Loan repayment and consolidation
Explore repayment options of the loans you borrowed at NAU
These video instructions are located directly above a YouTube video. Hit the DOWN arrow key until you hear the words FLASH START. Once the screen reader is inside the FLASH OBJECT, hit the TAB key about 7 times until you hear PLAY BUTTON a second time. Hit the Spacebar key to play the video. You can then hit the Spacebar key again to pause the video. Feel free to hit TAB and TAB+SHIFT to listen to all the buttons in the FLASH OBJECT. Sometimes the PLAY button and the PAUSE button will be listed as an UNLABELED BUTTON.
Repaying your loans Accordion Closed
After you graduate, leave school, or drop below half-time enrollment, you are entitled to a grace period before your first payment is due. The grace period is six months for Direct subsidized and unsubsidized loans. During this time, you are not required to make payments. Repayment begins the day after your grace period ends.
If you don’t know who your loan servicer is, visit the StudentAid.gov. You can log in and see your loan amounts, lenders, and repayment status for all of your federal loans. Your FSA ID and password are required to access this information.
There are several Repayment Plans available. If you don’t choose a plan, you’ll be placed on the Standard Repayment plan. This plan will have your loans paid off in ten years. You can request to be put on a new repayment plan at any time; just contact your servicer.
If you can’t make payments on your student loans, you might qualify for a deferment or forbearance that allows you to temporarily postpone or reduce your payments.
Use this Repayment Estimator to see what your monthly payment might be.
Consolidating your loans Accordion Closed
Loan consolidation enables a borrower with multiple federal student loans from different lenders to obtain one loan, with one interest rate and one repayment schedule. Visit Federal Student Aid to see what types of loans can be consolidated.
Loan consolidation is not for everyone. Consolidation loans are intended for those who need greater simplicity in repaying their student loans. Most borrowers do not consolidate their loans until their grace period ends. This allows for the full benefit of their grace period.
The advantages of loan consolidation:
- Extended repayment period – up to 30 years
- Convenient single monthly payment
- May result in a lower monthly payment amount
- May help protect your credit rating
The disadvantages of loan consolidation:
- Extended repayment period adds to total interest expense
- Interest rate may be higher than the rates of original loans
- Federal Perkins Loan borrowers may lose eligibility to have their loan cancelled or forgiven
*Refer to your original promissory note for more information on your cancellation benefits
Who is eligible?
- You must have at least one Direct Loan or FFEL Program loan that is in a grace period or in repayment
- If in default, you must have satisfactory arrangements to repay the defaulted loan
- You must not have another consolidation loan application pending
Get Started on Repayment or Consolidation
- Log in to StudentAid.gov to identify your loan servicer(s)
- Contact your loan servicer: Understand your options
- Visit StudentLoans.gov for income driven repayment or loan consolidation applications
Private Loans
If you have multiple private student loans, consolidating those loans might be an option. Contact your private student loan lender for more information.
Exit Counseling Accordion Closed
Exit counseling provides important information to prepare you to repay your federal student loan(s).
If you have received a subsidized, unsubsidized, or graduate PLUS loan under the Direct Loan Program, you have a responsibility to complete exit counseling each time you:
- Drop below half-time enrollment
- Graduate
- Withdraw from the university
To complete this process at studentloans.gov, you will need the following:
- your social security number
- your driver’s license number, if applicable
- the name, address, and telephone number of your nearest relative not living with you
- the names, addresses, telephone numbers, and employers of two references who reside at different addresses from each other and do not live with you
- the name, address, and telephone number of your expected employer (if known)
If you prefer to print the exit counseling materials, you may download a printable version and mail the required information to your loan servicer.
Forgiveness programs Accordion Closed
Public Service Loan Forgiveness Program
If you’re currently employed by or planning to pursue a career with a public service organization, you might qualify for the Public Service Loan Forgiveness Program.
If you still have questions, contact a Public Loan Forgiveness specialist at 855-265-4038.
These video instructions are located directly above a YouTube video. Hit the DOWN arrow key until you hear the words FLASH START. Once the screen reader is inside the FLASH OBJECT, hit the TAB key about 7 times until you hear PLAY BUTTON a second time. Hit the Spacebar key to play the video. You can then hit the Spacebar key again to pause the video. Feel free to hit TAB and TAB+SHIFT to listen to all the buttons in the FLASH OBJECT. Sometimes the PLAY button and the PAUSE button will be listed as an UNLABELED BUTTON.
Teacher Loan Forgiveness Program
If you teach full time for five complete and consecutive academic years in certain schools or educational service agencies you might be eligible for the Teacher Loan Forgiveness Program.
Math, Science, and Special Education Teacher Loan Forgiveness Program (MSSE)
The Arizona Board of Regents offers loan forgiveness for prospective math, science, and special education teachers who meet their requirements.
This program allows selected students to take out loans which will subsequently be “forgiven” for those who meet specific teaching requirements.