University of Redlands

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Loan Repayment

Federal Student Aid has provided a short video with information about what to expect when entering repayment.


 

To view the total amount of federal loans that you have borrowed, you can go to nslds.ed.gov and log in to view the breakdown of subsidized, unsubsidized, and total loan amounts borrowed, as well as the Loan Servicer assigned. You will want to contact the servicer listed, to discuss the various repayment options offered, and select the one that is best for you.

You can also go to the Repayment Estimator on www.studentaid.gov to get an idea of the various options available, and what the current and future payments would entail.

Repayment Facts

  • There are various repayment plans available. You can discuss your options with your loan servicer.
  • When you enter repayment, you will be asked to select a repayment plan. If you do not choose a repayment plan, you will be placed into a standard repayment plan which pays off your loans in 10 years.
  • You can contact your loan servicer to switch repayment plan at any time.
  • You can select your payments to be based off of your income, by utilizing an income-driven repayment plan.

 

Loan Repayment Estimator

Balance at Repayment

4.45% 

Monthly Payment*

5% 

Monthly Payment*

7%

Monthly Payment*

10.50%

Monthly Payment*
$5,000 $52 $53 $58 $67
$10,000 $103 $106 $116 $135
$20,000 $207 $212 $232 $270
$40,000 $414 $424 $464 $540

* Monthly payment rate is based on a 10-year (120 month) plan 

Contact Your Servicer Today

3 Ways To Get Back on Track with Loan Repayment

1. Change your payment due date. Contact your loan servicer to adjust your payment due date, to better coincide with when you are paid.

2. Select a different repayment plan. Contact your loan servicer to discuss the various repayment plan options, and select which one works best for you and your current situation.

3. Consolidate your loans. Combining your federal direct loans may be helpful to have one monthly payment.

Read more information here on getting out of loan default.

Deferment & Forbearance

This document provides information on deferment and forbearance. You can review this and contact your loan servicer to discuss if you are eligible for either if you are having difficulties making payments.