How much do I owe?
Your Federal student loan history can be found on the Federal Student Aid website, including when your loan was given to you, how much, and who you have to repay back to. Your total loan debt includes all outstanding loan principal and interest, plus any additional service fees charged by your servicer. This data should be checked, as you would all credit history, for updates and errors.
Since some student loans accumulate interest while in school, during grace periods, and while in deferment or forbearance and repayment, the total debt may increase with time.
When does interest begin accumulating?
- While in school
- During grace period
- Deferment
- ​Forbearance and repayment
The total debt may increase with time.
When do I begin paying back my loans?
Federal Direct Subsidized and Unsubsidized loans have a six-month grace period. During the grace period, you do not need to make any payments on your loans. Your grace period begins once you drop below half-time enrollment; this includes graduating or withdrawing from the university.
Please remember: there is no penalty for repaying your student loan early.
How much will my monthly payment be?
Many factors influence the monthly payment amount, total payout and length of repayment including:
- Amount borrowed
- Origination or other fees
- Interest rate
- Type of repayment plan
Monthly payments can be estimated using the Federal Student Aid Repayment Estimator. Several different options exist for repayment plans to fit different financial situations. For details on repayment plans available, please visit Federal Student Aid website.
Who do I pay?
Your loan will be held by an organization called a servicer; this is who you will send your monthly payments to. You may find out who your servicer is by visiting the Manage Your Loans page on the Federal Student Aid website. You should be notified by each servicer of all repayment information.