Resources for Loan Borrowers

Take Charge of Your Student Loans

Now is the time to empower yourself.

Use these recommended resources and tools to familiarize yourself with the terms and conditions of your student loan(s). Student loan debt can feel overwhelming, but you may feel more in control if you start to manage your loan(s) before repayment starts.

Successful Borrowers tend to:

  • Understand student loans before borrowing.
  • Take an active role in the process. They are engaged by completing application requirements and ask questions along the way to understand student loans for themselves.
  • Only borrow what they need. They do their best to limit the loan debt borrowed throughout their education.
  • Keep track of the paperwork. They have a filing system to keep their loan information and correspondence organized. They know their loan types, the amount they borrowed, and interest rate(s).
  • Sign up for online accounts with their lender(s) or servicer(s), communicate with them, especially if experiencing financial difficulty, and update their contact information as needed.
  • Find out their repayment options and use reputable resources for more information.
  • Make informed financial decisions, and use a repayment calculator to estimate how much their lender(s) will expect them to pay back on a monthly basis after school.

Remember

You must keep in touch with your lenders and servicers; they have the most up-to-date information on your borrowed loans. However, feel welcome to contact us with questions too - the earlier, the better. We're here to assist you, even after you graduate.

Direct Stafford Loan Borrowers

Changing Your Loan Amounts

You are not mandated to accept the maximum loan amount offered on your award letter, although your signature on your electronic master promissory note (eMPN) allows the Financial Aid Administration office to make multiple loans to you under a single promissory note.

You should notify us immediately in writing if you want to borrow a lesser amount than what was awarded. In addition, you may cancel all or a portion of your loan(s) after the funds have been credited to your student account by notifying us in writing. Accrued interest may be owed to a lender if an unsubsidized loan return is not initiated within 30 days of loan disbursement to a student's account.

Get Organized

Deferment and Forbearance

If you are experiencing financial difficulties, signing up for active military duty, or intend to pursue a graduate degree, you may be able to postpone your payments. Having difficulty with your federal loan servicer? Read about the Federal Student Aid Ombudsman Group, and how they might be able to assist you.

Students who borrowed federal loans with a private lender under the FFEL program prior to July 1, 2010 should contact their lender(s) to determine their eligibility.

Federal Direct Consolidation Loans

A Direct Consolidation Loan allows qualifying federal loan borrowers to combine one or more of their federal education loans into a new loan. Please note that consolidating your federal loans is irreversible once approved. Read FAQ regarding Direct Consolidation.

Direct PLUS Loan Borrowers

Changing Your Loan Amounts

You may cancel all or portions of your loan(s) after the funds have been credited to your student's Bursar account by notifying us in writing. Accrued interest may be owed to a lender if a loan return is not initiated within 30 days of loan disbursement to a student's account.

Up to June 30 annually, the PLUS borrower may also request an adjustment to the amount of the Direct PLUS loan borrowed in writing to our office. Please direct your request to the attention of the Loan Coordinator. 

Get Organized

  • Download this form to help you organize your Direct PLUS loan accounts, especially if you have multiple federal loan servicers.
  • If you are unsure who your loan servicer is, you can look it up on the National Student Loan Data System (NSLDS) or call the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243; TTY 1-800-730-8913). You may also contact your lender if you wish to delay repayment on your Direct PLUS Loan(s) until six months after the student has ceased at least half-time enrollment.

Repayment

The borrower, whether a parent or independent graduate student, is responsible for repayment of this loan. Effective July 1, 2008, PLUS borrowers have the option of beginning repayment either 60 days after the loan is fully disbursed, or defer until six months after the dependent student on whose behalf the loan was obtained ceases to be enrolled on at least a half-time basis.

The Federal Direct PLUS Loan program offers various repayment plans designed to meet the needs of almost every borrower. You will have from 10 to 30 years to repay depending upon the repayment plan chosen by the PLUS borrower. Plan ahead for repayment and budget wisely. 

A detailed explanation of your full rights and responsibilities as a PLUS loan borrower are available on your signed master promissory note. Direct PLUS loans borrowed after July 1, 2009 can retrieve electronic promissory note copies on StudentLoans.gov. All prior year borrowers should request a hard copy from their lender(s) directly.

Deferment and Forbearance

PLUS borrowers who are experiencing difficulty making their loan payments, may be able to postpone payments by requesting a deferment or forbearance request from their assigned servicer. 

Having difficulty with your federal loan servicer? Read about the Federal Student Aid Ombudsman Group, and how they might be able to assist you.

Private and Alternative Loan Borrowers

Changing Your Loan Amounts

You should notify us immediately in writing if you want to borrow a lesser amount than what was originally requested on your loan application, and what was certified. In addition, you may cancel all or a portion of your loan(s) after the funds have been credited to your student account by notifying us in writing. Accrued interest may be owed to a lender if a loan return is not initiated within 30 days of loan disbursement to a student's account.

  • Financial aid administrators can determine a student's financial aid eligibility to borrow additional loan funds, but cannot approve a credit line for an increase in a borrowed private loan. Instead, private loan borrowers must contact their lender to request an increase if needed.

Get Organized

  • Use repayment calculators to project your estimate monthly payments.
  • Plan ahead and limit the amount of student loan debt you borrow.
  • Learn financial literacy and better manage your personal finances.
  • Register for an online account with your lender to follow along and manage your private loans electronically.
  • Contact your private loan lender and ask about the repayment plans and benefits (ways to reduce your interest rate) available before you enter repayment.

Deferment and Forbearance

If you are experiencing financial difficulties, signing up for active military duty, or intend to pursue a graduate degree, you may be able to postpone your payments. Contact your lender to learn about your eligibility.

Having difficulty with your private loan lender? Read about the Consumer Financial Protection Bureau, and how they might be able to assist you.

Students who borrowed federal loans with a private lender under the FFEL program prior to July 1, 2010 should contact their lender(s) to determine their eligibility.