Prepare for Loan Repayment
Taking a realistic approach to your student loan borrowing now can set you up for success when it’s time to start repayment.
Here are some practical steps to help you get ready:
- Federal Student Aid Repayment 101: Review the guide to understanding the basics of loan repayment.
- Update Your Contact Information: Log into your account at Federal Student Aid to ensure your information is accurate.
- Loan Servicer: Find your Student Loan Servicer to ask if they offer autopay and whether signing up could earn you an interest rate discount.
- Explore Repayment Plans: Use the Loan Simulator tool to research affordable repayment options that fit your financial situation.
- Check for Loan Forgiveness: See if you qualify for any targeted loan forgiveness programs, such as Public Service loan Forgiveness, Teacher Loan Forgiveness, and Perkins Loan Cancelation and Discharge.
Exit Counseling
You are required to complete loan exit counseling if you have received a Federal Direct Loan, Federal Perkins Loan, or a Federal TEACH grant and:
- have applied for graduation,
- are leaving DePaul, either permanently or for a period of time, or
- are enrolled less than half time, either permanently or for a period of time.
These three aid programs have their own exit counseling. If you received aid from multiple aid programs, you must complete separate exit counseling for each. In this federally required exit counseling, you will learn about the next steps with your federal student loans and/or TEACH Grant. The Office of Financial Aid will receive confirmation upon your completion of this requirement.
We have partnered with Student Connections to make understanding the repayment process easier for you. Contact them with your loan repayment questions.