Making Payments

You CAN pay back your student loan.

School is over, and it's time to pay back the money you borrowed.

You MUST pay back your loan even if you didn't graduate, did not finish your education within the regular time frame, aren't satisfied with the education you received, or can't find a job.

Important!

When it's time to start paying back your student loan, you will receive a document called a "Repayment Disclosure" from your lender/loan servicer. If you do not receive this document before you enter repayment, contact your lender/loan servicer as soon as possible. Your lender/loan servicer will be able to tell you when your first payment is due, the amount of your payment, and where to send it. You must begin repayment on time even if you do not receive a Repayment Disclosure.

Helpful Hint

Don't know who services your federal loans?
To find out, sign in to NSLDS.ed.gov using your PIN. Keep track of all of your servicers (PDF) and their contact information.

Test Your Knowledge

What was the average student loan debt among seniors graduating with a bachelor's degree in 2007–2008?

  1. less than $10,000
  2. $10,000 to $20,000
  3. greater than $20,000

3. ›greater than $20,000

According to the National Center for Education Statistics (NCES) National Postsecondary Aid Study (NPSAS), the average student loan debt among these students was $23,350.

Source: The Institute For College Access & Success, 2007–2008