Loan Repayment

Keep track of how much you have borrowed by visiting the National Student Loan Data System (NSLDS). NSLDS provides you with borrowing history, information on your current loan servicer, including their contact information.


Repayment Checklist

  • Compare your monthly payment options using this repayment calculator.
     
  • Decide whether you want to consolidate. Consolidation can simplify the repayment process if you have more than one loan or servicer. In some cases, it can also help you qualify for better repayment options. Just be sure to weigh the pros and cons.
     
    Apply for consolidation through https://studentloans.gov/myDirectLoan/index.action
     
  • Choose or apply for an affordable repayment plan. If you take no action, you’ll be placed on the 10-year standard repayment plan. If you need a lower payment, apply for an income-driven repayment plan, such as Pay As You Earn, where your payments can be as low as $0 per month.
     
  • Set up your payments. You will not pay the U.S. Department of Education directly. In most cases, you will make payments to your federal loan servicer.  TIP: Ask your servicer how to sign up for automatic payments. You could receive a 0.25% interest rate deduction for enrolling!
     
  • Know who to contact if you need help with your student loans. You never have to pay for student loan help! Your federal loan servicer will never charge fees and can help you for free.  TIP: Save your servicer’s phone number in your phone.
     
    Contact your loan servicer to Postpone repayment on Federal Loans: Deferment, forbearance, and other forms of payment relief
     
  • If you are going to graduate school or continuing your education: Contact your loan servicer to request an in-school deferment. If you have unsubsidized loans, it is even more important to consider making student loan payments while you are in school to prevent interest from accruing (accumulating).
     
  • Beware of student loan scams:  You never have to pay for help with your student loans. As you are researching repayment and forgiveness options, make sure you are getting information from trusted sources, like .gov websites or your servicer’s website. The government and your servicer will never charge application or maintenance fees, so if you are asked to pay, walk away. Contact your servicer for free assistance .

  • Ask your loan servicer if you qualify for any of the loan forgiveness programs available. All loans must be repaid, however, there are some situations when the loan(s) can be forgiven, discharged or cancelled. Contact your loan servicer for more information on :Public Service Loan Forgiveness, Discharge/cancellation and Teacher Loan Forgiveness.

​Direct Loan Repayment

Standard-monthly payments may be slightly higher than payments made under other plans, but you will pay off your loan in the shortest time. 

Graduated-start out low and increases every two years. 

Extended-lower monthly payments over a longer period. From 10 to 25yrs. 

Income Based Repayment- 15% of discretionary income for not new borrowers. 10% of discretionary income for NEW borrowers. 

Income Contingent- Lesser of:  20% discretionary income or a payment plan extended over the course of 12 years. 

Income Sensitive- increase or decrease based on your annual income and are made for a maximum period of 10 years. 

Pay – As – You – Earn- Your maximum monthly payments will be 10 percent of discretionary income. 

Revised Pay-As-You-Earn- Your monthly payments will be 10 percent of discretionary income.

Loan Consolidation

Is consolidation right for you? Take the Quiz!

Applying for consolidation

Apply for consolidation through: https://studentloans.gov/myDirectLoan/index.action

Once you log in, you will click on Complete Consolidation Loan Application and Promissory Note”

The electronic application on StudentLoans.gov consists of the following five steps:

  1. Choose Loans & Servicer
  2. Repayment Plan Selection
  3. Terms & Conditions
  4. Borrower & Reference Information
  5. Review & Sign

After you submit your application electronically via StudentLoans.gov, the consolidation servicer selected will complete the actions required to consolidate your eligible loans. The consolidation servicer will be your point of contact for any questions you may have related to your consolidation application.

Perkins Loan Repayment

Perkins Loan repayment plan options are not the same as those for Direct Loan Program or FFEL Program loans. Contact ECSI or Financial Services for more information on Perkins Loan repayment plans.

ECSI
181 Montour Run Road
Coraopolis, PA 15108
1-888-549-3274
http://www.heartlandecsi.com/

You can also contact:
Maria Romero (209) 667-3977
Financial Services Office, MSR 100
California State University, Stanislaus
If you are considering consolidation and have a Perkins loan let your servicer know.