Manage and Repay Student Loans

September. 26,2023

Repay a Student Loan

Whether you're still in school or you've already graduated, it's important to start planning how you'll repay your loan. To ensure your payments are manageable, find out about selecting repayment plans. Or, learn how to contact your loan originator to address any questions you may have.

Plan Your Student Loan Payments Before You Graduate, Leave School, or Enroll Less Than Half-Time

For every federal student loan you received, your school or loan servicer provided you with information about it. This allows you to find out the current balance for each loan. Or, you can review your borrowing history and make note of the amount you originally borrowed.

Get Financially Settled When You Leave School

You may have a period of time before you begin repaying your student loans, known as a "grace period." The "grace period" is designed to help you get financially settled before making payments, and it takes effect:

· After graduation

· After leaving school or

· When you drop below half-time enrollment

Make Payments After Your Grace Period

After your grace period is over, you will have to start making your payments. Do not miss any payments. Paying your loans on time will help your credit score.

·Contact the Department of Education's (ED) Office of Federal Student Aid (FSA) if you have questions about your loans or payments.

Select a Repayment Plan for Your Federal Student Loans

Within the grace period you may receive information about repayment from your lender. You’ll have a choice of several repayment plans. Find the right one for you.

Most federal student loans are eligible for at least one income-driven or income-based repayment plan (IBR). These repayment plans are based on a percentage of your discretionary income. They’re designed to make your student loan debt more manageable by reducing your monthly payment amount.