How much do I owe?
The National Student Data System (NSLDS) records your Federal student loan history, including disbursement amounts and dates, and your assigned loan servicers. Your total loan debt includes all outstanding loan principal and interest, plus any additional service fees charged by your servicer. This data should be checked, as you would all credit history, for updates and errors.
Since some student loans accrue interest while in school, during grace periods, and while in deferment or forbearance and repayment, the total debt may increase with time.
When do I begin repayment?
Federal Direct Subsidized and Unsubsidized loans have a six-month grace period. During the grace period, you do not need to make any payments on your loans. Your grace period begins once you drop below half-time enrollment; this includes graduating or withdrawing from the university.
Please remember: there is no penalty for repaying your student loan early.
How much will my monthly payment be?
Many factors influence the monthly payment amount, total payout and length of repayment including:
- Amount borrowed
- Origination or other fees
- Interest rate
- Type of repayment plan
Monthly payments can be estimated using the Federal Student Aid Repayment Estimator. Several different options exist for repayment plans to suit a variety of financial situations. For details on repayment plans available, please visit StudentAid.gov.
Who do I pay?
Your loan will be held by an organization called a servicer; this is who you will send your monthly payments to. You may find out who your servicer is by visiting the National Student Data System. You should be notified by each servicer of all repayment information.