Repaying College Debt
Step 1: Know who you owe
Federal Loans
You can find all of your outstanding federal loans by visiting the Federal Student Aid (FSA) website. Visit FSA to view your loan information and your loan lender. Visit your own lender to track your federal loans until they are paid in full, allowing you to see exactly how much you owe.
Private Loans
There is no data base for your private loans. If you are unsure of who you owe you can receive a free copy of your credit report at . This will allow you to see how much you owe and to whom.
Step 2: Select Your Repayment Plan
Once you know how much you owe, you can look at options to repay your loans. If you do not sign up for a repayment plan, you will automatically be enrolled in the standard repayment plan. To change your plan you will need to contact your servicer or sign up for a plan through your FSA account.
Review the different .
Use the to determine your monthly payments on different plans
Step 3: Stay in Contact
Let your servicer know if your name, address, or phone number changes. If your financial circumstances change, you may want to switch into a different repayment plan. If you are worried that you might have trouble making your payments, contact your servicer(s) as soon as possible. You may be eligible to postpone (defer) your payments for a given period of time. You may be eligible for a forbearance as well (temporarily lower or suspend your payments). These options are available only if you are current on your loan. Get help before it is too late.
Step 4: Consider Loan Forgiveness Options
Depending on your future career you may be eligible for loan forgiveness. Details of this program can be found by visiting: . Two specific programs are the Direct Loan Forgiveness Program for Teachers and the Public Service Loan Forgiveness.
*Loan Consolidation
Loan consolidation can be a useful tool to get a handle on your federal loans but it is not right for everyone. Make sure you understand the benefits and downfalls of consolidation before you go that route. Visit: to learn more about consolidation as well as use the online calculator to determine what your monthly payments will be.