DIVISION OF STUDENT FINANCIAL AID

Repaying Your Student Loan Debt

After you graduate, leave school, or drop below half-time enrollment you will need to complete a Stafford Exit Interview and/or Perkins Exit Interview.  At this point you will have a period of time before you have to begin repayment.  This “grace period” will be:

• six months for a Federal (FFEL) Stafford Loan.
• nine months for Federal Perkins Loans

(If you are a parent reading this and you have a FFEL PLUS Loan, you don’t have a grace period—repayment generally must begin within 60 days after the loan is fully disbursed.  Use the Parent Loan Repayment Calculator to calculate your expected monthly payments.)

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.  Student loans are real loans—just as real as car loans or mortgages.  You have to pay back your student loans.

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.  Use the Student Loan Calculator to calculate your monthly payments and compare them to your expected starting salary.