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Student Loan Repayment Guide: Your Next Steps After Graduation

Congratulations on your graduation! As you embark on the next chapter—whether it be grad school, a career, or a break—understanding your student loan repayment options is crucial. Consult your loan paperwork, contact your lenders, and stay updated with your address and contact information. Know the differences between federal and private loans, repayment plans, and potential deferment or forgiveness options. This guide will help navigate your financial responsibilities and choices as you move forward.

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Student Loan Repayment Guide: Your Next Steps After Graduation

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  1. Student Loan Repayment You’ve Graduated – Now what?

  2. Next step Are You . . . • Going to grad school • Starting a career • Taking time off (NO!!) • Unsure You Must . . . • Consult loan paperwork • Contact your lender(s) • Provide updated address/phone #/email • Know your options

  3. Graduate School Federal Stafford Loans • Loans deferred • Must be enrolled at least half-time • Interest will accrue on unsubsidized loans Wabash College Loan • Loans deferred • Interest will accrue • Contact Wabash w/proof of enrollment Private Loans • Contact your lender/s for options

  4. Career Federal Stafford Loan • 6 month grace period • Identify Loan Servicer • Get loan information • www.nslds.ed.gov • Repayment Options • Standard • Extended • Graduated • Income Based • Loan Consolidation • Complete shortly before repayment is to begin Private Loans • Contact lender/s for consolidation/repmt options

  5. STANDARD REPAYMENT Pay fixed amount per month 10 year term Repaid in shortest time

  6. EXTENDED REPAYMENT Graduated monthly payment amount Up to 25 year term Must have >$30k in outstanding FFEL or DL

  7. GRADUATED REPAYMENT Payments start low and increase every 2 yrs Up to 10 year term

  8. Loan Consolidation Available for federal loans • Through Direct Loan Check with lender for private loan options Apply online, by phone, or paper application www.nslds.ed.govhttp://loanconsolidation.ed.gov

  9. Public ServiceTeachers Loan Forgiveness

  10. Postponing Repayment Contact your loan servicer immediately Deferment • Reenrollment in school • Unemployment • Economic Hardship Forbearance • Financial Difficulty • If not eligible for deferment Switch repayment plan

  11. Important Web Addresses www.dl.ed.gov studentaid.ed.gov www.salliemae.com www.finaid.org (loan forgiveness information)

  12. QUESTIONS??

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