MyStafford Loan Repayment

If you take out a student loan your new mantra should be “Every dollar I borrow will have to be repaid!”

Only borrow what you need because you will have to repay it. All too often, in school years of no student loan payments leads to out-of-sight, out-of-mind borrowing. However, when your grace period (six months after a drop in enrollment below half time) is over, your first student loan payment will be due.

Under standard repayment terms your monthly payment will be set to a 10 year repayment schedule with a $50.00 minimum. There is no penalty for pre-payment of a loan.

Defaulting on your student loan has many negative consequences, such as negative credit reports, collection costs, and denial of future federal student loans as well as licensing renewal in some states,. That being said, there is no reason for you to default. MyEd student loans has many resources and highly trained team members that can assist with your repayment needs.

While the following options are designed to help you, it is important to remember that interest is continuing to accrue on your Unsubsidized Loans during periods of reduced payments and non-payment. Contact MyEd student loans Customer Service for additional assistance.

Deferment

A deferment is a period of time during repayment in which the borrower, upon meeting certain conditions, is not required to make payments of loan principal.

Economic Hardship Deferment Request Form
Education Related Deferment Request Form
In-School Deferment Request Form
Loan Discharge Application: Total and Permanent Disability
Military Deferment Form
Parental Leave/Working Mother Deferment Request Form
PLUS Borrower with Dependent Student Deferment Request
Public Service Deferment Request Form
Unemployment Deferment Request Form

Forbearance

A period of time during which a borrower, who is willing and unable to make payments and who does not qualify for a deferment, is permitted to temporarily cease making payments or reduce the amount of payments. Some forbearances are entitlements for eligible borrowers, while others are granted at the discretion of MyEd student loans. The borrower is always responsible for repayment of accrued interest charges. The borrower can make interest-only payments, or the interest will be capitalized (added on to the principal).

Graduated Repayment

Your payments will start out lower and gradually increase over time with the assumption that your income will increase over time. Generally, payments increase after the first 24 months of repayment.

Income Sensitive

Payment will be based on your gross monthly income and other expenses You will be asked to provide your gross monthly income information from employment and other sources. Verification of this income will be required if it is determined that the maximum repayment term will be exceeded. Income-sensitive repayment schedules are in effect for 12-month increments. Payments must cover at least the interest, which accrues between payments.