{"id":6316,"date":"2024-12-12T09:03:42","date_gmt":"2024-12-12T14:03:42","guid":{"rendered":"https:\/\/www.citadel.edu\/financial-aid\/?p=6316"},"modified":"2024-12-12T09:03:43","modified_gmt":"2024-12-12T14:03:43","slug":"understanding-student-loan-repayment","status":"publish","type":"post","link":"https:\/\/www.citadel.edu\/financial-aid\/2024\/12\/understanding-student-loan-repayment\/","title":{"rendered":"Understanding Student Loan Repayment"},"content":{"rendered":"\n<p>Understanding the details of repayment on federal student loans can save your student time and money. Find out<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment#repayment-plans\" target=\"_blank\" rel=\"noreferrer noopener\">what repayment plan options<\/a>\u00a0are available,<\/li>\n\n\n\n<li><a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment#when-begin\" target=\"_blank\" rel=\"noreferrer noopener\">when your student must begin making payments<\/a>,<\/li>\n\n\n\n<li><a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment#make-payment\" target=\"_blank\" rel=\"noreferrer noopener\">how to make payments<\/a>,<\/li>\n\n\n\n<li><a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment#get-ahead\" target=\"_blank\" rel=\"noreferrer noopener\">how to pay off loans faster<\/a>, and<\/li>\n\n\n\n<li>what to do if your student has\u00a0<a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment#trouble-paying\" target=\"_blank\" rel=\"noreferrer noopener\">trouble making payments<\/a>.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-i-need-more-information-about-my-student-s-loan-servicer-0\">I need more information about my student&#8217;s loan servicer.<\/h4>\n\n\n\n<p><a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\/servicers\" target=\"_blank\" rel=\"noreferrer noopener\">Find out who services your student&#8217;s federal student loan(s).<\/a><\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-try-this-resource\">Try This Resource<\/h4>\n\n\n\n<p><em><a href=\"https:\/\/studentaid.gov\/sites\/default\/files\/repaying-your-loans.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Federal Student Loans: Repaying Loans<\/a><\/em>\u2014Provides information about federal student loan repayment plan options, finding loan history and loan servicers, and making payments.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-i-need-more-information-about-the-types-of-repayment-plans-available\">I need more information about the types of repayment plans available.<\/h4>\n\n\n\n<p>Learn more about\u00a0<a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\/plans\" target=\"_blank\" rel=\"noreferrer noopener\">Repayment Plans<\/a>.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment#when-begin\" target=\"_blank\" rel=\"noreferrer noopener\">When Your Student Must Begin Payments<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment#grace\" target=\"_blank\" rel=\"noreferrer noopener\">The Grace Period<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment#make-payment\" target=\"_blank\" rel=\"noreferrer noopener\">Making Payments<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment#forgiven\" target=\"_blank\" rel=\"noreferrer noopener\">Having Student Loans Forgiven<\/a><\/li>\n<\/ul>\n\n\n\n<p><strong>REMEMBER<\/strong>: Your student&#8217;s federal student loans can\u2019t be canceled or forgiven because they didn\u2019t get the education or job they expected or they didn\u2019t complete their education (unless they couldn\u2019t complete their education because their school closed).<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-should-my-student-refinance-their-federal-student-loans-into-a-private-loan\">Should my student refinance their federal student loans into a private loan?<\/h4>\n\n\n\n<p>As a federal student loan borrower, your student has certain rights that are not typically available with private loans. While refinancing federal student loans into a private student loan can sometimes lower the interest rate, private student loans will not necessarily have the same terms and conditions as federal student loans.