Repay your Loans

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.

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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
7% 6 months
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.

Tips & Resources

Loan Repayment Plan Comparison

Live Life Smart Guide

Public Service Loan Forgiveness Flyer