Repaying your student loan is an important responsibility. To help you manage repayment, this guide provides helpful information about your rights and responsibilities as a borrower and the repayment options available to you. In addition to outlining the repayment process, this guide also provides tips for successful repayment.

Exit Counseling

If you have a Stafford or Grad PLUS loan, federal law requires you to participate in an exit counseling interview when your enrollment status falls below half-time or just before you graduate (whichever comes first). At that time, your school will contact you to schedule your interview and tell you whether you can complete it on campus or online.

During the interview, your rights and responsibilities are explained and you’re asked to update important loan record information such as your address, telephone number, employer and repayment plans.

BorrowerRights

You may prepay your loan at any time or make payment in full without penalty. You may request a deferment or forbearance during your repayment period. Deferments are entitlements, which means they must be granted to eligible borrowers. However, most forbearances are granted at the loan holder’s discretion.