Repaying your loans
Learn more about managing your student loans.
How can I keep track of all of my student loans?
Use the National Student Loan Data System (NSLDS). It can help you manage all of your student loans. This includes loans from every institution you have attended. You will need your Federal Student Aid PIN (FSA ID) to access your information.
What types of repayment plans are available?
Avoid default easily by utilizing a Forbearance or Deferment (if having temporary problems repaying your loans) or by signing up for one of the many loan repayment options offered by the Federal government. Find one that fits your needs by calling 1-800-848-0979.
What calculators can I use to manage my loans?
- Loan Comparison Calculator —provides an estimate of the size of your monthly loan payments for three loans at the same time.
- Direct Loan Interactive Calculators —features budget, monthly repayment and other calculators.
Can my student loans be forgiven through bankruptcy?
You must repay your loan even if you don't graduate, can't find work in your field of study, or are dissatisfied with your educational program. In most cases, student loans (including alternative loans) can not be discharged through bankruptcy. However, in rare instances students may have their loans canceled, discharged or forgiven.
What happens if I don't repay my loan?
Students who fail to pay their student loans on time may face serious, lasting consequences. The day after you miss your first scheduled payment your loan becomes delinquent. You will remain delinquent until you become current on your payments. If you are delinquent for 90 days or more, this will be reported to the major credit bureaus, resulting in a negative credit rating.
If you continue to fail to make monthly payments for 270 days your loan will enter default. Defaulting on a loan will result in:
- Loss of future federal student aid (including grants).
- Losing eligibility for deferment, forbearance, and repayment plans.
- Tax refunds withheld or wages partially garnished (up to 15% of what you earn) until the default is resolved.
- A negative impact on one's credit rating.
- Collection fees