Financial Aid

Federal Loan Repayment

Federal Loan Repayment Information
- Once you graduate, drop below half-time enrollment, or leave school, your federal student loan(s) go into repayment
- If you have a Federal Direct Unsubsidized and/or Graduate PLUS loan, you will be placed on an automatic deferment while in-school and for six-months after graduating, leaving school, or dropping below half-time enrollment – to manually request deferment, please complete the In-School Deferment Request Form
- Your Loan Servicer will automatically place you in a Standard Repayment Plan – students are able to request a new repayment plan at any time
- Your Loan Servicer will provide you with a loan repayment schedule that states when your first payment is due, the number and frequency of payments, and the amount of each payment
- Your billing statement will tell you how much to pay – your monthly payment amount depends on your repayment plan
- Visit the National Student Loan Data System (NSLDS) to view your overall borrowing and the status of your federal loans
- Further details concerning loan repayment plans can be found by visiting the Federal Student Aid website
- Additional information concerning Federal Repayment Plans and Federal Loan Statuses are below

Federal Repayment Plans

Standard Repayment Plan

Payments are a fixed amount that ensures your loans are paid off within 10 years (within 10 to 30 years for Consolidation Loans).

Graduated Repayment Plan

Payments are lower at first and then increase, usually every two years. Payment amounts are designed to ensure your loans are paid off within 10 years (within 10 to 30 years for Consolidation Loans).

Extended Repayment Plan

To qualify for this plan, you must have more than $30,000 in outstanding Direct Loans (if you’re a Direct Loan borrower). Payments can be fixed or graduated and will ensure that your loans are paid off within 25 years.

Saving on a Valuable Education (SAVE) Repayment Plan

10% of discretionary income.

Pay As You Earn (PAYE) Repayment Plan

10% of discretionary income but never more than what you would pay under the 10-year Standard Repayment Plan.

Income-Based Repayment (IBR) Plan

Either 10% or 15% of your discretionary income (depending on when you received your first loans) but never more than what you would pay under the 10-year Standard Repayment Plan.

Income-Contingent Repayment (ICR) Plan

The lesser of

20% of your discretionary income, or
the amount you would pay on a repayment plan with a fixed payment over 12 years, adjusted according to your income

Federal Loan Statuses

Loan Originated (IA)

A loan that is guaranteed.
Loan Originated (IA) status also includes PLUS loans not fully disbursed
A loan remains in a Loan Originated (IA) status until it enters grace or other appropriate codes.

In Repayment (RP)

A loan which is not in a condition authorizing cessation of payments (e.g., deferment or forbearance), and for which the student has begun repayment to the current holder.
A loan remains in an In-Grace Period (IG) status until the grace period has expired and repayment begins. A student who transfers and attends another institution, but who did not fully use the grace period, is reported as Loan Originated (IA).
A Federal Supplemental Loans for Students (SLS) or PLUS loan enters repayment the day the loan is fully disbursed unless a condition authorizing cessation of payments exists (e.g., deferment or forbearance).

In-Grace Period (IG)

A loan in the loan grace period.
A Grace Period is a set amount of time after a due date when a payment or performance can be made without penalty.

Deferred (DA)

A loan for which the lender has granted the postponement of periodic installment payments of principal because the borrower meets the eligibility requirements specified in regulations.
Before a Deferred (DA) code can be used, the grace period must have expired and the loan must have entered repayment. If the student continued or returned to school before the grace period expired, the loan is reported in an Originated (IA) status.

Forbearance (FB)

A loan for which a lender has granted the borrower a temporary cessation of payments, has allowed the borrower an extended period for making payments, or is temporarily accepting smaller payments than were previously scheduled.

Refinanced (RF)

A Federal Supplemental Loans for Students (SLS) or PLUS loan paid in full as a result of a borrower refinancing to obtain more favorable loan terms.
If a loan is refinanced, but is NOT paid in full, the Department of Education will continue to report the loan in the appropriate other Loan Status Code.

Canceled (CA)

A loan for which one or more of the following conditions exist:

None of the loan proceeds were ever disbursed to the student
None of the lenderís checks were cashed
All of the lenderís checks remained uncashed 120 days after disbursement
All of the loan proceeds in an escrow account remain undisbursed for more than 120 days after being transferred to the account
The disbursed amount is repaid in full within 120 days of disbursement and no further disbursements were made
The loan was fully discharged due to an Unpaid Refund Discharge

In-Military Grace Period (IM)

A loan not in repayment and the borrower is called or ordered to active military duty for longer than 30 days.
The In-Military Grace Period (IM) status should not be confused with a military deferment which is used for loans that have entered repayment. (The Department of Education will provide guidance on regulatory requirements and time limits.)

Paid In Full (PF)

A non-defaulted loan that the borrower has repaid in full to the lender, including principal, interest, and any other allowable charges.
If the loan is paid in full as a result of the borrower obtaining a consolidation loan, it will be reported as Paid in Full Through Consolidation Loan (PN).

Paid in Full Through Consolidation Loan (PN)

A non-defaulted loan that is paid in full as a result of the borrower obtaining a Consolidation Loan.

Disability (DI)

A loan for which the guaranty agency has paid a disability claim to the lender.
A loan for which a guaranty agency paid a bankruptcy claim to the lender, and then the borrower was certified for a total and permanent disability.

Defaulted (DF)

A loan for which the guaranty agency has paid a default claim to the lender and on which the guaranty agency is pursuing collection.
This includes defaults that are being contested.
This does NOT include loans that are currently referred to legal counsel for litigation.

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