Federal Student Loan Repayment Options
Are you thinking about how you are going to pay for your education and considering a loan? Already have a federal student loan and wondering about your repayment options for federal student loan repayment? To help you meet your obligations while providing some flexibility for those who need it, we have developed our programs with you in mind.
Federal Student Loan Consolidation
A consolidation loan allows you to combine all of your previously borrowed federal student loans into one low monthly payment. This can reduce the payments you make by as much as 53%. A consolidation loan can save you money today and provide additional options for repayment while locking in a low interest rate.
Student Loan Consolidation - Apply Online>>
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Stafford Loan Exit Counseling
Your school and the federal government require that you complete an exit counseling session. Failing to complete your exit counseling session could prevent you from graduating, receiving your diploma, obtaining your transcripts to attend another school, and receiving any student account refunds owed to you from your school.
Federal Student Loan Forgiveness
Under certain circumstances, the federal government will forgive (cancel) all or part of an educational loan. In order to qualify, you must:
- Perform military service;
- Perform volunteer work;
- Teach or practice medicine in certain types of communities; or,
- Be involved in circumstances specified by your loan's forgiveness plan.
Federal Student Loan Deferment
Loan deferment refers to a temporary period when a borrower is not required to make payments for an eligible reason. For Subsidized Stafford Loans, the interest that accrues on the loan during the deferment is paid by the federal government. For Unsubsidized Stafford Loans, the interest that accrues during a deferment must be paid by the borrower during or after the deferment period.
As a borrower under the federal loan program, you are entitled to a certain number of deferments of your monthly payment provided you meet the criteria and complete the appropriate documentation. One such example is if you became unemployed. You are entitled to unemployment deferments for a specific period of time. Another would be if you entered repayment and then went back to school at least half time in an eligible program, you would be eligible for an "In school" deferment.
Federal Student Loan Forbearance
Forbearance allows borrowers to temporarily postpone or reduce payments for a period of time. This typically takes place because the borrower is experiencing financial difficulty, but can also be because of reasons such partial disability. Forbearance is different from a deferment in that the lender must approve forbearance.
Student Loan Consolidation - Apply Online>>
