How much do I owe?
On the Manage Loans page of the Federal Student Aid website, you can check 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 accumulate 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. Visit the Manage Loans page on the Federal Student Aid website to find out who your servicer is. You should be notified by each servicer of all repayment information.
What happens if I do not make my payments?
When it comes time to repay your federal student loan(s), if a payment is missed the loan(s) become past due, or delinquent. If the loan(s) remain delinquent for 90 days or more, your loan servicer will report the delinquency to the three major credit bureaus. This may affect your ability to sign up for utilities, get a cell phone plan, or get approved to rent an apartment.
If the loan(s) remain in delinquency for at least 270 days, they will be considered in default. Consequences of default include, but are not limited to:
- Inability to apply for periods of deferment or forbearance
- Loss of eligibility for additional federal student aid
- Withholding of tax refunds
- Wage garnishment
The U.S. Department of Education releases official cohort default rates once per year. A cohort default rate is the percentage of a school's borrowers who enter repayment on certain Federal Family Education Loan (FFEL) Program or William D. Ford Federal Direct Loan (Direct Loan) Program loans during a particular federal fiscal year (FY), October 1st to September 30th, and default or meet other specified conditions prior to the end of the second following fiscal year. The FY 2018 national cohort default rate is 7.3%. Please refer to the chart below for Texas A&M University’s most recent cohort default rates.
Source: Federal Student Aid, https://www2.ed.gov/offices/OSFAP/defaultmanagement/cdr.html
||TEXAS A&M UNIVERSITY
805 RUDDER TOWER
COLLEGE STATION TX 77843-1246
|Master's Degree or Doctor's Degree
|| 2.8% 1.
|No. in Default
|No. in Repay
ENROLLMENT: To provide context for the Cohort Default Rate (CDR) data we include enrollment data (students enrolled at any time during the year) and a corresponding percentage (borrowers entering repayment divided by that enrollment figure). While there is no direct relationship between the timing of when a borrower entered repayment (October 1 through September 30) and any particular enrollment year, for the purpose of these data, we have chosen to use the academic year ending on the June 30 prior to the beginning of the cohort year (e.g., FY 2018 CDR Year will use 2016-2017 enrollment).
- Adjusted rate reflects Cohort Default Rate (CDR) data updated as a result of an appeal and/or adjustments submitted after official cohort default rates were released.
For more information on understanding default, please visit Federal Student Aid’s Student Loan Delinquency and Default webpage