Repaying Student Loans

After a student graduates, leaves school or drops below half-time (six fundable credit hours) enrollment, the student will have six months of grace period before repayment begins. Direct PLUS loans do not have a grace period and must begin repayment within 60 days after the loan is fully disbursed. There is a choice of repayment plans. Monthly payments will depend on the size of the debt and the length of the repayment period. The chart below includes examples of monthly payments for different loan amounts. For more information about repaying direct student loans, go to studentaid.gov.

Direct Loan Example One
Amount:	$3,500
Interest Rate:	6.0%
Monthly Payment:	$50
Total Interest in Repayment:	$818.59
Total Paid:	$4,318.59
Total Months	87
Direct Loan Example Two
Amount:	$5,500
Interest Rate:	6.8%
Monthly Payment:	$51.79
Total Interest in Repayment:	$1,714.80
Total Paid:	$6,214.80
Total Months:	120
Direct Loan Example Three
Amount:	$9,500
Interest Rate:	6.8%
Monthly Payment:	$109.33
Total Interest in Repayment:	$3,619.60
Total Paid:	$13,119.60
Total Months:	120
PLUS Loan Example One
Amount:	$5,000
Interest Rate:	7.9%
Monthly Payment:	$60.40
Total Interest in Repayment:	$2,248
Total Paid:	$7,248
Total Months:	120
PLUS Loan Example Two
Amount:	$11,000
Interest Rate:	7.9%
Monthly Payment:	$132.88
Total Interest in Repayment:	$4,945.60
Total Paid:	$16,945.60
Total Months:	120

Academic Catalog

Repaying Student Loans