Plan for Repayment
How Much Will I Need to Borrow ?
You can find tuition and related charges on the website of the Office of Student Finance. You will also find a worksheet that will help you calculate what you will owe after all of your financial aid has been credited to your account.
Be sure to consider the option of the monthly budget plans to help you minimize your overall loan debt. Tuition Management System's Borrow Smart Program will help you work through the benefits of various financing options.
Keep In Mind You Must Repay Your Loans !
Students should make every reasonable attempt to minimize the amount that they borrow. A good "rule of thumb" is to borrow only what you need. Check the section on Money Management for Undergraduates for online resources to help you in budgeting, especially while you are in school. You don't want to have to "live like a student" after you graduate.
- Keep track of all your federal student loans by utilizing the National Student Loan Data System for Students
- If you have trouble making your education loan payments, contact immediately the organization that services your loan. You might qualify for a deferment, forbearance, or other form of payment relief.
- Students who chose to serve in the Peace Corps, under the Domestic Volunteer Services Act,
- or as a volunteer for a tax exempt organization of "demonstrated effectiveness in the field of community service" may also be eligible for a deferment
- The Public Service Loan Forgiveness Program is available to students with Federal Direct Student Loans starting in July 2009.
- Read about The 50 Best Careers of 2010 .
Students and families who would like to estimate the size of your monthly loan payments and the annual salary required to manage them without too much financial difficulty can use the Loan Calculator hosted by FinAid.org or the Student Loan Calculator hosted by CNN Money.
Additional resources and information on loan repayment are featured under Graduation and Beyond.
Updated November 14, 2010