Student Loan Repayment

Chances are you'll graduate with a combination of federal and private loans that could have different interest rates, repayment plans, and terms and conditions. There could also be multiple lenders/servicers involved.

Successful repayment requires an understanding of:

• the total amount owed
• who you must repay
• how much you can afford to pay each month
• your goals
• your repayment options
• your budget
• which payment plan will work best for you

Below are basic guidelines to follow as you prepare for repayment. This knowledge will help you select the payment plan that will work best for each of your loans.

Set financial goals to help develop a budget and manage debt.

Calculate your budget to determine how much debt you can afford to pay each month.

Estimate monthly payments, total payments (principal plus interest), and total interest paid for each available repayment option.

Review and choose the payment option that allows you to meet your financial goals based on your budget.