After I Graduate
Congratulations! Now that you have graduated from college, there are several things you will need to know depending on the financial aid you received. Since scholarships and grants do not need to be paid back, paying off your student loans will be your primary concern.
A good repayment record helps you establish a good credit rating by demonstrating responsibility in handling a large amount of money. When you wish to buy a house or car, lenders will finance these purchases at more favorable rates because of your good credit.
Our
Loan Repayment Guide will help you understand what you need to know about the benefits of a good repayment record and the penalties if you do not pay off your loan in accordance with its terms.
Federal Stafford or Perkins Loans
If you have borrowed money through Federal Stafford or Perkins loans, you will be required to attend an exit counseling session for each type of loan. You may do this either in person or online — your college will let you know how the sessions may be scheduled. An exit counseling session will remind you of your rights and responsibilities as a student loan borrower, advise you of repayment options and detail the consequences of defaulting on your loans.
Repaying your student loans can help you establish a good credit rating.
Defaulting on your loans can result in legal action against you, expensive collection fees, seizure of your income tax refunds, wage garnishment and it will make you ineligible for financial aid in the future if you decide to go back to college.
There are many options available to help you pay your student loan debt. Your lender will be willing to work with you on ways to keep you out of default.
Loan Repayment Guide
Repayment of Federal Perkins Loans
Repayment of Federal Stafford Loans
Consequences of Default |