If you are a borrower entering repayment or beginning your student loan payments for the first time, here are several tips to help you navigate the transition.
Federal Student Loan Repayment Checklist
- Identify your loan servicer(s) on https://studentaid.gov (right-hand side of your dashboard).
- Review your current total debt balance by clicking View Details on your dashboard.
- Enroll in a repayment plan or switch repayment plans by selecting Loan Repayment located above your dashboard.
- Create an account on your servicer(s) website to verify the information matches your Federal Student Aid dashboard.
- Enroll in autopay on your servicer(s) website to reduce your interest rate(s).
- Consider the pros and cons of consolidation.
Need lower monthly payments?
- Use the Loan Simulator on https://studentaid.gov to see which repayment plans you qualify for, and to help you choose the best repayment plan for your financial goals.
- Check if you qualify for federal student loan forgiveness. Contact your servicer(s) for more information.
- If you are experiencing financial hardship consider applying for forbearance; however, it is better to choose a new repayment plan.
- If you are currently enrolled at least part-time in school, apply for in-school deferment.
In default?
Rehabilitate your loan(s) by:
- Applying for the Fresh Start Program; or,
- Applying for consolidation.
Please call your loan servicer(s) if you believe there is an error with your loan balance or monthly payment amount. Be advised you may be on hold for several hours. Before contacting your servicer(s), please note it is possible for your balance to increase due to:
- Being granted extended deferment or forbearance.
- Consolidating, which may increase your repayment term thus increasing accrued interest.
- Each loan may have a different interest rate based on each academic year you borrowed.
- Enrolling in an IDR plan. For example, if you have a $0 monthly payment your loan(s) still accrues interest, and it increases your repayment term thus increasing accrued interest.
- Federal student loan interest is calculated using a simple daily interest formula.
Have a private student loan?
Contact your lender(s) customer service for assistance and ensure you have an online account with your lender(s).