Repayment

 

Stafford Loan Repayment

Graduating is an exciting time—you are receiving the degree you have worked so diligently toward and you finally get the chance to find a job to repay all those student loans you took out the past four or five years.

Do not worry. You will have six (6) months before you go into repayment of your student loans. In addition to the grace period, there are a few things to keep in mind about repayment:

• Your lender is your best source for repayment information. It is not that the Financial Aid office does not want to help, but many of the questions concerning repayment are questions our office just cannot answer.
• Not all outside (or private) student loans can be consolidated with Stafford loans. There are some outside loans in which the lender will not allow you to consolidate with your Stafford loans. This is something you will need to check with the lender of the outside loan.
• Complete an Exit Interview. The Exit Interview will review many of your rights and responsibilities concerning repayment of student loans. An Exit Interview may be completed online or a packet may be picked up from the Financial Aid office.
• If you are having difficulties repaying your loans, talk to your lender. Again, your lender is your best source for information. If you cannot make payments on your loans due to economic hardship, talk to your lender about options or deferments. Many lenders are willing to work with you to help get you back on track.
• Check the National Student Loan Database System (NSLDS). If you have your FAFSA PIN, you may access NSLDS to view how much you have taken out in student loans. This will also show if you had a federal Pell Grant. This is a great tool to keep track of your student loans.

If you decide later you want to return to school, you can always put your student loans into deferment. As long as you are enrolled a minimum six (6) credit hours, student loans may be deferred. Deferment forms are available through your lender’s Web site.

Remember: As with any bill, if you pay more than the minimum payment, you will not only help your credit, but you will also repay your loan quicker.

Perkins Loan Repayment

You will have nine (9) months before you go into repayment of your Perkins student loans. In addition to the grace period, there are a few things to keep in mind about repayment:

• ECSI is your best source for repayment information. It is not that the Financial Aid office does not want to help, but many of the questions concerning repayment are questions our office just cannot answer.
• Complete an Exit Interview. The Exit Interview will review many of your rights and responsibilities concerning repayment of student loans.
• If you are having difficulties repaying your loans, talk to ECSI. Again, ECSI  is your best source for information. If you cannot make payments on your loans due to economic hardship, talk to ECSI about options or deferments. They are willing to work with you to help get you back on track.
• Check the National Student Loan Database System (NSLDS). If you have your FAFSA PIN, you may access NSLDS to view how much you have taken out in student loans. This will also show if you had a federal Pell Grant. This is a great tool to keep track of your student loans.

If you decide later you want to return to school, you can always put your student loans into deferment. As long as you are enrolled a minimum six (6) credit hours, student loans may be deferred. Deferment forms are available through  ECSI’s Web site.

 

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