• DIRECT LOAN REPAYMENT PLANS
The federal government offers several payment plans for Direct Subsidized and Unsubsidized and Direct Graduate PLUS Loan borrowers. Standard, extended, or graduated payment plans will determine the amount of your monthly payments, the number of monthly payments and the total amount that you owe with interest.
Some students may be eligible for special repayment programs based on income after graduation. Examples of these are Income-Based, Income-Contenigent and Income-Sensitive plans. Pay-As-You-Earn Repayment is based on 10 percent of discretionary income, with payments changing as income changes.
For more information about all federal student loan payment options, visit the U.S. Department of Education’s Direct Loan Repayment Plans page.
• ESTIMATING YOUR MONTHLY PAYMENTS
For a one-stop calculator, try the Repayment Estimator tool at StudentLoans.gov that uses real-time loan data. Sign in with your federal FSA ID to access your data and get an early look at which plans you may be eligible for and compare monthly payments.
The U.S. Consumer Financial Protection Bureau also has an online interactive Repay Student Debt tool that takes you through a series of questions to help you determine your best repayment options.
You may also visit the U.S. Department of Education StudentAid.ed.gov website for links to a variety of repayment calculators to help you decide on a plan. For these, you will need the cumulative amount of your federal loans; log into the National Student Loan Data System (NSLDS) with your federal FSA ID to retrieve this information.
Other Calculators and Loan Repayment Tool s
• REQUIRED EXIT COUNSELING
Repayment of your federal Direct Loans begins six months after you graduate, withdraw from classes or drop below half-time enrollment. Students borrowing through the Federal Loan Program are required to do online exit counseling.
The process is simple. Visit studentloans.gov . log in with your federal FSA ID, Social Security number and date of birth, select the “Complete Counseling,” choose “Exit Counseling” and follow the instructions. (If you do not have an FSA ID, visit https://fsaid.ed.gov and select “Create an FSA ID.”)
There are options to explore during your exit counseling session. If we can assist you or answer any questions, please call 734-763-6600 or contact us . The U.S. Department of Education has additional information that may help to explain Direct Loan online counseling. Download a PDF for reading, saving or printing.
• LOAN REPAYMENT HELP
Specific information about average student loan debt and other data about U-M students can be found in The Michigan Almanac from the U-M Office of Budget and Planning. To calculate your own situation, visit studentaid.ed.gov/repay-loans and select the calculator links.