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(most information on this page is found on www.studentaid.ed.gov )

After you graduate, leave school, or drop below half-time enrollment, you have a period of time before you have to begin repayment. This "grace period" will be

six months for a Federal (FFEL) or Direct Stafford Loan.
nine months for Federal Perkins Loans
twelve months for CIM Institutional Loan

(If you're a parent reading this and you have a FFEL or Direct PLUS Loan, you don't have a grace period—repayment generally must begin within 60 days after the loan is fully disbursed.)

You'll receive information about repayment, and your loan provider will notify you of the date loan repayment begins. We can't emphasize enough the importance of making your full loan payment on time either monthly (which is usually when you'll pay) or according to your repayment schedule. If you don't, you could end up in default, which has serious consequences (scroll down to the Default discussion below). Student loans are real loans—just as real as car loans or mortgages. You have to pay back your student loans. Find out about your obligations in this section so you can stay on top of your loans.

The U.S. Department of Education's National Student Loan Data System (NSLDS) allows you to access information on loan and/or federal grant amounts, your loan status (including outstanding balances), and disbursements made. Go to www.nslds.ed.gov.

You have a choice of repayment plans if you received a FFEL or a Direct Loan. Federal Perkins Loans don't have repayment plan choices; you generally have up to 10 years to repay, however. Your monthly payment will depend on the size of your debt and the length of your repayment period. Repaying Your Student Loans explains available repayment options, includes examples of monthly payments for different loan amounts, and covers other topics you need to consider when managing your loans.

Note to parents: Generally, Direct PLUS Loan borrowers can choose all but the Income Contingent Repayment Plan. FFEL PLUS Loan borrowers usually can choose from among all the FFEL repayment plans. See Repaying Your Student Loans and contact your loan holder for details.

After you've looked at Repaying Your Student Loans, if you have specific questions about repaying these types of loans, please contact your loan provider. (In the case of Perkins Loans, this will be the school that made you the loan). Don't know who your loan provider is? Go to www.nslds.ed.gov to find out.

If you have questions about your Direct Loan, you can go online to find the answers. With your PIN, you can view your detailed account information, complete exit counseling, make an online payment, enroll in any of our electronic services, and much more.

Direct Loan In-School Deferrment Request (PDF)

If you had a Federal Perkins Loan or CIM Institutional Loan while attending CIM, please contact the servicer, Campus Partners, at 1-800-334-8609 or www.mycampusloan.com for information about payments, deferments, address changes, etc. If you had a Perkins loan at another school, send any completed deferment paperwork to that school, not CIM.

Federal Perkins Loan In-School Deferment Form

CIM Institutional Loan Deferment Form

In some cases, you might be able to reduce your interest rate if you sign up for electronic debiting. Find out more about electronic payment and debiting here.

If you don't repay your student loans on time or according to the terms of your promissory note, you might go into default, which will affect your credit rating. There is assistance for borrowers having difficulty repaying their education loans, including deferment and forbearance.

In certain circumstances, your loan can be discharged/canceled. Read about cancellation provisions here.

If you're a teacher serving in a low-income or subject-matter shortage area, it may be possible for you to cancel or defer your student loans. Let us help you find out if you qualify.

A Consolidation Loan allows you to combine all the federal student loans you received to finance your college education into a single loan. Read this section to help you decide whether consolidation is right for you.

If you default, it means you failed to make payments on your student loan according to the terms of your promissory note, the binding legal document you signed at the time you took out your loan. In other words, you failed to make your loan payments as scheduled. Your school, the financial institution that made or owns your loan, your loan guarantor, and the federal government all can take action to recover the money you owe. Here are some consequences of default:

National credit bureaus can be notified of your default, which will harm your credit rating, making it hard to buy a car or a house.
You would be ineligible for additional federal student aid if you decided to return to school.
Loan payments can be deducted from your paycheck.
State and federal income tax refunds can be withheld and applied toward the amount you owe.
You will have to pay late fees and collection costs on top of what you already owe.
You can be sued.

Obviously, you don't want to let your loan go into default. However, should this happen, find out what options are available. Click on this link to our Guide for Defaulted Borrowers to find comprehensive information developed by the Department's FSA Collections section. Clicking on various tabs within that publication will give you information about how to remove your loan from default, what to do if you have a dispute about your loan's default status, and how to get answers to questions you might have.

The last semester you are expected to be enrolled at least half-time at CIM, you will be asked to complete the exit counseling online so you will be fully aware of your rights and responsibilities pertaining to loans you received while in school. Please complete your exit counseling at www.dlssonline.com. If you withdraw or take a leave of absence, your exit paperwork will be mailed to you.

Loan Consolidation - Many students choose to consolidate their loans. By consolidating, you can combine all federal loans into one monthly payment, lock in to a fixed rate, or extend the number of years for repayment. Many banks allow you to consolidate your student loans, with varying perks and discounts. The consolidated loan will be a fixed rate based on the weighted average of your original loans, rounded up to the nearest 1/8 percent. There is a lot of somewhat misleading information about locking in to today's all time low rates. What is advertised may not necessarily be the lowest rate you personally can get - remember your rate is a weighted average of your existing loans. Be sure to get the actual rate you will be paying before you make your decision. For more details, please see studentaid.ed.gov/PORTALSWebApp/students/english/consolidation.jsp?tab=repaying or www.loanconsolidation.ed.gov.

Direct Loans - Federal Direct Consolidation Loans - information booklet

Direct Consolidation Loans Frequently Asked Questions

List of Most Commonly Used FFELP Consolidation Lenders - information booklet

Consolidation - A Smart Choice for In-School and Graduating Borrowers - brochure from Direct Loans

Private or Alternative Loans if you had any non-federal, private loans, they will not appear on your NSLDS loan history and generally are not included in the Loan Exit Counseling you received when you left school. You need to contact the lender/guarantor directly for information about these loans.

CIM Loan Deferment Form may be downloaded here.

For dispute resolution regarding Federal Student Loans, contact:

Office of the Ombudsman
Phone: 1-877-557-2575 (Toll Free) (Best used to initiate a Case)
Phone: 202-377-3800 (Toll) Washington DC
TDD/TTY: 202-377-3800
Web Address: ombudsman.ed.gov
E-Mail Address: sfaombudsmanoffice@ed.gov

The Ombudsman Office is a final resource after borrowers seek resolution through other customer service avenues. Borrowers concerned about student loans should call our toll free number or visit our web site for further information.

Written correspondence can be addressed to:

Office of the Ombudsman, OFSA
U.S. Department of Education
Fourth Floor. UCP-3/MS 5133
830 First Street NE
Washington, DC 20202-5144

When contacting the Ombudsman Office, be ready to:

Identify the problem and the reason behind it
Define expectations
Describe actions already taken to resolve the problem, and
Supply documentation to support your position

Please also see the Links and Resources page as there are additional websites there you may find helpful. Many of those sites are applicable to both current and former students.

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