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Your Payments

Repayment of most subsidized and unsubsidized federal education loans begins six months after you have graduated, or are no longer enrolled in school at least half time. The period between those events and repaying your loan is a six-month grace period.

Repayment on Federal PLUS loans begins 60 days after the loan funds are fully disbursed. However, borrowers of PLUS loans may request deferment of repayment while either the borrower or the student for whom the loan was borrowed is enrolled at least half time and for six months thereafter.

The holder of your loan or your servicer will mail you a repayment schedule (which may be in the form of a billing statement or coupon book) approximately 30 days before your first loan payment is due. In addition, you will be provided with a choice of repayment plans including standard, graduated, income-contingent, income-based, or, if applicable, an extended repayment plan. If you do not notify your loan holder of your selected repayment plan within 45 days, or do not provide the required documentation, your loan will be set up on a standard repayment schedule. It is very important that you keep the holder of your loan informed of your current address and contact information so that you will receive the repayment information.

Important! There are many different repayment options available depending on your financial situation and type of loan you obtained. Visit the Repayment Estimator and view a comprehensive list Link opens to new window of these options so that you can discuss them with the holder of your loan.

The repayment schedule will reflect the total balance of your loan, your interest rate, the amount and due dates of your monthly payments based either on a standard repayment plan or the repayment plan you selected, and the address to which you must send your payments. Carefully review all the information on your repayment schedule to make sure that it is correct. If the information is not accurate, or you do not receive this document, contact the holder of your loan immediately.

Many loan holders allow you to make your student loan payments electronically. With this option, you authorize the automatic withdrawal of funds from your bank account each month for your student loan payment. This option ensures that your monthly payments are on time each month. Some loan holders offer incentives, such as an interest rate reduction, if you authorize electronic payment of your student loan. Be sure to check with your loan holder to determine the repayment incentives offered. If you do not set up electronic payments, you should receive a billing statement or coupon book approximately 30 before your first payment is due.

It is in your best interest to ensure that you can pay your student loans in a timely manner.

To estimate your eligibility and calculate payments, please use the SLOPE Calculator.