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Loan Repayment

Student loans are just as real as car loans or mortgages. You have to pay back your student loans to the federal government (or the private lender who serviced your Federal Direct Loan). Be aware of your obligations so you can stay on top of your loans.

Prior to Leaving JWU
Take the time to meet with a financial advisor to complete exit counseling. You will receive a loan history, which lists the names of your lenders and how much you borrowed. Also, your account will be reviewed to make sure all other financial obligations to the university have been met (this will allow you to avoid holds that prevent the release of your transcript or, if applicable, diploma).

Grace Periods
After you graduate, leave school, or drop below half-time enrollment, you have a period of time before you have to begin repayment. This “grace period” is

  • six months for a Federal Direct Loan
  • nine months for Federal Perkins Loans (repayment is made to JWU)

Your grace period begins the day after you stop attending school on at least a half-time basis. Once your grace period ends, you must begin repaying your loan(s). If you re-enroll in school at least half time before the end of your 6-month grace period, you will receive the full 6-month grace period when you stop attending school or drop below half-time enrollment.

We can't emphasize enough the importance of making your full loan payment on time and according to your repayment schedule. If you don't, you could end up in default, which has serious consequences.

Loan Status
You can review a comprehensive list of your loans through the US Department of Education's National Student Loan Data System (NSLDS). The site allows you to access information on loan and/or federal grant amounts, your loan status (including outstanding balances), and disbursements made. Select Financial Aid Review, then follow the on-screen instructions.

The Financial Aid Review also lists the loan type (FFEL or Direct Lending). Direct loans are repaid to the federal government; FFEL Program loans are repaid to the lender you selected on your master promissory note.

Learn more about repayment options, Perkins loans, avoiding default and debt management and education.