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Understanding the details of repayment on your federal student loans can save you time and money. Learn more about federal student loan repayment based on where you are in the process.
When Does Loan Repayment Begin? For most loans, you'll have a six month grace period after you graduate, leave school, or drop below half-time enrollment before you must begin making payments. Completing the required Exit Loan Counseling will help you understand your student loan obligations and ensure you are prepared for repayment. Once you enter repayment, you must make your payments on time to avoid delinquency and default.
| Here are four steps to make sure you are prepared for student loan repayment: |
- Determine who your loan servicer is, log in to StudentAid.gov, click “My Aid,” and select “View loan servicer details.”
- Make sure your contact information is up to date in your profile on your loan servicer’s website and in your StudentAid.gov profile. Wrong contact information could make you miss important updates.
- Check out Loan Simulator to find a repayment plan that meets your needs and goals or to decide whether to consolidate.
- Consider applying for an income-driven repayment (IDR) plan. An IDR plan can make your payments more affordable, depending on your income and family size.
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Feeling Overwhelmed? Baker College wants to make sure you have what you need to successfully begin loan repayment. That’s why we’ve partnered with Student Connections. They can help you understand your loan repayment options and address any issues you may encounter. This service is completely free to you. Visit their website at my.studentconnections.com or contact a borrower advocate at (866) 311-9450.
Loan Forgiveness. Know whether you are eligible for loan forgiveness based on your employer or your job.
- Public Service Loan Forgiveness (PSLF) Program: You may qualify for this loan forgiveness program if you are employed by a government or a not-for-profit organization. You must make 120 qualifying payments under an income-driven plan to qualify. Learn more about PSLF.
- Teacher Loan Forgiveness Program: You may qualify for this program if you (a) teach full-time for five complete and consecutive academic years in certain elementary and secondary schools and educational service agencies that serve low-income families, and (b) meet other qualifications. Get the details of the Teacher Loan Forgiveness (TLF) Program.
Should I Consolidate my Loans? If you have more than one loan servicer, consolidation can simplify the repayment process. In some cases, loan consolidation also can help you qualify for better repayment options. Learn more about loan consolidation.
Beware of student loan scams. You never have to pay for help with your student loans. As you’re researching repayment and forgiveness options, make sure you’re getting information from trusted sources, such as StudentAid.gov, your loan servicer’s website or Student Connections. Learn to avoid student aid scams.