Repaying student loans
Support for managing your federal student loans
Earning your degree is a personally fulfilling endeavor. But after all that hard work and those long nights, followed by the jubilation of graduation, you know what’s next: It’s time to pay back your federal financial aid student loans.
Of course, making payments while you’re in school can save you money in the long run, and will help you minimize your student loan debt. You can always contact your loan servicer for more information about how to make payments before they come due. Payments can usually be made online, over the phone or by mail.
Frequently asked questions
Make sure to bookmark this page for future reference — even after you’ve completed your degree program.
The Borrower’s Rights and Responsibilities Statement is attached to the Master Promissory Note (MPN) you signed when you applied for your federal financial aid loan. Here’s an overview of those expectations:
When you first enter repayment, you’ll need to contact your loan servicer for details about repayment plans. Be aware, however, that your federal student loans can move from servicer to servicer, and this can get confusing. You’ll need to work with all of your loan servicers to make sure your loans are in good standing.
To find out what servicer holds your federal loans, your best option is to visit nslds.ed.gov. You’ll need the PIN you used to electronically sign your Free Application for Federal Student Aid (FAFSA®). If you’ve forgotten it, request a duplicate at pin.ed.gov.
If you took out private, nonfederal loans, you can usually find those on your credit report.
Below are answers to other important questions you may have about your federal loans:
Our commitment to you doesn’t end when you’re no longer enrolled. Our Repayment Counseling Center will communicate with you through calls and email to help you prepare for repayment, keep you informed of student loan options and let you know what resources are available if you need them.
Below are answers to several questions you may have about loan servicers and the communication process:
What are my rights?
In certain situations, you can have your federal student loan forgiven, canceled or discharged. To find out whether you qualify due to job status, disability, the closure of your school or other circumstances, please visit the forgiveness-cancellation section of the Federal Student Aid website.
What are my rights?
More help — when loan repayment becomes a challenge
If you’re having difficulty making your payments, contact your loan servicer as soon as possible. It’s important you do so before your loan(s) become delinquent — to protect your credit.
Several options are available for borrowers struggling to make payments, and your loan servicer can help you better understand how to select or change your payment plan — to reduce the monthly payment amount — or establish deferment or forbearance.
Here’s more insight:
When you first enter repayment, your loan servicer will ask you to select a repayment plan. If you don’t select one, you’ll be placed on the Standard Repayment Plan. If, for any reason, you want to change your payment amount, you can do so by changing your plan. Use the loan calculators on FinAid or your servicer’s website to see how your monthly payment and total cost will change on different payment plans.
Each of the available repayment plans is briefly explained here. You can also visit the Federal Student Aid site to learn more.
Deferment is a temporary suspension of student loan payments for a specific situation, such as unemployment or enrolling in school at least half time. If you have a subsidized student loan, interest will not accrue during a deferment. If you have an unsubsidized loan, interest will accrue during a deferment.
Forbearance is a temporary postponement of payments or a reduction in the payment amount for a period of time when the borrower is experiencing financial difficulty. Forbearance is not subsidized by the government, which means you’re responsible for the payment of any interest that accrues. This status is generally for individuals who have exhausted other options for resolving a delinquent loan.
A borrower should never have to default on a federal student loan. Remember to contact your loan servicer as soon as possible to discuss your options.
FAFSA is a registered trademark of the U.S. Department of Education, Federal Student Aid.
FICO is a registered trademark of Fair Isaac Corp.
Repayment Counseling Center
If you have questions regarding your student loans or need assistance contacting your loan servicer, contact the University’s Repayment Counseling Center.
Our mission is to facilitate long-term solutions by providing student-focused, individualized counseling that results in successful student loan repayment. As student advocates, we strive to provide unparalleled customer service by offering accurate and positive information to ensure your overall financial success.
Our repayment partners
We partner with two repayment servicers who will communicate with you through mail, email or telephone to keep you informed of your options when it’s time to repay your loans. Our repayment partners are: ECMC Solutions and i3.
Options to postpone repayment
If you’re struggling to make payments, call your loan servicer today and ask for help. You may qualify for deferment or forbearance: The most frequently requested deferments are unemployment and economic hardship. If you qualify, complete one of the forms below and return it to your loan servicer.
Connect with us
Stay knowledgeable — and keep your finances in good standing — with help from Financial Services Community managers Casey Gorman and Chris Conway. Current students and graduates can get up-to-date support and information about repaying student loans on PhoenixConnect®. (You must be logged into eCampus for access.)