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You are responsible for repaying your student loans. Full payment is required even if you did not complete your program, do not obtain employment or are otherwise dissatisfied with your education. (Federal Stafford and Grad Plus Loans will be canceled if you die or become totally and permanently disabled).

You are required to begin repayment of Stafford loans 6 months after you cease to be enrolled at least half-time, regardless of the reason you left school.

If you were granted an in-school deferment on your GradPlus loan, payments will begin six months after you cease to be enrolled at least half-time.

Deferment: A deferment is a period during which your monthly loan payments are temporarily postponed. If you are enrolled in school at least half-time, unemployed, or meet other specific criteria, you may qualify for a deferment. However, you will be responsible for the interest that accrues on your Unsubsidized and PLUS Loan during the deferment period.

Forbearance: A forbearance is a period during which your monthly loan payments are temporarily postponed or reduced. You may request a forbearance if you are willing but unable to make loan payments due to certain types of financial hardships. You will be responsible for the interest that accrues on all of your loans during the forbearance period.

Repayment Options

To obtain more information on any of the listed repayment plans please go to: studentaid.ed.gov/repay-loans/understand/plans

Standard Repayment Plan

You will make fixed monthly payments and repay your loans in full within 10 years (not including periods of deferment or forbearance) from the date the loans entered repayment. Your payments must be at least $50 a month and will be more, if necessary, to repay the loans within the required time period.

Graduated Repayment Plan

You will make lower payments at first, and your payments will gradually increase over time, generally every two years. You will repay your loans in full within 10 years (not including periods of deferment or forbearance) from the date the loans entered repayment. No single payment will be more than three times greater than any other payment.

Extended Repayment Plan

To be eligible for this plan, your Direct Loan balance must be greater than $30,000. You have the option of making a fixed monthly payment amount, or a graduated payment amount that starts out lower and increases over time. Your monthly payments will be at least $50, and you will have up to 25 years to repay your loans (not including periods of deferment or forbearance).

Income Contingent Repayment Plan (FFEL only)

Your monthly payment amount will be based on your annual income (and that of your spouse if you are married), your family size, and the total amount of your Direct Loans. Until we obtain the information needed to calculate your monthly payment amount, your payment will equal the amount of interest that has accrued on your loans unless you request forbearance. As your income changes, your payments may change. If you do not repay your loans after 25 years under this plan, the unpaid portion will be forgiven. You may have to pay income tax on any amount forgiven.

Income-Based Repayment Plan (FFEL & Direct Loan)

To qualify for this plan, you must have a partial financial hardship. This means that your federal student loan debt must be high relative to your income and family size, as determined under federal regulations. Under this plan, during any period when you have a partial financial hardship your required monthly payment is capped at an amount that is intended to be affordable based on your income and family size. Your monthly payment amount may be adjusted annually. If you repay under this plan and meet certain requirements over a 25-year period, any outstanding balance on your loans will be forgiven. You may have to pay income tax on any amount forgiven.

Pay as You Earn Repayment Plan (Direct Loan)

To qualify for this plan, you must have a partial financial hardship. This means that your federal student loan debt must be high relative to your income and family size, as determined under federal regulations. Under this plan, during any period when you have a partial financial hardship your required monthly payment is capped at an amount that is intended to be affordable based on your income and family size. Your monthly payment amount may be adjusted annually. If you repay under this plan and meet certain requirements over a 20-year period, any outstanding balance on your loans will be forgiven. You may have to pay income tax on any amount forgiven.

Federal Consolidation Loan

A new loan that you can borrow to combine all of your eligible federal loans into one loan. There are no fees associated with a Federal Consolidation Loan.  A Federal Consolidation Loan has a fixed interest rate (rounded up 1/8%) and will extend your repayment period up to 30 years depending on the total amount of your debt. Extending your loan repayment period decreases your monthly payment but increases the amount of interest you pay over the life of the loan.  There is no penalty for early repayment of any federal education loan, including consolidation.

For repayment options on Alternative loans, contact the lender/holder.

Communication with your lender/holder

It is important to stay in touch with your lender/current holder of your loans (i.e.: name or address change, or if you are having trouble making your payments) to avoid default.

  1. I do not have to repay my loans, if I do not finish my program
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    • False
  2. I have no choices when it comes to repayment
    • True
    • False