Student Loan Repayment
Understanding the student loan repayment process and your options is a integral part of borrowing.
Required Loan Exit Counseling
Loan exit counseling is a requirement before you graduate, leave school, or drop below halftime enrollment. You will receive important information about your rights, responsibilities, and obligations.
Federal Direct and Grad PLUS Loan exit counseling may be completed online at
Federal Perkins Loans also have loan exit requirements:
- Contact the WSU Student Accounts Receivables Office at (313) 577-3656.
- How much do you owe?
- When does repayment begin?
- How much will payments be? - Loan Calculators
- Should you consolidate?
- What deferments & forbearances are available?
- Trouble making payments?
- Loan Forgiveness & Loan Cancellation Benefits
- More Resources
You can review your federal loan listing online through the National Student Loan Data System at
Federal Loan Servicers
Find your federal loan servicer at www.nslds.ed.gov, the National Student Loan Data System.
- Direct Loan Servicing: www.dl.ed.gov, 800-846-0979
- Fedloan: www.myfedloan.org, 800-699-2908
- Great Lakes: www.mygreatlakes.org, 800-236-4300
- Nelnet: www.nelnet.com, 888-486-4722
- SallieMae: www.salliemae.com, 800-722-1300
Alternative Loan Lenders
Alternative loans are not listed on this federal database and you should contact your lender for your alternative loan debt and required monthly payments.
Repayment begins after you graduate, leave school, drop below half time or when your grace period expires.
- Federal Direct Loans have a 6-month grace period
- Federal Perkins Loans have a 9-month grace period and a fixed 5% interest rate
- Federal PLUS Loans do not have a grace period, but you may request a forbearance from your lender to align repayment with your Stafford loans
- Federal Loan Repayment Calculators
- FinAid! Loan Calculators
- Mapping Your Future Loan Repayment & Budgeting Calculators
Consolidation may reduce your monthly payments and make you eligible for certain loan forgiveness programs. However, you will also pay more interest in the end and may lose valuable repayment or loan cancellation benefits on certain loans.
Consolidation of your Perkins Loans is not recommended if you anticipate you will be eligible for Law Enforcement cancellation.
More information, including repayment calculators, can be found at:
Deferments and forbearances are available to eligible borrowers to temporarily suspend monthly loan payments.
If you have problems making your loan payments, you should immediately contact the servicer of your loan for more information. You may qualify for a deferment or financial hardship forbearance. See studentaid.ed.gov .
HELP for Borrowers Who are Having Trouble Repaying Education Loans
- Solutions for Borrowers
- Student Loan Borrower Assistance
- Postponing Repayment - Info for Graduates
- Educational Debt Relief Webinars
Loan repayment assistance can come in the form of scholarships or loan forgiveness programs from a variety of sources.
- Student Debt Relief, Equal Justice Works
- Department of Education
- Debt/Salary Wizard
- 10 Steps for Managing Your Student Loan Debt
- Student Loan Borrower Assistance
- Federal Student Aid Ombudsman
Visit our Financial Tools page for more information and strategies for managing your finances.
Visit our Loan Consolidation page for information on consolidating your federal loans.
Visit our Loan Default page for information on the consequences of default.