Wayne State University

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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:

How much do you owe?

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.

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. 

 When do you begin repayment?

Repayment begins after you graduate, leave school, drop below half time or when your grace period expires.

 How much will your payments be?

Should you consolidate?

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:

What deferments & forbearances are available?

Deferments and forbearances are available to eligible borrowers to temporarily suspend monthly loan payments.

What if you have trouble making 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

 Do you qualify for loan forgiveness or cancellation?

Loan repayment assistance can come in the form of scholarships or loan forgiveness programs from a variety of sources.

See our Loan Forgiveness Web page for more information on Student Loan Forgiveness Programs.  

 More Resources

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.