Loan Repayment Plans
There are several repayment plans: standard, extended, graduated, and income contingent. How much you pay and how long you take to repay your loans will vary depending on the repayment plan you choose. Consolidation loans also have varying repayment plans. Use this link to determine your repayment amounts under each of the different plans.
You can access your loan history 24/7 at www.nslds.ed.gov.
If you are having temporary problems repaying your federal student loans, contact your loan servicer to see if you are eligible for deferment. A deferment allows you to temporarily stop making payments on your federal student loans. If you have Direct Subsidized Loans, you are not charged interest on those loans during deferment. You are never charged a fee for applying for a deferment on your federal student loans. Note: interest will continue to be charged during deferment on your Direct or FFEL Unsubsidized and PLUS Loans. If you do not pay this interest during the deferment, it will be capitalized at the end of the deferment.
If you are having temporary problems repaying your federal student loans and are not eligible for a deferment, contact your loan servicer to see if you are eligible for forbearance. A forbearance is another method of temporarily postponing or reducing loan payments. You are never changed a fee for applying for a forbearance on your federal student loans.
Direct Loan Forgiveness Program
Education majors may qualify to have a portion of their Stafford loans forgiven:
- Stafford Loan Forgiveness Program for Teachers
- Public Service Loan Forgiveness – Nursing
- Federal Perkins Loan Teacher Cancellation
- Federal Loan Consolidation
- SC Teacher Loan Forgiveness – SC Student Loan Corporation
If you have questions or would like to meet with a Financial Aid Counselor please contact the Office of Financial Aid Planning at 864-231-2070 or email firstname.lastname@example.org.