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Paying Back Your Loan

​​​​ 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