6 months from your last date of attendance, you will be required to begin making payments on your student loan(s).
The following is a list of some of your payment options:
Prepayment-make payments while in school or during your grace period
Standard Repayment-Monthly payments remain the same throughout repayment
Graduated Repayment-Payment begins with small amounts that increase over time
Income Sensitive Repayment-Payments are based on a percentage of your gross monthly income and are adjusted annually.
Income Based Repayment-Your monthly payment is capped at an amount that is intended to be affordable based on your income and family size & your qualifications are reviewed annually. Payments can be as low as zero each month depending on your income.
Pay As You Earn Repayment Plan-Your monthly payments are based on your income & family size with adjustments annually depending on income but to qualify you must have a partial financial hardship. You have a partial financial hardship if the monthly amount you would be required to pay under the 10 year Standard Plan is higher than the monthly amount calculated under the Pay As You Earn Option.
Income-Contingent Repayment Plan-Payments are calculated each year and are based on your adjusted gross income, family size, and the total amount of your Direct Loans. Your payments change as your income changes
For more information on repayment options, please contact the Dept. of Education at 1-800-4FED-AID or
Please use the following information to contact the FSA Student Loan Ombudsman Group.
Via Telephone: 877-557-2575
Via Fax: 202-275-0549
Via Mail: U.S. Department of Education
FSA Ombudsman Group
830 First Street, N.E., Mail Stop 5144
Washington, D.C. 20202-5144