When you leave school, whether by graduating or by ceasing to enroll at least half time in an eligible program, you are required to complete exit counseling and your grace period begins. You should also review the loan repayment checklist.

News: Eligible students may now apply for loan forgiveness as described by the Student Debt Relief Plan that was announced earlier this year. 

Repayment

Be aware of these options when your loans go into repayment:

• There are multiple repayment plans available.
• You may lower your interest rate by making electronic payments.
• The Repayment Estimator allows you to project what your payments would be under the various plans.
• Applying for deferment or forbearance may prevent you from having to default on your loan if you are having trouble making payments.

Loan Forgiveness and Cancellation

There are multiple loan forgiveness and cancellation programs available for students that meet certain criteria:

• Student Debt Relief Plan
• Teacher Loan Forgiveness
• Public Service Loan Forgiveness
• Perkins Loan Cancellation
• Total and Permanent Disability Discharge

Consolidation

A loan consolidation combines one or more eligible federal educational loans into a single new loan. The Direct Loan Program offers a Direct Consolidation Loan for those borrowers who are interested in consolidating their eligible educational loans.