Student Loan Repayment

The exit counseling provides important information to prepare you to repay your federal student loan(s). If you have received a Subsidized, Unsubsidized, or a Graduate PLUS loan you must complete the Exit Counseling each time you:

• Drop below half-time enrollment
• Graduate
• Leave school

To complete the Exit Counseling, please visit the Federal Student Aid website.

There are two types of student loans that Endicott awards students: federal and private.

Federal Loans

Federal loans include the Federal Stafford Loan (subsidized and unsubsidized), and Graduate PLUS loan(s). Refer to your Financial Aid Award for information about loans you have taken.

For a list of the federal student loans you’ve borrowed, please visit the National Student Loan Data System (NSLDS) Once there, you can see how much you owe, what your interest rates are, who your loan service provider is, and how you can contact them. (You will need to log in using the same FSA ID that you used to file your FAFSA each year.)

Private Loans

Private loans are student initiated through a lender such as a bank or credit union. For information about your private student loans, please refer to the documentation that was provided by your private lender when the loan was approved. If you’re unsure of who that lender is, please reach out to the financial aid office for help.

For help understanding the differences between federal, PLUS loans, and private student loans, please visit the Federal Student Aid website.

Federal Stafford loans automatically go into repayment six months from the date of graduation, from the date of withdrawal, or after you drop below half-time enrollment.

Parent and Graduate PLUS loans go into repayment after the last disbursement. The Direct PLUS loan can be deferred while the student is in school, but only if the borrower chooses this option.

Private student loans typically require payments to be made while the student is still in school, although some lenders will allow you to defer payments until after graduation.

There are several agencies that service federal direct loans. The Department of Education determines which agency will service your loans. When it comes time for you to pay back your federal student loans, you’ll have to make payments to the loan servicer who manages your loan rather than to the school itself.

When you borrow private loans, you will also need to make payments directly to your lender.

There are several Federal Student Loan repayment plans available to borrowers. Contact your loan servicer if you would like to discuss repayment plan options or change your repayment plan. To compare the conditions and details of each repayment plan, please visit the Federal Student Aid website. 

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It depends on the interest rates of the loans you’ve borrowed. Because interest rates vary from year to year, some loans will build interest more quickly than others. If you’ve borrowed private loans from different lenders, each loan may also have different repayment terms and some may be more advantageous than others. It is also important to note that not all loans can be consolidated. While having one payment will certainly be simpler, it may cost you more money in the long run.

Consolidating Federal Direct Loans

If you have multiple federal student loans, you can consolidate them into one single Direct Consolidation Loan. Please visit the Federal Student Aid website  to learn more about federal loan consolidation.

Consolidating Private Loans

In recent years, several lenders have introduced the ability for students to consolidate their private loans. The philosophy is that this consolidation loan pays off the underlying private loans into a single private consolidation. Interest rates on consolidated loans are based on FICO score, debt/income ratios and various interest rate indices.  

Immediately contact your loan servicer. More often than not, loan servicers will work with students who are unable to make payments. There are several different repayment plans, and one may work better depending on your financial situation.

If you skip a payment, your loan will be considered delinquent. You will also risk going into default, which will have very serious, long-term financial implications.

Some consequences of default include:

• The loss of federal student aid eligibility

• The garnishment of wages

• The possibility of being taken to court by your loan servicer

• The entire unpaid balance of your loan and any accrued interest being due immediately as one “accelerated” payment

For more information about delinquency and default, please visit the Federal Student Aid website.

If you have any issues with your private lender, please contact the Consumer Financial Protection Bureau for assistance.

Estimate your federal student loan payments.

If you’re trying to determine whether you’ll be able to afford to pay off your student loans with your current career trajectory, please visit the Occupational Outlook Handbook.

Students in need of certification of enrollment for the purpose of loan deferments do not need to submit a request. The Registrars Office utilizes the services of the National Student Clearinghouse for these purposes and submits monthly student enrollment updates to them. No additional request to your loan servicer or the school is required.  If you wish to discuss this further, please contact the Registrars Office at 978-232-2065 or registrar@endicott.edu.