Prepare for Repayment After School
Who do you contact if you have questions about repayment plans? Your school's financial aid office Your loan servicer Your parents
Your loan servicer
Who do you contact when it's time to enroll in a repayment plan? Your school's financial aid office Your loan servicer Your parents
Your loan servicer
What percentage of your gross salary does the Consumer Financial Protection Bureau suggest your student loan payment be in order to be affordable and limit your risk of delinquency and default? No more than 14% No more than 20% No more than 8% None of the above
No more than 8%
Choose the Right Repayment Plan for You
There are several things you can do to prepare for the repayment of your federal student loans after you finish your program and leave school, including knowing there are multiple repayment plans available to you. What You Need to Know: There are two types of repayment plans: traditional repayment plans and income-driven repayment plans. Under a traditional repayment plan, your required monthly payment amount is based on the loan amount that you owe, the interest rate on your loans, and the length of the repayment period. Under an income-driven repayment plan, your required monthly payment amount is based on your income and family size. Your loan servicer can provide detailed information about repayment plan options. You cannot enroll in a repayment plan until you leave school, withdraw, drop out, or fall below half-time enrollment.
