Loan Repayment

Federal Loans

Knowing expectations and your options can help you repay your loans to meet your financial goals. Visit, log in with your FSA ID and PIN number, to learn more about:

  • What repayment plan options are available
  • When you must begin making payments
  • How to make your payment
  • How to pay your loan off faster
  • What to do if you have trouble making payments

Exit Counseling

If you have received a Federal Direct Loan, you must complete exit counseling each time you:

  • Drop below half-time enrollment
  • Leave school
  • Graduate

Exit counseling takes 20-30 minutes and can help you: understand your loans, plan your repayment, prioritize your finances, and avoid default.

Private Loans

If you have accepted private loans, you will need to contact your lender(s) to find out the total amount you’ve borrowed. A general student loan calculator can help you determine your monthly payments.

Grace Period

When you graduate, leave school, or drop below half-time enrollment, you have an adjustment period before payments are due on federal loans. A few facts about grace periods:

  • Most Federal Direct Loans have 6-month grace periods.
  • Perkins Loans have grace periods of either 6 or 9 months.
  • Health professions loans have grace periods of 9-12 months.
  • Interest may or may not accrue during the grace period.
  • Repayment begins the day after a loan’s grace period ends.
  • First payments will be due within 60 days after the repayment periods begin.
  • Each loan has only one grace period.
  • If you return to school after the grace period has expired, your loans qualify for deferment while you are enrolled but return to repayment after you leave school. There is no additional grace period.

Repay on Time

Repay your loans on time to avoid default. Doing so will help you establish good credit. Good credit is important when:

  • looking for a job
  • signing up for a cellphone plan
  • renting an apartment
  • buying a house
  • financing a car

Good credit also can lead to lower interest rates and provide more options for you in the future.