Repayment of most subsidized and unsubsidized Direct Loans begins
six months after you have graduated, or are no longer enrolled
in school at least half time. The period between those events and repaying
your loan is a six-month grace period. For Perkins Loans, the grace period
is nine months.
Repayment on Parent PLUS and Grad PLUS loans begins
60 days after the loan funds are fully disbursed. However, borrowers of Parent
PLUS and Grad PLUS loans may request deferment of repayment while either the
borrower or the student for whom the loan was borrowed is enrolled at least
half time and for six months thereafter.
Your loan servicer will mail
you a repayment schedule (which may be in the form of a billing statement
or coupon book) approximately 30 days before your first loan payment is due.
In addition, you will be provided with a choice of repayment plans including
standard, graduated, income-contingent), income-based, or, if applicable,
an extended repayment plan.
If you do not notify your loan servicer
of your selected repayment plan within 45 days, or do not provide the required
documentation, your loan will be set up on a standard repayment schedule.
is very important that you keep the loan servicer of your loan informed of
your current address and contact information so that you will receive the
The repayment schedule will reflect the total
balance of your loan, your interest rate, the amount and due dates of your
monthly payments based either on a standard repayment plan or the repayment
plan you selected, and the address to which you must send your payments. Carefully
review all the information on your repayment schedule to make sure that it
is correct. If the information is not accurate, or you do not receive this
document, contact your loan servicer.
You can learn about your federal
student loan, including the total amount of your loans, through the U.S. Department
of Education's Student Loan
Data System SM (NSLDS).
It is in your best interest to pay your
student loans in a timely manner.
Income-Based Repayment (IBR)
is designed for borrowers experiencing a "partial financial hardship" and
a high debt relative to their income, and is available for repayment of the
major types of federal student loans.
For more information on Income-Based
Repayment, visit: http://studentaid.ed.gov/PORTALSWebApp/students/english/IBRPlan.jsp