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Repaying Your Loan

As generous as the terms of your student loans are, you shouldn’t forget that you have to repay your loan. You will be granted an automatic, one-time, six-month grace period on each Stafford loan when you graduate, cease to attend, or drop below half-time status.

You will receive important information about repayment in your exit interview meeting, which you will be required to attend before you graduate. Your school's financial aid office will conduct these interviews. Later, during your grace period, you will be provided with important information from your lender. If you have any questions regarding the terms of your loan, please contact your lender.

New Income-Based Repayment Program.   On July 1, a new Income-Based Repayment (IBR) program will go into effect that caps borrowers' monthly loan payments at 15 percent of the discretionary income (that is, 15 percent of what a borrower earns above 150 percent of the poverty level for their family size). Any current or future borrower whose loan payment exceeds 15 percent of his or her discretionary income is eligible. After 25 years in the program, borrowers' debts will be completely forgiven. Borrowers with hefty debt or low-paying jobs are most likely to qualify for the program. IBR will cover all federal loans--both Direct and FFELP made to students, including Stafford, Grad PLUS and federal consolidation loans, but not those made to parents (PLUS loans). Perkins loans are also eligible if a borrower consolidates them into a FFEL or Direct Loan.

Click here to learn about more details on your repayment options.

Click here to access the repayment calculator.

For students who participated in the HELP Teachers click here to download the Interest Waiver Form or students who participated in the HELP Nurses programs click here to download the Interest Waiver Form. Unfortunately, this program is no longer offered as of April 1, 2009.

Contact Lela for more information.

 

 

 

 

 

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