Quick Tips: Student Loans

Student loan repayment can be confusing and challenging for college students, especially those who will soon be graduating. Remember the best source of information about your student loan repayment is to contact your lender directly for information and options.

How do I find out how much I have borrowed?

You can retrieve a summary of all your FAFSA issued federal student loans. Your private loans will not be included and you should contact your lender or log into their website to access information about other loans you may have. If you are not sure who your lender is, you can get your credit report from www.annualcreditreport.com which will list all of your creditors.

Why am I being required to take student loan 'exit counseling'?

The Office of Scholarships & Financial Aid is required to have every student complete exit counseling. It is used to educate borrowers on their rights and responsibilities and provide information to enable them to determine which repayment option best fits their individual financial needs. It will take approximately 30-40 minutes to complete and is a good starting point for understanding your repayment options.

What are my repayment options?

See detailed information about repayment options. A new repayment option for federal loans is Income-Based Repayment (IBR). Federal Family Education Loans (FFEL) and private loans will have different repayment options and you should contact the lender for those available options.

How much will my student loan payment be?

Use this easy-to-use Loan Payment Calculator for standard 10 year loan repayment. It computes an estimate of the size of your monthly loan payments and the annual salary required to manage them without too much financial difficulty. See more Financial Calculators based on other repayment options.

How can I determine a budget with my student loan payment?

After running one of the above calculators to estimate your student loan repayment amount, simply fill out our student loan repayment form to see how your student loan payment will fit into your monthly budget. The end result will let you know how much money you can allocate toward other monthly expenses.

Should I consolidate my loans?

See if it's the right choice for you with regard to your federal student loans. Be sure to read the Frequently Asked Questions about loan consolidation. In certain circumstances, consolidation may not be your best option. Also check with your existing loan holder or servicer to determined consolidation options that are available.

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