Repaying
What you need to know about repaying student loans...
After you graduate, leave school, or drop below half-time enrollment, you have a period of time before you have to begin repayment. This grace period will be
* six months for a Federal (FFEL) or Direct Stafford Loan.
* nine months for Federal Perkins Loans
(If you're a parent reading this and you have a FFEL or Direct PLUS Loan, you don't have a grace period, repayment generally must begin within 60 days after the loan is fully disbursed.)
Exit Counseling
You'll receive information about repayment, and your loan provider will notify you of the date loan repayment begins. We can't emphasize enough the importance of making your full loan payment on time either monthly (which is usually when you'll pay) or according to your repayment schedule. If you don't, you could end up in default, which has serious consequences (scroll down to the Default discussion below). Student loans are real loans, just as real as car loans or mortgages. You have to pay back your student loans. Find out about your obligations in this section so you can stay on top of your loans.
Get Your Loan Information
The U.S. Department of Education's National Student Loan Data System (NSLDS) allows you to access information on loan and/or federal grant amounts, your loan status (including outstanding balances), and disbursements made. Go to www.nslds.ed.gov.
Paying Back Your Loan
You have a choice of repayment plans if you received a FFEL or a Direct Loan. Federal Perkins Loans don't have repayment plan choices; you generally have up to 10 years to repay, however. Your monthly payment will depend on the size of your debt and the length of your repayment period. Repaying Your Student Loans explains available repayment options, includes examples of monthly payments for different loan amounts, and covers other topics you need to consider when managing your loans.
Repaying - continued
