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Debt Management

Stay Informed | Stay Current | Stay Default Free

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 (FSA) website. You must login with your 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 or 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.

These resources are curated by the Financial Aid office to assist you in your post-education debt-management needs.

HRSA Loan Repayment

Exit Counseling

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.

Making Payments

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.

Loan Consolidation

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.

Understanding Default

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.

Loan Deferment | Forbearance

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.

Loan Forgiveness

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.

Fresh Start Initiative

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.

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