Preparing for Successful Repayment
There are many options available to help borrowers manage student loan repayment. You may have questions, such as: Why is it important? Where do I begin? What is best for my situation? The good news is there are many resources available to help you make these important financial decisions. Review our Action Items checklist and begin planning your repayment strategy. Review our Financial Literacy section for details on budgeting, loan repayment, & managing your finances.
Loan Program Details
Understand the repayment terms, plans, and postponement options of each loan you have borrowed. The Loan Repayment Chart provides basic information about each program.
Interest Rates & Grace Periods
|Loan Type||Interest Rate||Grace Period|
|Federal Stafford Loans||depends on date borrowed||6 months|
|Federal PLUS Loans||depends on date borrowed||Repayment begins within 60 days after the loan is fully disbursed. Borrowers can choose to defer repayment during while the student on whose behalf the loan was obtained is enrolled on at least a half-time basis, and during the six-month period after the dependent student ceases to be enrolled on at least a half-time basis. Borrowers must contact their federal servicer to request deferment.|
|Federal Perkins Loans||5%||9 months|
|Ellwood, Kaplan, Casperson, orMedical Loans
|Plitt, or Tarandi Loans||5%||6 months|
|Brown University Loans||9%||6 months|
|Urban Education Loans||6.8%||4 months|
Learn more about Understanding Interest and when it accrues.
Loan Repayment Plans
The Federal Perkins Loan and all Brown Institutional Loans offer a 10-year repayment period and are paid in fixed monthly installments. The Federal Direct Stafford and PLUS Loans offer many different repayment plans designed to fit different needs and income levels.
Learn more about Repayment Plans.
Servicers & Making Payments
Learn how and where to make your monthly loan payments. See Servicers & Making Payments for details.
Medical Loan Repayment Resources
Medical students often face specific challenges when planning for loan repayment. The Association of American Medical Colleges (AAMC) offers dynamic online repayment tools and resources to help borrowers navigate those challenges.
Postponing Loan Repayment
If you are having difficulty repaying your loans, take advantage of your options to postpone loan repayment. View details of the options available and the application process in our Deferment/Forbearance section.
Cancellation and Forgiveness
You must repay your loans even if you don’t complete your education, can’t find a job related to your program of study, or are unhappy with the education you paid for with your loan. However, certain circumstances might lead to your loans being forgiven, canceled, or discharged. View details in our Cancellation/Forgiveness section.