Student Loan Repayment
Whether you're just starting school or have just graduated, there are some important things for you to know about loan repayment.
What are my repayment responsibilities?
Following these common-sense guidelines to loan repayment will help you establish and maintain a good credit rating.
- Keep your school, lender, and/or loan servicer up-to-date on important changes including name, address, telephone number, Social Security number, or enrollment status change.
- Repay your loans on time and in full - even if you don't finish school, don't find a job quickly, or aren't satisfied with your education.
- Make your scheduled minimum monthly payments.
When does repayment begin?
| For Student Loans |
Repayment is defined as not beginning until 6 months and one day after the date you graduate or drop below half-time status. |
| For Parent PLUS Loans | Repayment begins 60 days after disbursement of the funds. |
| For Graduate PLUS Loans | Repayment begins 60 days after disbursement of the funds. Repayment can be deferred until 6 months and one day after the date you graduate or drop below half time status (as determined by school). |
What are my repayment options?
The most common repayment option is Standard Repayment.
- Standard Repayment offers you the total lowest cost over the life of your loan
- Stafford, Parent PLUS Loans and Graduate PLUS Loans use a Standard Repayment schedule of ten years.
- The 10-year repayment period allows you to pay down principal and interest each month, ultimately reducing the amount of interest you pay.
- You will have consistent monthly payments, with a minimum payment of $50 per month.
Several other repayment options are available to you. Our Repayment Options table can help you learn more about your other options.
To see what the payment amounts might be, just take a look at our repayment examples. Or, to learn how you can save money while repaying your loan, check out current special incentives.
Questions?
When you're ready to start paying off your loan, we're here to help. We'll ask listen solve to help you find the solution that's right for you.
*To send an email that contains confidential information, please visit the Secure Message center where there are additional instructions about whether to use Secure Email or Online Banking messaging.
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