Loan Repayment

When you applied for student loans, you signed a promissory note that legally obligates you to repay the loans according to the terms and conditions in which you agreed to.

Grace Period:

You are entitled to a grace period after you graduate, withdraw, or are enrolled less than ½ time.  This is the initial 6 months after you are out of school for the Federal Stafford loan (Direct & FFELP) in which you are not yet responsible to make payments.  The Federal Perkins Loan and Nursing Loan has a 9 month grace period.

You should receive a repayment obligation and billing statement approximately one month prior to your first payment being due from you lender.

Not repaying your student loans has very serious consequences, such as:

• Damage your credit report for 7 years or more
• Garnishment of wages and federal/state income tax refunds
• Ineligible for any additional federal aid in the future at any institution
• Loss of deferment eligibility
• Legal action may be taken against you

You can view your current Federal Loan debt and the name of your lender at NSLDS.

You can determine your estimated monthly loan payment here.