<\/p>\n\n\n\n<p>Your student\u00a0should carefully review the terms of a private student loan before they give up the benefits available on federal student loans. The following are some examples of benefits that your student\u00a0<strong>may lose<\/strong>\u00a0if they refinance their federal student loan into a private student loan:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Access to temporary loan payment relief through approved periods (deferment or forbearance) when your student does not have to make payments because of financial hardship, continuing their education, or military service<\/li>\n\n\n\n<li>No interest accumulation on subsidized student loans during periods when payments are deferred<\/li>\n\n\n\n<li>Access to repayment plans based on their income that provide loan forgiveness once your student has\u00a0been in repayment for 20 or 25 years<\/li>\n\n\n\n<li>Access to various forms of loan forgiveness and discharge, such as Public Service Loan Forgiveness, teacher loan forgiveness, total and permanent disability discharge, and borrower defense to repayment discharge<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-when-your-student-must-begin-payments\">When Your Student Must Begin Payments<\/h4>\n\n\n\n<p>Once your student graduates, drops below half-time enrollment, or leaves school, their federal student loan goes into repayment. However, if they have a Direct Subsidized, Direct Unsubsidized, or Federal Family Education Loan, they have a&nbsp;<a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment#grace\" target=\"_blank\" rel=\"noreferrer noopener\">six-month grace period<\/a>&nbsp;before they are&nbsp;required to start making regular payments. They\u2019ll have a nine-month grace period if they\u2019ve got a Perkins Loan. (Got a PLUS loan? They\u2019ll go into repayment as soon as the loan is fully disbursed\u2014which means once it\u2019s paid out. But if your student is a graduate and professional student PLUS borrower, they will be placed on an automatic deferment while in school and for six months after graduating, leaving school, or dropping below half-time enrollment.)<\/p>\n\n\n\n<p>Note: When your student&#8217;s loan&nbsp;enters repayment, their servicer will automatically place them&nbsp;on the Standard Repayment Plan. They can request a&nbsp;<a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\/plans\" target=\"_blank\" rel=\"noreferrer noopener\">different repayment plan<\/a>&nbsp;at any time.<\/p>\n\n\n\n<p>Your student can make prepayments on their loan while they are in school or&nbsp;<a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment#grace\" target=\"_blank\" rel=\"noreferrer noopener\">during their grace period<\/a>. Be aware, however, that any prepayment your student makes will not count as a qualifying payment in any loan forgiveness programs.<\/p>\n\n\n\n<p>Your student&#8217;s loan servicer will provide them with a loan repayment schedule that states when their first payment is due, the number and frequency of payments, and the amount of each payment.<\/p>\n\n\n\n<p>Your student&#8217;s billing statement will tell them how much to pay. Their monthly payment amount depends on their\u00a0<a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\/plans\" target=\"_blank\" rel=\"noreferrer noopener\">repayment plan<\/a>. If your student signed up for electronic communication, they need to\u00a0pay attention to their email. Most loan servicers send an email when billing statements are ready for your student\u00a0to access online.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-the-grace-period\">The Grace Period<\/h4>\n\n\n\n<p>For most federal student loan types, after your student graduates, leave school, or drop below half-time enrollment, they have a six-month grace period (sometimes nine months for Perkins Loans) before they must begin making payments. This grace period gives your student time to get financially settled and to select their repayment plan. Not all federal student loans have a grace period. Note that for most loans,\u00a0<a href=\"https:\/\/studentaid.gov\/understand-aid\/types\/loans\/interest-rates\" target=\"_blank\" rel=\"noreferrer noopener\">interest accrues during the grace period<\/a>. The interest that accrues during the grace period will be added to the outstanding balance of their loan, but it will not be capitalized. This means that the unpaid interest might increase the\u00a0monthly payment amount under a fixed payment repayment plan or increase the time to repay their loan in full under an IDR (Income-Driven Repayment)\u00a0plan. Your student can always pay the unpaid accrued interest before entering repayment.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-loans-and-their-grace-periods\">Loans and Their Grace Periods<\/h4>\n\n\n\n<p>Review this list to find out whether your student&#8217;s loan has a grace period.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Direct Subsidized Loans and Direct Unsubsidized Loans have a six-month grace period before payments are due.<\/li>\n\n\n\n<li>PLUS loans do not have a grace period; but if your student received a PLUS loan as a graduate or professional student, they\u2019ll automatically get a six-month deferment after they graduate, leave school, or drop below half-time enrollment. No payments are required during this six-month deferment period. If you\u2019re a parent borrower who took out a PLUS loan to pay for your student\u2019s education, you can request a six-month deferment after your student graduates, leaves school, or drops below half-time enrollment. Contact your loan servicer for more information.