Navigating the path to successful repayment
If federal student loans were a part of your college funding strategy, follow these helpful tips along your path to repayment and you could be well on your way to a bright financial future.
Know what you owe. Review your federal student loan borrowing history
Make sure your servicer knows how to contact you
- Inform your servicer if you change your street address
- Make sure your servicer has your current e-mail address
- Update your servicer of any change to your telephone number
Make your life easier; sign up to manage your loans online
- Create an account with your loan servicer(s)
- View your serviced loans
- Make a payment and view payment history
- Update your contact information
- Sign up to receive email communications about your loans
Select the repayment plan that’s right for you
Research repayment options at studentaid.ed.gov/repay
Federal student loans have a wide range of repayment plan options, including:
- Standard repayment plan - You’ll pay less interest over time under this plan than you would under other plans
- Income-Driven repayment plans - Based on your income and other factors. You must meet eligibility requirements and annually recertify. Learn more at StudentAid.ed.gov/idr
- Graduated repayment plan - Starts out with low monthly payment amounts and increases, usually every two years
- Extended repayment plan - payments may be fixed or graduated
Make on-time payments
- This helps to build and maintain a good credit rating.
Consider paying a little extra each month
- Paying just a few extra dollars of principal each month can go a long way toward helping you pay off your loans faster.
- In addition, paying a little extra each month can reduce the interest you pay and reduce your total cost of your loan over time.
- If you want to ensure that your loan is paid off faster, tell your loan servicer that the extra you pay is not intended to be put toward future payments.
If you are unable to manage your current loan payments know your options
- During repayment there may be a time when you might have trouble making your monthly payment on your student loan.
- Consider applying for a different payment plan. There are plans that can help to lower your monthly payments - StudentAid.gov/repay
- Deferment and forbearance gives you options to postpone your payments temporarily -
- Contact your loan servicer immediately for help
Jumpstart your loan repayment
- You can make payments before they are due!
- Current students can make payment towards loans whenever they want. Try to cover at least the interest accruing each month.
- If you start making student loan payments while you’re still enrolled, things will feel a lot easier after graduation.
- Loan repayment can be overwhelming at times, especially with multiple loans to repay. Even after you graduate, feel free to contact us and we will help you understand the process. You can also view more information about loan repayment by clicking here.