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Federal Student Loan Repayment & Forgiveness

Federal student loan repayment begins after the grace period expires, which is generally six months after a student graduates, leaves school, or drops below half-time enrollment.

During your grace period, your loan servicer(s) will contact you regarding your outstanding student loans and must provide you with a loan repayment schedule that states 1) when your first payment is due, 2) the number and frequency of your payments, and 3) the amount of each payment. Students with multiple servicers will receive multiple loan repayment notifications and have monthly payments due to each servicer. Students with multiple servicers may want to consider loan consolidation.

It is important that students visit the National Student Loan Data System (NSLDS) to view their federal student loan history and assigned loan servicer information. It is the student’s responsibility to provide updated contact information to the University and any loan servicers.

Loan Repayment

Loan Repayment

There are a variety of federal student loan repayment plan options for borrowers:

  • Standard Repayment
  • Graduate Repayment
  • Extended Repayment
  • Income-Based Repayment
  • Pay As You Earn Repayment
  • Income-Contingent Repayment
  • Income-Sensitive Repayment

These repayment plans are available to provide you with options and assistance given your individual circumstances. Your loan servicer can work with you on repayment plans and loan consolidation, and will assist you with other tasks related to your federal student loans.

REMEMBER: You must repay a student loan even if your financial circumstances become difficult - contact your loan servicer to determine which repayment plan will best work for you.

Loan Forgiveness Programs

Loan forgiveness programs provide borrower’s with assistance in repaying their federal student loans. In addition to the following programs, some employers may also offer loan repayment assistance as an employment benefit.

$ALT also offers a comprehensive guide to student loan forgiveness and discharge - for additional loan cancellation and discharge details, visit Federal Student Aid.