Debt Management

Loan exit counseling is an online tutorial created and required by the Department of Education. You must complete exit counseling when you leave school or drop below half-time enrollment. The purpose of exit counseling is to ensure you understand your student loan obligations and are prepared for repayment.

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By completing Exit Counseling, you will learn about what your federal student loan payments will look like after school. The Department of Education also recommends a repayment strategy that best suits your future plans and goals.

The Department of Education has created a database for students to manage their Federal education loans. Please click here to be taken to the Federal Student Aid website. Access requires the student’s FSA ID. Included in the database are all Federal student loans received from any post-secondary institution attended. The FSA website does not include any Private | Alternative loans taken to supplement the cost of education. Parent PLUS loan data is also included in the FSA database and will be found under the parent’s name using the parent’s FSA ID.

Federal Loans

Stafford and PLUS loan payments are always made to your loan servicer (not to the university you attended). To find out who is servicing your loans click here.

The Department of Education offers several repayment plan options. For information on Federal student loan repayment options click here.

Before you contact your loan servicer to discuss repayment plans, you can use the Department of Education’s Loan Simulator to get an early look at which repayment plans you may be eligible for and see estimates for how much you would pay monthly and overall.

Private Loans

Private | Alternative loan payments are remitted to the lender you originated the loan with. If you have taken out loans with multiple lenders you will have to make separate payments to each (unless you consolidate them). Repayment terms are typically determined at the time the loan is originated. Additionally, there is no central database that tracks all of your private loans like there is for Federal student loans.

If you are not sure what the repayment terms are for the loan(s) you have outstanding, contact the lender immediately. Also check your mail and email as your lender will likely be trying to make contact with you. DO NOT ignore your lender as doing so will lead to delinquency and could negatively impact your credit.

Federal Loans

Standard
Breaks down your loan balance into monthly payments of at least $50 for up to 10 years. In general, this is the plan that will cost you the least amount of money in interest payments. For complete information, click here.

Graduated
If your income is low now, but you expect it to increase steadily over time, this plan may be right for you. Payments start out low and increase every 2 years for up to 10 years. IMPORTANT NOTE: Under Graduated you will pay more in interest over time than if you selected Standard Repayment. For complete information, click here.

Extended
Extended allows you to “extend” the repayment period from 10 years to up to 25 years. IMPORTANT NOTE: Under Extended you will pay more in interest over time than if you selected Standard Repayment. This plan works best for borrowers whose loan burden is too large to bear the standard monthly payments over the course of just 10 years. For complete information, click here.

Income-Based (IBR)
Income-Based Repayment (IBR) is designed to reduce monthly payments to assist with making your student loan debt manageable. If you need to make lower monthly payments, this plan may be for you. To qualify for IBR, you must have a partial financial hardship. You have a partial financial hardship if the monthly amount you would be required to pay on your IBR-eligible federal student loans under a 10-year Standard Repayment Plan is higher than the monthly amount you would be required to repay under IBR. Your payment amount may increase or decrease each year based on your income and family size. Once you've initially qualified for IBR, you may continue to make payments under the plan even if you later no longer have a partial financial hardship. IMPORTANT NOTE: Under Income Based (IBR) you will pay more in interest over time than if you selected Standard Repayment. For complete information, click here.

Pay As You Earn
The Pay As You Earn Repayment Plan helps keep your monthly student loan payments affordable, and usually has the lowest monthly payment amount of the repayment plans that are based on your income. IMPORTANT NOTE: Under Pay As You Earn you will pay more in interest over time than if you selected Standard Repayment. For complete information, click here.

Income-Contingent (ICR)
Income-Contingent Repayment (ICR) takes into consideration annual income and family size as well as the total loan amounts. If a loan balance remains after 25 years, it may be forgiven. Unlike the IBR Plan, borrowers need not be facing financial hardship to qualify. This plan may be best for those borrowers who are not facing demonstrated financial hardship, but whose financial situation is insufficient to bear the monthly payments under other repayment plans. IMPORTANT NOTE: Under Income-Contingent (ICR) you will pay more in interest over time than if you selected Standard Repayment. For complete information, click here.

Income-Sensitive (FFEL Loans ONLY)
Income-Sensitive allows borrowers to pay a monthly amount that takes annual income into consideration. The length of the repayment period is up to 10 years and the balance is not forgiven at the end. IMPORTANT NOTE: Under Income-Sensitive you will pay more in interest over time than if you selected Standard Repayment. For complete information, click here.

Private | Alternative Loans

Most lenders do not offer repayment options. Repayment terms are typically determined at the time the loan is originated (ex: 5, 10, 15 years). If you are not sure what the repayment terms are for the loan(s) you have outstanding, contact the lender immediately.

Federal Loans

Quickly calculate estimated monthly payment amounts under several repayment plans.

• Standard
• Extended
• Graduated
• Income Contingent (ICR)
• Income Based (IBR)
• Additional Calculator Option that allows you to add multiple loans with various interest rates

Private | Alternative Loans

Most lenders do not offer repayment options. Repayment terms are typically determined at the time the loan is originated (ex: 5, 10, 15 years). If you are not sure what the repayment terms are for the loan(s) you have outstanding, contact the lender immediately.

Federal Loans

Loan consolidation is the process of combining one or more loans into a single new loan. Consolidation can simplify repayment by centralizing your loans into one bill and could lower monthly payments by giving you up to 30 years to repay. Consolidating your loans does have RISKS along with BENEFITS. Before you submit your application make sure you take the time to study the pros and cons. For program details and to start an application, click here.

Private | Alternative Loans

Private Student Loans cannot be consolidated with Federal Student Loans however Private Student Loans may be consolidated into one new Private Student Loan. As with Federal Consolidation, there are both risks and benefits. Depending on your credit, income, outstanding debt and market rates you may be able to attain a lower interest rate than the average of your current private loans. Before you decide for sure to consolidate your private student loans, take the necessary time to shop, compare offers, know whether the rate is FIXED or VARIABLE and consider the risks and benefits.

Lender List: click here.

Understand how missing a loan payment can be a problem, what default means and the consequences of default. See what the Department of Education says here.

A deferment or forbearance allows you to temporarily postpone making your student loan payments or to temporarily reduce the amount you pay.

Federal Loans

For complete information, click here.

Private | Alternative Loans

Deferment or Forbearance opportunities vary from lender to lender. If you are having trouble making your monthly private student loan payments, contact your lender immediately and inquire if a deferment or forbearance is an option for you. DO NOT ignore your lender if they are trying to reach you. Be upfront with them about your situation so they can best assess what options you may be eligible for that can help you.

In certain situations, you can have your federal student loans forgiven, canceled, or discharged. Learn more about the types of forgiveness and whether you qualify due to your job or other circumstances by clicking here.

On April 6, 2022, the U.S. Department of Education (ED) announced an initiative—called “Fresh Start”—to help eligible borrowers in default. Fresh Start is a one-time temporary program from the U.S. Department of Education that offers special benefits for borrowers with defaulted federal student loans.

If your defaulted loans are eligible, Fresh Start will provide you with several benefits, including access to federal student aid and credit reporting changes. You will also get the opportunity to get out of default and keep benefits long term. However, you need to act to claim the full benefits of Fresh Start and get out of default.

The Fresh Start period will end on September 30, 2024. After that date, you will not be able to claim these benefits.

For more information the Fresh Start Initiative click here or go to the Federal Student Aid website.