Federal Student Loan Repayment
For federal student loans, you have a grace period when you graduate, leave school, or drop below half-time enrollment before you begin repayment.
- Six months for a Federal Stafford Loan
- Nine months for a Federal Perkins Loan
- Nine months for a Nursing Student Loan
For additional information, visit the Department of Education Student Aid on Repaying Your Loans. The information includes Exit Counseling, Repayment Options, Difficulty Repaying, Loan Discharge (Cancellation), Loan Consolidation, and Loan Default. For print information, you can download The Guide to Federal Student Aid: Funding Your Education.
Federal Loan Consolidation
A Consolidation Loan allows you to combine all of your federal student loans into a single loan. Consolidation loans have a fixed interest rate based on the weighted average of the interest rates of the loans being consolidated. Consolidation for student loans is only available after the student is no longer enrolled. Remember that although consolidation can simplify loan repayment it can increase the total cost of repaying your loans. For more information visit the Direct Consolidation Loan Application or call 1-800-557-7392.
Private Loan Refinancing
If you borrowed to pay for college, it is important to remember that student loans have to be repaid. Refinancing is one option to consider as you begin repayment.
Refi loans combing all your private student loans and possibly federal student loans into one loan and one payment with an interest rate based on your current situation. This option may reduce the amount you pay and/or provide a more manageable monthly payment amount.
Please Note: If you combine federal loans with private loans, make sure you clearly understand any impact to losing federal loan repayment benefits.
INvestEd works with Indiana families to help them make responsible decisions in the refinancing process and offers refinancing options designed specifically for Indiana residents. Learn more about the INvestEd Refi Loan, or Apply Now.
Important information as your consider refinancing:
- Identify all your current loans (lender, service, type of loan, type of interest rate, borrower benefits, repayment options, etc.)
- Understand that you may need a cosigner to refinance your loans
- Refinancing is not always the best solution, so review the possible rates and overall costs to determine if this the right choice for you.