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Loan Management

Loan Tips

  • Read your promissory note thoroughly to understand your rights and responsibilities.
  • Remember a loan has to be repaid.
  • Always open and read correspondence from your lender and your school. They both want to keep you informed.
  • Keep your enrollment status current by contacting your lender immediately if you transfer, withdraw or change your graduation date.
  • If transferring to a new school, be sure to complete an in-school deferment.
  • Do not overspend. Maintain a budget that includes your student loan payment.
  • Always notify your lender if there is a change of address, phone number, or name.

Important Links

Federal Direct Loan Repayment - Information about payment plan options, loan forgiveness, deferment, forbearance, and consoildation

National Student Loan Data System (NSLDS) - Know how much you have borrowed, who the lender is, etc.

Federal Student Aid ID- Required for access to NSLDS website

Debt/Salary Wizard - Use this tool to help you determine how much you should borrow based on your expected salary in the future. You can also determine what salary is needed based on your current student loan debt.

Career Information via Student Aid on the Web - Information provided through the U.S. Department of Education's student aid website - View loan documents, sign Master Promissory Note, apply for PLUS loan, complete Entrance Counseling, etc.

Deferment & Forbearance

Deferments You may temporarily postpone your student loan payment if your situation falls into government established categories. Some of the most common deferments include:

  • Half-time enrollment at an eligible school or approved graduate fellowship program
  • A period of unemployment
  • Economic hardship--earning below minimum wage or the poverty level.

There are other situations that may qualify for a deferment. Ask your lender for details.

Forbearance Your student loan payment may be postponed or reduced if you are willing but temporarily unable to meet your repayment obligations. You can also request forbearance if your debt burden (in federal student loans only) is equal to or greater than 20% of your gross income.

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