Loan Repayment

Borrowing to fund your education is an investment in your future, but it is an investment that must be repaid. When considering student loans as a financial aid resource, you must understand repayment obligations including your expected monthly payments prior to making the decision to borrow.  The U.S. Department of Education offers several loan repayment options including Fixed Payment Repayment Plans and Income-Driven Repayment (IDR) Plans.  To understand more about these federal student loan repayment options, please review the  webpage.

The Department of Education's Student Loan Repayment Estimator will allow for students to calculate their own projected loan repayment.  It is important to note that the monthly payment amount will vary based on the loan amount borrowed, your projected income, the repayment plan you choose, and other factors.  

Ready to calculate your projected loan repayment?

Sample Monthly Repayment Schedule & Plan Options

  

  • Fixed Payment Repayment Plans

    • Standard Repayment Plan
    • Graduated Repayment Plan
    • Extended Repayment Plan

  • Income Driven Repayment (IDR) Plans

    • Income Based Repayment (IBR) Plan
    • Income Contingent Repayment (ICR) Plan
    • Pay As You Earn (PAYE) Repayment Plan
    • Savings On A Valuable Education (SAVE) Plan
Additional information about repayment plan options:

If you are a student borrower, you do not have to begin repaying your Stafford loans until you leave school or are enrolled less than half-time.  When you leave school (or drop below half-time enrollment), the last official date of attendance (or separation date) marks the beginning of the loan(s) grace period.  Direct Subsidized and Unsubsidized Loans have a six-month grace period before the borrower is required to begin making payments.  During the grace period, the borrower will receive a repayment schedule and disclosure statement.  Before the loan enters the repayment stage, the borrower will need to determine the repayment plan that works best for them.  If a repayment option is not selected, a Standard Repayment Plan will be assigned.

Failure to repay your loans will result in them defaulting.  This default will have a negative impact on your financial status and creditworthiness.  Contact your lender or guaranty agency immediately if you encounter a financial hardship that make repayment difficult.  Your lender or guaranty agency may be able to help you avoid default.  Some options that may be available include:

  • Deferment (postpone monthly payments)
  • Forbearance (reduce or delay payments)
  • Forgiveness (eliminates the obligation to repay all or part of the loan - typically granted for permanent/total disability or death)
  • Change the repayment plan to a Standard Repayment, Income-Based, Income-Contingent or Graduated Repayment
  • Consolidate multiple loans into a single Direct Consolidation Loan
Select the Loan Option below to understand more about their specific details including: loan history, loan consolidation, repayment options and information to successfully manage your loan debts.

Federal Loan Programs

Institutional Loan Programs