Repayment of most subsidized and unsubsidized federal education
loans begins six months after you have graduated, or are no longer
enrolled in school at least half time. The period between those
events and repaying your loan is a six-month grace period.
Repayment on Federal PLUS loans begins 60 days after the loan
funds are fully disbursed. However, borrowers of PLUS loans may
request deferment of repayment while either the borrower or the
student for whom the loan was borrowed is enrolled at least half
time and for six months thereafter.
The holder of your loan or your servicer will mail you a
repayment schedule (which may be in the form of a billing statement
or coupon book) approximately 30 days before your first loan
payment is due. In addition, you will be provided with a choice of
repayment plans including standard, graduated, income-contingent,
income-based, or, if applicable, an extended repayment plan. If you
do not notify your loan holder of your selected repayment plan
within 45 days, or do not provide the required documentation, your
loan will be set up on a standard repayment schedule. It is very
important that you keep the holder of your loan informed of your
current address and contact information so that you will receive
the repayment information.
Important! There are many different repayment
options available depending on your financial situation and type of
loan you obtained. Visit the Repayment Estimator and view a comprehensive list of these options so that you
can discuss them with the holder of your loan.
The repayment schedule will reflect the total balance of your
loan, your interest rate, the amount and due dates of your monthly
payments based either on a standard repayment plan or the repayment
plan you selected, and the address to which you must send your
payments. Carefully review all the information on your repayment
schedule to make sure that it is correct. If the information is not
accurate, or you do not receive this document, contact the holder
of your loan immediately.
Many loan holders allow you to make your student loan payments
electronically. With this option, you authorize the automatic
withdrawal of funds from your bank account each month for your
student loan payment. This option ensures that your monthly
payments are on time each month. Some loan holders offer
incentives, such as an interest rate reduction, if you authorize
electronic payment of your student loan. Be sure to check with your
loan holder to determine the repayment incentives offered. If you
do not set up electronic payments, you should receive a billing
statement or coupon book approximately 30 before your first payment
It is in your best interest to ensure that you can pay your
student loans in a timely manner.
To estimate your eligibility and calculate payments, please use