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Welcome: How The Online Counseling Session Works Step One: Understanding Your Responsibilities Step Two: Preparing to Pay Back Your Student Loans Step Three: Payment Plans and Billing Procedures Step Four: Loan Deferment, Forbearance and Cancellation Benefits Step Five: Loan Consolidation May Be Helpful Step Six: Avoiding Delinquency and Default |
Step Two: Preparing to Pay Back Your Student LoansAs you leave school, you may have new expenses to budget for such as: rent or mortgage payments, car payments, insurance, utilities, food and clothing. Along with your other living costs, be sure to keep your student loan payment in mind when developing your budget. Credit Bureau ReportingYour student loans are a serious obligation, and an important part of your credit history. All loan advances you have received were reported to three national credit bureaus when they were initially disbursed to you, and will continue to be reported monthly until your loan is repaid in full. Separation DateYour separation date is the date your loan goes into repayment when you graduate, leave school or drop below half-time enrollment. The separation date is calculated based on the loan program you borrowed from:
Grace PeriodMost long-term student loans have a grace period, which begins one day after your separation date. This is a period of time when no payments are required, and interest does not accrue on subsidized loans. The grace period may range from 0 to 12 months, depending upon the loan program you borrowed from. To keep you informed, we will send you two notices while your loan is in grace status. Installment PaymentsLoan installments are billed quarterly (every three months). However, monthly payment plans are available upon request. Each loan program has a minimum quarterly payment requirement, shown in the chart below. Your installment payment may be greater than the minimum to repay your loan within the maximum repayment period (which is usually ten years).National Student Loan Data SystemThe National Student Loan Data System (NSLDS) is an online source of information about all of your Title IV student loans (including Federal Direct Stafford and PLUS loans). At this site you can make inquiries and see your loan amounts, outstanding balances, status of your loan and disbursements. Please note, though, that Health Profession, Nursing and Institutional Loan information is not available through NSLDS.Billing InformationIf you don't receive any billing notices or repayment information, and the University of Washington is the lender for your loan, contact the Student Fiscal Services Office for assistance:
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