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 amount of student loans you have borrowed at the National Student Loan Data System.
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.
- Use the Department of Education's Repayment Estimator to see 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:
Consolidation
A loan consolidation combines one or more eligible 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.