Student Loan Checklist for Graduating Students

   

Graduating Students

Student Loan Checklist for Graduating Students

  1. Complete Exit Loan Counseling
    All federal student loan borrowers must complete Exit Counseling. Exit Counseling provides important information to prepare you to repay your federal student loans. It explains your loan responsibilities and when repayment begins. You are required to complete exit counseling before you graduate. Please complete Exit Counseling.
     
  2. Review your Loan History
    • Review and access your loan history by logging into your Federal Student Aid account.
    • Get to know your loan servicer. It’s important that you know who your loan servicer is and how to get in contact with them because you will eventually be making your loan payments to your servicer. Ensure you create an online account on your loan servicer’s website.
    • Make on-time payments to your loan servicer. Your loan servicer will provide you with a loan repayment schedule that tells you when your first payment is due, the number and frequency of payments, and the amount of each payment. Contact your loan servicer if you haven’t received this information.
    • To make repayment simple, you may enroll in auto-pay.  Once you enroll, your payments will be automatically taken from your bank account each month. For additional information, check with your loan servicer for details.
  3. Review Loan Repayment Options
    • Repayment Plans: Review the various Repayment Plans that are available. You can pick from repayment plans that base your monthly payment on your income or plans that give you a fixed monthly payment.
    • Grace Period: For most federal student loan types, there is a six-month grace period before you must begin making payment.
    • Create a Budget: Review your income and expenses to determine how much you can realistically afford to pay monthly toward your federal student loans. There are tools to help you create and plan your budget.
    • Loan Simulator: The Loan Simulator helps you estimate monthly student loan payments and choose a loan repayment option that best meets your needs and goals.
  4. Learn About Loan Consolidation
    • A Direct Consolidation Loan allows you to combine all your federal student loans into one loan with one monthly payment.
  5. Learn If You Qualify for Loan Forgiveness
    • ​​Public Service Loan Forgiveness (PSLF) Program: If you’re employed by a government or not-for-profit organization, you might be eligible for the PSLF Program. You must make 120 qualifying payments under an acceptable repayment plan to qualify and be working full-time for an eligible employer. For more information see Public Service Loan Forgiveness.
    • Teacher Loan Forgiveness (TLF) Program: You may qualify for this program if you teach full-time for five complete and consecutive academic years in a low-income school or educational service agency and meet other qualifications. For more information see Teacher Loan Forgiveness.
  6. Know Your Options If You Can’t Make Your Loan Payment
    • If you don’t pay the full amount due on time or if you start missing payments, your loan will be considered delinquent, and late fees may be charged to you. 
    • If you can’t make your payments, contact your loan servicer immediately for help. Your loan servicer may offer you temporary or long-term options, such as changing repayment plans, deferment, forbearance, or loan consolidation.
    • Always contact your loan servicer if you are having trouble making payments and to manage your loans.
  7. Private Loans
    • If you have borrowed private loans, contact your lender and confirm the total loans you have borrowed
    • Make sure you have access to your lender account portal
    • Work with the lender to understand your loan repayment options
Resources for Repaying Your Loans