Preparing for Student Loan Repayment?
Whether you are returning to repayment or making your first ever student loan payment, it’s important to be prepared. No matter your circumstances, these steps will walk you through the process! As you begin to communicate with your student loan servicer, keep in mind that they will provide you with free assistance; you should never pay an outside entity to help with your student loans! Questions about who your loan servicer is? Log into Studentaid.gov with either your email, phone, or your FSA ID to find out.
Here are some steps to make sure you’re prepared for student loan payments to resume:
- Update your contact information in your profile on your loan servicer’s website and in your StudentAid.gov profile.
- Review your auto-debit enrollment or sign up for the first time. To do so, log in to your loan servicer’s website or contact your loan servicer directly.
- Check out Loan Simulator to find a repayment plan that meets your needs and goals or to decide whether to consolidate.
- Consider applying for an income-driven repayment (IDR) plan. An IDR plan can make your payments more affordable, depending on your income and family size.
- You can get an estimate of your payment amount and due date through your loan servicer. Contact your loan servicer online or by phone.
Exit Counseling:
All students who borrow under the federal loan programs are required to complete an Exit Counseling session when they graduate, withdraw, drop below half-time, or transfer to another college. Understanding the student loan repayment process is a crucial part of borrowing. Exit Counseling covers many important loan topics and provide answers to the most frequently asked questions about repayment. Further details are here.
Exit Counseling for Direct Loans can be completed online at StudentAid.gov. You will need your FSA ID and password to log in.
