Student Loan Repayment: What You Need to Know
As you prepare to graduate, it's time to think about repaying your student loans. Understanding your options and staying on top of payments will help you achieve your financial go
How Much Do I Owe?
To track your federal student loans, visit StudentAid.gov using your FSA ID and password. For private loans, contact your lender to get the total amount you owe.
Who Is My Loan Servicer?
Your federal loan servicer is assigned by the Department of Education. You can find this information on StudentAid.gov. Contact your servicer for:
- Loan repayment details
- Deferment options
- Forbearance requests
Calculate Your Monthly Payments
Factor loan repayments into your post-graduation budget. Use the loan repayment calculator to estimate your monthly payments.
Repayment Plan Options
The federal government offers several repayment plans. Your loan servicer can help you choose the one that best fits your financial situation.
Grace Period
You have a grace period before you must begin repayment:
- Direct Loans: 6 months
- Perkins Loans: 6-9 months
- Health Professions Loans: 9-12 months
Interest may accrue during this time, depending on the loan type. Repayment starts after the grace period, with your first payment due within 60 days.
Repay Loans on Time
Timely repayment builds good credit, which is crucial for job applications, renting, or buying a car. Good credit also leads to better interest rates and more financial opportunities.
Need Help?
If you have unresolved issues after contacting your loan servicer, the FSA Ombudsman Group is a final resource. Current students should reach out to Binghamton’s Financial Aid Office for assistance.
