Repaying Your Student Loan

Learn more about your responsibilities as a borrower and about the exit loan counseling requirement.

A student loan is a serious and important financial obligation, and you must repay your loan.

You are required to repay your loan(s) regardless of whether you complete your education, are able to find employment, or are satisfied with your education.
Repayment is required according to the terms of your promissory note.
You must provide your loan servicer with corrections to your name, address, references, Social Security number, and driver's license information.
You may be able to apply for deferment, forbearance, or cancellation of your loan payments. (Refer to your promissory note.)
If you do not apply for deferment or cancellation, you must pay your loan(s) as scheduled.
You can prepay all or part of your loan(s) at any time without penalty.
You may be eligible to defer repayment if you go to another institution of higher education. Contact Financial Aid Department: (858) 499.0202.

Complete your exit loan counseling

If you are a student loan borrower, federal regulation requires you to complete exit loan counseling.

You should complete exit loan counseling when you:

You satisfy the requirement when you:

Understand your rights and responsibilities as a borrower (information provided below) and complete your online exit loan counseling: http://www.nslds.ed.gov/nslds_SA/SaEcWelcome.do

You must start repayment after the grace period ends.

The grace period begins when you:

The length of the grace period depends on the loan program:

The information below pertains specifically to Perkins and Institutional loan borrowers unless stated otherwise.

Deferment is a period of time during repayment in which the borrower, upon meeting certain conditions, is not required to make payments of loan principal and sometimes interest.
Consolidation combines all of your federal loans into one loan.

You must be in your grace period or repayment period to apply for consolidation.
Your interest rate will be lower if you consolidate during the grace period.
Your interest rate will be fixed for the length of the loan.

Consolidation information for all borrowers is available at the Federal Student Aid websites.
For more specific information, read your promissory note(s), or contact your loan servicer.

Find your lender:

See a list of all your federal loans at the National Student Loan Data System.
Find each loan's "Current Servicer" contact information on the National Student Loan Data System, or review this listing of the Federal Direct Loan Servicers.

Resolve a dispute with your lender/loan servicer:

If you are unable to resolve a dispute with your lender/servicer concerning the terms of your student loan, you may contact the Department of Education Ombudsman, 830 First Street, NE Fourth Floor, Washington, DC 20202-5144, (877) 557-2575

Note: If you cannot meet the repayment schedule on your University-based student loan(s), contact the Financial Aid Department at (858) 499-0202.

If you are delinquent on your student loan(s):

You may have to pay late fees, collection costs, and/or interest in addition to the loan amount.
Your credit rating may be adversely affected.
Your state income tax refund could be withheld.
Your wages may be garnished.
You may be ineligible for further student aid, deferments, forbearances, and loan consolidation.

Questions? Contact Coleman University's FA Department at (858) 499-0202.