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Planning for Payments

When considering student loans as a financial aid resource, it is important to be aware of your loan repayment obligations and have an idea of your expected monthly repayment before making the decision to borrow.  The U.S. Department of Education offers borrowers several loan repayment options.  The sample repayment schedule reflected below illustrates the estimated monthly loan repayment amount based on the type of repayment plan.  Note that the monthly payment amount will vary based on the loan amount borrowed, your projected income, the repayment plan you choose, and other factors.  

We encourage you to calculate your own projected loan repayment by utilizing the Department of Education鈥檚 鈥淪tudent Loan Repayment Estimator.鈥�

If you should encounter a financial hardship and making payments becomes difficult, contact the lender or guaranty agency immediately. By taking early action, the lender or guaranty agency may be able to help you avoid default. Some options available include:

• Deferment (postpone monthly payments)
• Forbearance (reduce or delay payments)
• Forgiveness (eliminates the obligation to repay all or part of the loan - primarily granted for permanent or total disability or death)
• Change the repayment plan to a Standard Repayment, Income-Based, Income-Contingent or Graduated Repayment
• Consolidate multiple loans into a single Direct Consolidation Loan 

Sample Repayment Schedule

Below is a sample repayment schedule for a student whose average loan balance is $30,000 with a 5.05% interest rate.  In this example, the student has an annual adjusted gross income of $40,000.  For information on Alternative Loan repayment options, please contact the financial institution from which you have borrowed.