Preparation for Borrowers

Before You Borrow

• Borrow only what you need. Student loans must be repaid—with interest—so plan wisely.
• Use budgeting tools to calculate how much you’ll need for tuition, books, transportation, and living expenses.
• Understand your borrowing limits based on your dependency status and class level. Learn more about limits on studentaid.gov.

Tracking Your Loans

• You can view your full loan history by logging in to your Federal Student Aid dashboard.
• Make sure your contact information is always up to date. This ensures your loan servicer can reach you with important updates.
• Use the Loan Simulator to estimate future payments and explore options.

Loan Repayment Basics

• Repayment begins when you graduate, leave school, or drop below half-time enrollment.
• You’ll get a 6-month grace period before your first payment is due.
• Federal student loans offer several repayment plans. You can choose a plan that fits your income and life circumstances.
• Learn more about repayment at studentaid.gov/manage-loans/repayment.

Loan Forgiveness Options

• Some borrowers may qualify for forgiveness, cancellation, or discharge of their federal student loans.
• Common options include:
  • Public Service Loan Forgiveness (PSLF)
  • Teacher Loan Forgiveness
  • Income-Driven Repayment forgiveness
• Learn more at studentaid.gov/manage-loans/forgiveness-cancellation.

Avoiding Default

• If you’re struggling to make a payment, contact your loan servicer right away.
• You may be eligible for deferment or forbearance to pause your payments temporarily.
• Missing payments can hurt your credit and make your loans harder to manage in the future.

Watch: How to Repay Your Federal Student Loans

This short video from Federal Student Aid offers a helpful overview of what to expect when it’s time to repay your loans.