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Repayment

Students and parents who have borrowed a federal, state, or supplemental loan are required to repay the amount of funds borrowed, with interest according to the terms of the promissory note that was signed. The loan repayment period is usually 10 years.

For student loans, students who have been withdrawn or have completed their requirements will enter their grace period. When the allotted grace period has ended, the student will begin repayment on a monthly basis on the loans borrowed.

For Federal Direct Loans, repayment begins six months after the student graduates, withdraws, or stops attending school at least half time. For Federal Perkins Loans, there is a nine month grace period. However, there are numerous options such as loan consolidation, deferment, and forbearance that can extend the repayment period, depending upon your circumstances.

For Federal PLUS loans, repayment of interest and principal begins 60 days after the loan is fully disbursed. An option for in-school forbearance is available for up to 60 months. The loan repayment term extends up to 10 years.

Federal Student Loan Repayment Options (studentaid.ed.gov)

Standard Repayment
In this repayment method, equal monthly payments of principal and interest are made over the loan repayment term (usually 10 years). You'll pay the least amount of total interest using this payment plan.

Income-Based Repayment
In this plan, monthly payment amounts are calculated as a percentage of monthly gross income. As your income may change, you must reapply for this plan every year.

Graduated Repayment
This repayment method payment allows you to make reduced payments in the earlier years of your loan repayment term, with a gradual increase in payment amount over time.

Extended Repayment
If the total balance of your Federal Direct, PLUS, or Consolidation loans is above $30,000, you may apply for an extension on your repayment term (up to 25 years).

Prepayment
You may pay all or part of your loan balance during the term of the loan without penalty. This will greatly reduce the total interest paid on your loans.

Borrower Responsibilities
Once you have signed a promissory note for a loan, you are subject to all of the terms and conditions. If eligible, you will be awarded loans as part of your financial aid package. It is your responsibility to notify the Financial Aid Office in writing if you do not wish to accept the loans offered. Repayment on loans is required regardless of your being notified of your debt. It is a student's responsibility to know when repayment is due.

  
 

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