Repayment of US student loans
You will arrange repayment directly through your loan servicer. You can check who your loan servicer is at NSLDS. You should always keep in contact with your loan servicer to make sure that you are up-to-date with loan repayment information.
It is your responsibility to:
- Notify your loan servicer of anything that affects your ability to repay your loan;
- Notify your loan servicer of any changes in your status, including graduation, and any changes to your name, address, or telephone number;
- Notify your loan servicer if you fail to enrol for the period covered by your loan;
- Notify your lender and college of any change in your address.
You can also make an early repayment directly to your loan servicer. If you make a repayment within 120 days of loan disbursement, then your lender will treat this as a partial or full cancellation, with the appropriate adjustment of the loan fee and interest.
You may also find the following US web sites useful:
http://www.studentaid.ed.gov/repay-loans
http://www.direct.ed.gov/student.html
Our Loan types and amounts pages for graduates and undergraduates also provide some information on how repayment works and when you should expect repayments to start for the different loan types.
It is important that you understand the responsibilities and obligations associated with a student loan. It is also a US Department of Education requirement that you undertake Entrance and Exit Counselling (most commonly taken through the StudentLoans.gov site) at the start and end of your studies. The counselling informs you about loan repayment, money management, your responsibilities as a borrower and it outlines the terms and conditions of your loan. The US Loans Team will request that you complete exit counselling towards the end of your course or if you withdraw, suspend or cancel your loan.
The StudentLoans.gov site also offers optional Financial Awareness Counselling which provides tools and information to help you understand your financial aid and assist you in managing your finances.