Prior to leaving the University (either by graduation or withdrawal) students
are required to participate in exit loan counseling to receive important
information about repayment, consolidation, deferment and other matters, and to
have the opportunity to ask questions about specific situations.
Students may attend one of the group sessions on the main campus or satisfy the
counseling requirement online. The Web address is
https://studentloans.gov/myDirectLoan/index.action.
Students must have a PIN number to access account information and can request a
PIN number through this Web site.
For Federal Direct Subsidized Loans, repayment of principal and interest begins
six months (grace period) after the student leaves college or drops below
half-time status.
If the student has a Federal Direct Unsubsidized Loan, interest accumulates on
the loan while he/she is in school and during the grace period. The student can
either pay this interest as it accumulates or wait until he/she begins repaying
the loan principal (the amount of money the student borrowed).
If the student chooses to delay interest repayment, the interest that
accumulates will be “capitalized” (i.e., will be added to the loan principal
when he/she begins repayment). This means the total amount of the loan will
increase.
Repayment of principal and interest begins six months after the student
leaves college or drops below half-time status.
Examples of Typical Beginning Payments for Direct Loan Repayment Plans
|
Total Debt |
Standard |
Graduated
|
Extended
|
Income Contingent (Single)
|
|
|
Per Month
|
Total
|
Per Month
|
Total
|
Per Month
|
Total
|
Per Month
|
Total
|
|
$2,600
|
$50
|
$3,228
|
$25
|
$4,227
|
$50
|
$3,228
|
$24
|
$4,589
|
|
4,000
|
50 |
5,827 |
28 |
6,924 |
50 |
5,827 |
37 |
7,060 |
|
7,500
|
92 |
11,039 |
53 |
12,982 |
82 |
11,839 |
69 |
13,237 |
|
10,000
|
123 |
14,718 |
70 |
19,085 |
97 |
17,463 |
93 |
17,650 |
|
15,000
|
184 |
22,078 |
105 |
28,628 |
146 |
26,194 |
139 |
26,474 |
