Repayment of most subsidized and unsubsidized Direct 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.
Borrowers of Parent PLUS and Grad 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
Your loan servicer will contact you before your
first loan payment is due. In addition, you will be provided with a choice
of repayment plans including standard, graduated, extended, income-based (IBR),
pay-as-you-earn (PAYE), revised pay as you earn (REPAYE), , income contingent
(ICR) and an income-sensitive repayment plan.
If you do not notify
your loan servicer of your selected repayment plan, or do not provide the
required documentation, your loan will be set up on a standard repayment schedule.
is very important that you keep the loan servicer of your loan informed of
your current address and contact information so that you will receive the
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 your loan servicer.
You can learn about your federal
student loan, including the total amount of your loans, through the U.S. Department
of Education's Federal
Student Aid website.
It is in your best interest
to pay your student loans in a timely manner.