U.S. Department of Education Loan Payment
Currently, a number of American students are taking out both loans federal and private loans in order to cover the cost of their education. Notably, federal loans have many further categories and are disbursed by the U.S. Department of Education. Of course, students should understand the U.S. Department of Education loan payment procedures in detail even before applying for the loan so that they can plan accordingly.
Know Your Loan Servicer
After the U.S. Department of Education loan payment is made to students, each student is assigned to a loan servicer who is responsible for collecting payment from the students once the repayment time starts. If you do not know who your loan servicer is, then you may contact the National Student Loan Data System (NSLDS), where you can find out information about your loans and loan servicers after you provide your FSA ID. You can also learn about your U.S. Department of Education loan payment deadlines and repayment plan.
Choose the Right Repayment Plan
When you are exploring options for your U.S. Department of Education student loan payment plan, make sure that it is realistic and practical. Repayment time spans and total amounts you have to pay vary with each plan.
Federal Family Education Loan (FFEL) and Direct Loan repayment plans include the:
- Standard Repayment Plan
- Graduated Repayment Plan
- Extended Repayment Plan
- Income-based Repayment Plan
- Pay As You Earn Repayment Plan
- Income-Contingent Repayment Plan
- Income-sensitive Repayment Plan
Explore each plan in detail and discuss the best possible option for you with your loan servicer. Even if you have been assigned a certain plan, you can still request to change it. Also, if you have taken various loans from the U.S. Department of Education, you have the option of consolidating them so that you can have one repayment plan for all your loans.
Notably, if you cannot meet your scheduled payments, then you may seek deferment. There may be serious consequences if you default on your U.S. Department of Education loan payment, so it is very important to keep all of your options open in order to avoid such a situation.
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