<\/li>\n\n\n\n<li>If your student received a Federal Perkins Loan, check with the school where your student\u00a0received their loan.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-circumstances-that-may-affect-your-student-s-grace-period\">Circumstances That May Affect Your Student&#8217;s Grace Period<\/h4>\n\n\n\n<p>Certain situations that may affect your student&#8217;s\u00a0grace period include the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Active duty military\u2014If your student is\u00a0called to active military duty for more than 30 days before the end of their grace period, they will receive the full six-month grace period when they return from active duty.<\/li>\n\n\n\n<li>Returning to school before the end of their loan\u2019s grace period\u2014If your student reenrolls in school at least half-time before the end of their grace period, they will receive the full six-month grace period when they stop attending school or drop below half-time enrollment.<\/li>\n\n\n\n<li>Loan consolidation\u2014If your student consolidates their loans during the grace period, they give up the remainder of their grace period and begin repayment after their Direct Consolidation Loan is processed (unless they request to have the processing of their consolidation loan delayed until closer to the end of their grace period).<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-making-payments\">Making Payments<\/h2>\n\n\n\n<p>The U.S. Department of Education (ED) uses several\u00a0<a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\/servicers\" target=\"_blank\" rel=\"noreferrer noopener\">loan servicers<\/a>\u00a0to handle the billing and other services on loans for the William D. Ford Federal Direct Loan (Direct Loan) Program and for loans that were made under the Federal Family Education Loan (FFEL) Program and that ED later purchased. Your student&#8217;s loan servicer will set them up under the Standard Repayment Plan unless they tell their loan servicer they want a\u00a0<a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\/plans\" target=\"_blank\" rel=\"noreferrer noopener\">different repayment plan<\/a>.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Type of Loan<\/strong><\/td><td><strong>Send Payments To<\/strong><\/td><td><strong>When to Send Payments<\/strong><\/td><\/tr><tr><td>Direct Loans and FFEL loans owned by ED<\/td><td>Your student&#8217;s loan servicer<\/td><td><a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\/servicers\" target=\"_blank\" rel=\"noreferrer noopener\">Check with loan servicer<\/a>.<\/td><\/tr><tr><td>FFEL loans not owned by ED<\/td><td>The bank, credit union, or other lending institution that made the loan (also known as the lender)<\/td><td><a href=\"https:\/\/studentaid.gov\/fsa-id\/sign-in\" target=\"_blank\" rel=\"noreferrer noopener\">Check with lender<\/a>.<\/td><\/tr><tr><td>Federal Perkins Loans<\/td><td>Your student&#8217;s school or the billing agency their school designates<\/td><td>Check with school.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>To discuss repayment plan options or change the repayment plan,\u00a0<a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\/servicers\" target=\"_blank\" rel=\"noreferrer noopener\">contact the loan servicer<\/a>. First, though, your student can use\u00a0<a href=\"https:\/\/studentaid.gov\/loan-simulator\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Loan Simulator<\/em><\/a>\u00a0to get an early look at which plans they may be eligible for and see estimates for how much they would pay monthly and overall.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-my-student-wants-to-get-ahead-by-paying-extra-each-month\">My student\u00a0wants to get ahead by paying extra each month.<\/h4>\n\n\n\n<p>Your student\u00a0can make payments before they are due or pay more than the amount due each month. Paying a little extra each month can reduce the interest your student pays and reduce the total cost of their loan over time.\u00a0<a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\/servicers\" target=\"_blank\" rel=\"noreferrer noopener\">Contact the loan servicer<\/a>\u00a0to discuss these options.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-my-student-is-having-trouble-making-their-loan-payment\">My student is\u00a0having trouble making their loan payment.