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Financial Aid and Scholarship Office
Students are entitled to receive a repayment schedule prior to the payment due date. Upon completion of loan repayment, students will receive a letter of acknowledgment from the U.S. Department of Education.
When it comes time to start repaying your student loan(s), you can select a repayment plan that is right for your financial situation. Generally, you will have from 10 to 25 years to repay your loan, depending on which repayment plan you choose. View, Repayment Plans, for a list of repayment options.
If you are temporarily unable to meet your repayment obligation, you may be granted a forbearance, which lets you postpone or reduce your payments for an agreed upon period of time. You will still be responsible for any interest that accrues during the forbearance period, but you may be able to pay it later. A deferment is a temporary suspension of loan payments for specific situations such as re-enrollment in school, unemployment, or economic hardship. In most cases, you need to submit a deferment request to the Direct Loan Servicing Center. A deferment can take 30 days or more to process, so file as soon as possible. You must keep making your payments until you receive notice that your deferment has been approved. For more information on forbearance and deferment, visit www.studentlns.gov.
The Budget Control Act of 2011 eliminates the authority of the Department of Education to offer any repayment incentives to Direct Loan borrowers to encourage on-time repayment of loans, including any reduction in the interest rate or origination fee. As a result, the up-front interest rebate that was provided to DL borrowers at the time of loan disbursement will not be offered on any Direct Loan with a first disbursement date that is on or after July 1, 2012. The only authorized interest rate reductions are for those borrowers who agree to have their payments automatically electronically debited.
If you don't repay your loan.Delinquencies, or a monthly payment more than 30 days late, are reported to credit bureaus. This can hurt your chances for obtaining loans in the future, for cars, a home, etc. Also you may lose eligibility for further financial aid, deferments and forbearances until the delinquency is cleared up. Default occurs when there is no payment made for 270 days. In the event you go into default on your loan, be aware of the following penalties:
