As you
prepare for life after school, we want to provide you with next steps, tips,
and advice regarding your student loans.
Not going to graduate school or not continuing your education?
In most
cases, you’ll have six months from the time you graduate before you have to
begin making federal student loan payments. This is called your grace period.
Use this time to explore the different repayment options available to you and
prepare for repayment. Learn more about the different repayment options
at StudentAid.gov/repay. During your grace period, you can
also start making payments of any amount.
Contact your federal loan servicer to find out how to get a head start on
repaying your student loans.
Here’s your repayment checklist:
Know whom
to contact if you need help with your student loans. Your loan servicer can
help you for free. You never have to pay for student loan help!
TIP: Save your loan servicer’s phone number in your phone. You can find your loan servicer’s
phone number at
StudentAid.gov/servicer.
Choose a repayment
plan that meets your needs. Compare your monthly payment options under different
repayment plans using the Repayment Estimator at StudentAid.gov/repayment-estimator.
If you need a lower payment, consider
an income-driven repayment (IDR) plan at StudentAid.gov/idr.
Under
an IDR plan, your monthly student loan payment can be as low as $0 per month based
on your income and family size. If you take no action, you’ll be placed on the
10-year Standard Repayment Plan.
Consider
whether your career choice might qualify you for loan forgiveness. If
you’re employed by a government or not-for-profit organization, you may qualify
for loan forgiveness after 10 years of federal student loan payments through
the Public Service Loan Forgiveness (PSLF) Program. Learn more about the PSLF
Program at StudentAid.gov/publicservice.
You may qualify for the Teacher Loan Forgiveness Program after five years of
teaching service in a low-income school. For more information about the Teacher
Loan Forgiveness Program, visit StudentAid.gov/teach-forgive.
Understand
your options for making payments. You won’t pay the U.S. Department of Education
directly. In most cases, you’ll make payments to your federal loan servicer. Before
your first payment is due, your loan servicer will provide you with information
about how to make your payments.
TIP: Ask your federal loan servicer how to sign up for automatic
payments to receive a 0.25% interest rate deduction!
Consider
whether consolidation may be right for you. If you have more than one loan servicer, consolidation
can simplify the §
repayment process. In
some cases, loan consolidation also can help you qualify for better repayment
options. Just be sure to weigh the pros and cons of loan consolidation.
Going to graduate school or continuing your education?
In most cases, if
you return to school on at least a half-time basis, your loan servicer will
automatically place your loans in a status that doesn’t require you to make
payments while you’re in school. If you return to school on at least a
half-time basis but start receiving bills for your student loans, contact your
loan servicer.
While you’re in school, interest will continue to accrue (accumulate)
on your unsubsidized loans. If you can afford it, consider paying the
interest while you’re in school. This may help to reduce the total amount you
repay over the life of your loans.
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| If you are asked to pay for help with your Student Loan, walk away! |
Beware of student loan scams!
You never
have to pay for help with your student loans. As you’re researching repayment
and forgiveness options, make sure you’re getting information from trusted
sources, such as StudentAid.gov, StudentLoans.gov, or
your loan servicer’s website.
The U.S. Department of Education and your loan servicer
will never charge fees to help you with your student loans, so if you’re asked
to pay, walk away.
Contact
your loan servicer for free assistance.
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