Loan Repayment

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Our financial aid counselors are available to meet with you to go over your specific loan portfolio and share calculations, strategy, and guidance for repaying your educational loans.

Topics include:

Contact us to schedule an appointment

Repayment: Key details

  • Most federal loan programs are set up with a 10-year repayment plan.
  • You must select a repayment plan prior to the time repayment begins. If you do not do this, you will automatically be placed on the standard, ten-year repayment plan. View some of these loan repayment options.
  • There are several programs that allow the Direct Loan Servicer to pay off your existing student loans and create one new loan. Examples include graduated repayment, income-driven repayment, and consolidation.
  • Here is information on whether or not you should refinance your federal student loans.

    Notes on prepayments:

    • All federally sponsored loans allow you to prepay part or all of your loan obligation at any time during the life of the loan without penalty.
    • Prepaying can greatly reduce the total cost of your loan.
    • Prepayments are credited to outstanding interest first, then principal.

    Residency repayment tip: Just because you may qualify for and receive grace, deferment, or forbearance on your loans during residency, it does NOT mean that you shouldn’t start to make voluntary payments during this period. Such payments:

    • Will reduce the overall interest cost of your loans over time, and making these payments
    • Will NOT jeopardize your grace, deferment, or forbearance status while you are in residency