participate in loan exit counseling. Loan counseling:

• Is required before you withdraw, graduate, or drop below half-time attendance (even if you plan to transfer to another school)
• Helps you understand your rights and responsibilities as a student loan borrower
• Provides useful tips and information to help you manage your loans

You can complete your federal Direct loan exit counseling at:
http://www.nslds.ed.gov/nslds_SA/

If you borrowed a federal Perkins loan you need to complete your counseling at:
http://mappingyourfuture.org/oslc/counseling/index.cfm?act=Intro&OslcTypeID=4

When you sign a loan promissory note you are promising to pay the lender all loan amounts disbursed, plus interest and other fees that may become due. How much are your payments going to be? That depends on the interest rate you are charged and total amount you borrow. Use the link below to estimate your monthly payment amount:
http://www2.ed.gov/offices/OSFAP/DirectLoan/calc.html

There are several repayment plans: standard, extended graduated, and income contingent. How much you pay and how long you take to repay your loans will vary depending on the repayment plan you choose. Consolidation loans also have varying repayment plans. Use the links below to determine your repayment amounts under each of the different plans:
http://www2.ed.gov/offices/OSFAP/DirectLoan/RepayCalc/dlindex2.html

If you have several loans at different loan servicing centers you may want to consider consolidating your loans so you have just one monthly payment to one servicing center. Alternative, or private, loans cannot be consolidated with federal loans. Please use the link below to determine if this is a good option for you:
https://loanconsolidation.ed.gov/AppEntry/apply-online/appindex.jsp

Another helpful link is The National Student Loan Data System (NSLDS). This is the U.S. Department of Education's (ED's) central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Department of ED programs. NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data:
http://www.nslds.ed.gov/nslds_SA/