<\/h4>\n\n\n\n<p><a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\/servicers\" target=\"_blank\" rel=\"noreferrer noopener\">Contact the loan servicer<\/a>&nbsp;as soon as possible. Your student may be able to change their&nbsp;<a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\/plans\" target=\"_blank\" rel=\"noreferrer noopener\">repayment plan<\/a>&nbsp;to one that lowers their monthly payment and, in some cases, may be based on their income. Your student can also ask their loan servicer about their options for a&nbsp;<a href=\"https:\/\/studentaid.gov\/manage-loans\/lower-payments\/get-temporary-relief\" target=\"_blank\" rel=\"noreferrer noopener\">deferment or forbearance<\/a>&nbsp;or&nbsp;<a href=\"https:\/\/studentaid.gov\/app\/launchConsolidation.action\" target=\"_blank\" rel=\"noreferrer noopener\">loan consolidation<\/a>.<\/p>\n\n\n\n<p><strong>Try this Resource<\/strong>:<\/p>\n\n\n\n<p><a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Trouble Making Federal Student Loan Payments?<\/em><\/a>\u00a0provides information on what to do if your student is\u00a0having difficulty making their student loan payments.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-my-student-has-missed-one-or-more-loan-payments\">My student has missed one or more loan payments.<\/h4>\n\n\n\n<p>Stay in touch with the&nbsp;<a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\/servicers\" target=\"_blank\" rel=\"noreferrer noopener\">loan servicer<\/a>\u2014especially if your student is&nbsp;struggling to make payments on their loans. Their loan servicer will explain their repayment options, such as applying for an income-driven repayment plan or a forbearance or deferment, to help your student stay on track or get back on track when they fall behind.<\/p>\n\n\n\n<p>One thing your student\u00a0definitely wants to avoid is going into\u00a0<a href=\"https:\/\/studentaid.gov\/manage-loans\/default\" target=\"_blank\" rel=\"noreferrer noopener\">default<\/a>! This occurs when they are at least nine months past due on their student loan. The consequences of default include damage to their credit rating and future borrowing ability. They may also include garnishment of wages and withholding of tax refunds. If your student can\u2019t make payments, they should\u00a0<a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\/servicers\" target=\"_blank\" rel=\"noreferrer noopener\">contact the loan servicer<\/a>\u00a0to find out their options.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-having-student-loans-forgiven\">Having Student Loans Forgiven<\/h3>\n\n\n\n<p>Your student is generally required to repay their student loan, but in certain situations, their loan may be\u00a0<a href=\"https:\/\/studentaid.gov\/manage-loans\/forgiveness-cancellation\" target=\"_blank\" rel=\"noreferrer noopener\">forgiven, canceled, or discharged<\/a>.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-additional-links\">Additional Links:<\/h4>\n\n\n\n<p><a href=\"https:\/\/studentaid.gov\/resources\/loan-repayment-checklist\" target=\"_blank\" rel=\"noreferrer noopener\">Loan Repayment Checklist<br><\/a><a href=\"https:\/\/studentaid.gov\/app\/launchConsolidation.action\" target=\"_blank\" rel=\"noreferrer noopener\">Student Loan Consolidation<br><\/a><a href=\"https:\/\/studentaid.gov\/manage-loans\/lower-payments\/get-temporary-relief\/deferment\" target=\"_blank\" rel=\"noreferrer noopener\">Student Loan Deferment<br><\/a><a href=\"https:\/\/studentaid.gov\/manage-loans\/lower-payments\/get-temporary-relief\/forbearance\" target=\"_blank\" rel=\"noreferrer noopener\">Student Loan Forbearance<br><\/a><a href=\"https:\/\/studentaid.gov\/manage-loans\/forgiveness-cancellation\" target=\"_blank\" rel=\"noreferrer noopener\">Student Loan Forgiveness<br><\/a><a href=\"https:\/\/studentaid.gov\/manage-loans\/default\" target=\"_blank\" rel=\"noreferrer noopener\">Student Loan Delinquency and Default<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<h4>Understanding Student Loan Repayment <\/h4>\n<p>Before repayment begins, talk to your student to develop a plan that puts them on track to pay back their loan on time and in full.<br \/>\nUnderstanding the details of repayment on federal student loans can save your student time and money. <\/p>\n","protected":false},"author":53,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-6316","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Understanding Student Loan Repayment - The Office of Financial Aid &amp; Scholarships<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.citadel.edu\/financial-aid\/2024\/12\/understanding-student-loan-repayment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Understanding Student Loan Repayment\" \/>\n<meta property=\"og:description\" content=\"Understanding Student Loan Repayment Before repayment begins, talk to your student to develop a plan that puts them on track to pay back their loan on time and in full. 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