Loan Repayment
Do you know how much loan repayment will cost? Calculate your estimated monthly payment amount and compare repayment plans.
Loan Repayment Information
Click here for loan repayment basics by loan type.
Online loan repayment for Perkins & Institutional Loans.
Exit Counseling Requirements
Prior to graduating or leaving the University, borrowers are required to complete online loan exit counseling for each loan program borrowed.
The Loan Office will send email notifications to borrowers to complete exit counseling. Please watch for this important information!
**Important: Exit counseling will not be considered valid if completed more than 30 days prior to the end of your enrollment.
If you are a graduating loan borrower and do not complete exit requirements, a hold will be placed on your diploma.
- Perkins or Institutional Loans:
The Loan Office must generate your exit counseling materials before you will be able to access them online. Complete loan exit counseling requirements at http://borrower.ecsi.net
School Code: E7
Account Number: U.S. Citizens use social security number; International students use Loan ID number
ECSI PIN: Will be sent to you by email
- Stafford or Graduate/Professional PLUS Loans:
Complete loan exit counseling requirements at http:www.studentloans.gov
Please contact the Loan Office if you have questions regarding these requirements.
Know Before You Go
Use our "Before You Go" worksheet to collect and manage your loan information.
Leaving Brown
Graduating? Considering taking a leave of absence? Dropping to below half-time status? It is important to understand how this will impact your student loans.
When you leave school or drop below half-time status, your loans will enter a grace period and then enter repayment. This will occur even when you are on a leave of absence and plan to re-enroll in the future. You will need to be prepared for the potential of having to repay loans during your leave.
Loan Exit Counseling must be completed. The Loan Office will send you notification along with detailed instructions to complete your requirements - watch for this important communication. All loan borrowers are required to complete exit counseling requirements upon graduation or at the beginning of any leave (even if they intend to return to school later that year). Exit counseling provides important information regarding the details of your loans including the length of your grace period, repayment options, and more.
Loans will enter a grace period. This is a period of time when payments are not required on your loan. See the grace period chart for details on the length of grace period for each loan type. If your leave of absence is longer than your grace period, you will be required to begin repaying your loan.
Your loan servicer will contact you with information to begin repayment. The Brown University Loan Office services Perkins Loans and Institutional Loans. The Federal Direct Stafford Loan and PLUS Loan are serviced by a Direct Loan servicing agency. Visit NSLDS to determine which agency services your loan. It is your responsibility to keep your address and contact information current with each of your servicers.
There may be some specific situations which allow you to postpone repayment. Contact your loan servicer to learn about deferment/forbearance options. Be aware, your loans must remain in good standing in order to be eligible to received future federal financial aid. A defaulted loan will prevent you from receiving future federal financial aid and will have a negative impact on your credit score.
If you return to school (at least half-time, in a degree granting program), you must notify each of your loan servicers. You may be eligible to place your loans into deferment. You may be required to submit a completed deferment request to your servicer.
Borrower Responsibilities
Students (and parents) who have borrowed a federal, state, University and/or supplemental loan are required to repay the amount of funds borrowed, with interest, according to the terms of the promissory note that was signed. Loans are legal obligations of which you are subject to all terms and conditions. After you graduate, leave school, or drop below half-time enrollment, you have a period of time before your repayment will begin. This "grace period" will be:
- nine months for Federal Perkins Loans
- six months for most Brown University Loans
- six months for Federal Direct Stafford Loans
Under certain circumstances, you may apply for periods of deferment or forbearance that allow you to postpone loan repayment.
Deferment
A deferment is a period of time during which no payments are required and interest does not accrue, unless you have an Unsubsidized Stafford Loan. In that case, you must pay the interest. To qualify for a deferment, you must meet specific eligibility requirements. For more information regarding types of deferment options and eligibility requirements, refer to the links above for specific loan programs.
Forbearance
If you are not eligible for a deferment, but are temporarily unable to meet your repayment schedule, you may be eligible for a forbearance. Forbearance occurs when your lender agrees to either temporarily reduce or postpone your student loan payments. Interest continues to accrue and you are responsible for paying it.
Click here for a list of deferment and forbearance options by loan type.