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Federal Loan Repayment

Direct and PLUS Loan Repayment

For Direct Subsidized and Direct Unsubsidized loans, repayment generally starts after a 6-month grace period that begins the day after you graduate, leave school, or drop below half-time status. Unless otherwise notified by your servicer, your first monthly payment will be due after your grace period ends. For PLUS loans, repayment begins once the loan has fully disbursed, but students and parents may be eligible for an in-school deferment; contact the loan servicer for more information.

You will be making your loan payments to your federal loan servicer, the company that handles the billing and other services on your federal student loan. You can find out who your servicer is and locate their contact information by logging into the National Student Loan Database System (NSLDS) at www.nslds.ed.gov.

If you have trouble repaying your loans, you should contact your servicer as soon as possible. They can work with you to find the best option for your situation, including changing your repayment plan or requesting a deferment or forbearance. Deferment and forbearance may allow you to temporarily stop making or reduce your loan payments.

The following resources are good sources for information on repaying your federal student loans:

  • Exit Counseling – Completing a Direct Loan Exit Counseling session at studentloans.gov is required before you graduate, withdraw, or cease attending half-time. The session provides basic information on repaying your loans and informs you of your rights and responsibilities as a student loan borrower.
  • Your Servicer – Maintaining contact with your federal loan servicer is essential throughout the repayment process and they can help with many of the details of repaying your loans. They are also your contact point if you should have trouble repaying your loans.
  • NSLDS – The National Student Loan Database System (NSLDS) is accessible at nslds.ed.gov and provides detail on what kind of loans you have borrowed, the amounts of those loans, and provides you with your loan servicer’s name and contact information.
  • StudentAid.Gov – You can find a variety of resources, including a repayment estimator, short videos, and answers to many frequently asked questions about repayment on the How to Repay Your Loans section of studentaid.gov.

 

Perkins Loan Repayment

The grace period for Perkins loans is 9 months and the first payment will be due at the end of the grace period. Before you graduate, withdraw, or drop below half-time, you must arrange for an exit interview by calling 972-883-2296 or by contacting the loan servicer, Campus Partners, at 1-800-334-8609. If you have questions about repaying your Perkins loan or are having trouble making payments, you should contact Campus Partners at 1-800-334-8609.