STUDENT LOAN REPAYMENT

Posted on February 19, 2013 by Susan Peel

Get all the information you need to manage repayment of your federal student loans

Understanding the repayment process for your federal student loans can go a long way toward building a solid financial foundation.

Remember, federal student loans are real loans, just like car loans or mortgages. You must repay a student loan even if your financial circumstances become difficult. Your student loans cannot be canceled because you didn’t get the education or job you expected, or because you didn’t complete your education

Making Payments

You need to make payments to your loan servicer. Each servicer has its own payment process, so check with your servicer if you aren’t sure how or when to make a payment. You are responsible for staying in touch with your servicer and making your payments, even if you do not receive a bill. 

Choosing a Repayment Plan

You have a choice of several repayment plans that are designed to meet your needs. The amount you pay and the length of time to repay your loans will vary depending on the repayment plan you choose.

Deferment and Forbearance

Deferment and forbearance offer a way for you to temporarily postpone or lower your loan payments while you’re back in school, in the military, experiencing financial hardship, or in certain other situations.

Understanding Default

NEVER ignore delinquency or default notices from your loan servicer.  If you don’t make your monthly loan payments, you will become delinquent on your student loan and risk going into default. Contact your servicer immediately if you are having trouble making payments or won’t be able to pay on time. 

Contact your school

If at anytime you have questions about your student loans do not hesitate to contact your Xenon Business Office.  Even if you are not currently enrolled at Xenon we are here to help in any way we can.

Categories: Xenon

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