Upon graduation, many of you are planning for the future – including how to pay off your student loans. Typically graduates have a 6-month grace period before repaying your loans.
Recently the federal government developed new programs allowing you to consolidate your loans with the goal of significantly reducing your monthly payment. There is no fee or cost to do this!
- Visit this website: http://www.loanconsolidation.ed.gov/
- Choose “Borrower Services.”
- You will need your Federal Student Aid Pin to sign up – the same PIN you use to complete your FAFSA. If you do not have a PIN or have forgotten it, see http://www.pin.ed.gov/PINWebApp/pinindex.jsp
- You can apply and get immediate approval online.
There are some situations which allow you to further defer your loans, such as attending graduate school. For more information, see: http://studentaid.ed.gov/repay-loans/deferment-forbearance
If you are not sure how much financial aid you received during school, visit the National Student Loan Data System: http://www.nslds.ed.gov/nslds_SA/ This database tracks all the Title IV loans and grants you received over the course of your studies.
Email any questions you have to mymoney@towson.edu
