Loan Exit Counseling

FFEL Loan Borrowers

For FFEL loan exit counseling, please contact your loan provider for more information. Don't know who your lender is? Use the NSLDS to find out.

Direct Loan Borrowers

For more information on Direct Loan exit counseling, click here.

Direct Loans are made to students attending school at least half time. The U.S. Department of Education is the lender, and you receive the loan money through your school. You may receive a Direct Subsidized Loan, a Direct Unsubsidized Loan, or both for the same academic year. A student qualifies for a Direct Subsidized Loan based on financial need, as determined under federal regulations. A student's need is not a factor in determining eligibility for a Direct Unsubsidized Loan.

When do I begin repaying my loans?

After you graduate, leave school, or drop below half-time enrollment, you have six months before you must begin repaying your loans. This is called the "grace period." Your repayment period begins the day after your grace period ends. Your first payment will be due within 60 days after your repayment period begins.

If you have Direct Subsidized Loans, you won't be charged any interest during your grace period. If you have Direct Unsubsidized Loans, you'll be responsible for the interest charged during your grace period. You may either pay this interest as it accumulates or have it capitalized when you start repaying your loans.

What is the interest rate on my loans?

For Direct Stafford Loans disbursed on or after July 1, 2006, the interest rate is fixed at 6.8 percent. Direct Subsidized loans made to undergraduate students only on or after July 1, 2009 through June 30, 2010 will have an interest rate of 5.6 percent. For Stafford Loans disbursed before July 1, 2006, the interest rate is variable and is recalculated every year. The variable interest rate is equal to the rate of 91-day Treasury bills purchased at the final auction held on May 26, 2009, plus a certain percentage that depends on when the loan was first disbursed and on the loan’s status.

Click here for more detailed information on the 2009-10 Direct Loan interest rates.

Repayment Plans

There are several repayment plans available. Generally, you'll have from 10 to 25 years to repay your loan, depending on which repayment plan you choose. Click here for more information