Student loans must be repaid to the federal government (or to the private lender who serviced your Federal Direct Loan). 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. Prior to Leaving JWU Take the time to meet with a financial advisor to complete exit counseling. They will go through your loan history and make sure that all other financial obligations to the university have been met. 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 Stafford Loan, and nine months for a Federal Perkins Loan (repayment made to JWU). Loan Status Review a comprehensive list of your loans through the US Department of Education's National Student Loan Data System (NSLDS). Select Financial Aid Review, then follow the on-screen instructions.