Loan Repayment

When you withdraw (either officially or unofficially), drop below half-time enrollment status, or graduate, you will be required to begin repayment of any student loans you received. In addition to this page, we also recommend you view our Be Student Loan Savvy Loan Information Guide PDF for detailed information on repayment of your federal student loans. This page will refer to SERVICER in place of LENDER, as they are who you will deal with when in repayment.

Exit Loan Counseling


UVU is required to notify students of the exit loan counseling requirement when a student withdraws (either officially or unofficially), drops below half-time enrollment status, or graduates. Each month we will notify students who withdrew or dropped below half-time enrollment status. Students who graduate will be notified at the end of the semester.

The notification is sent to the email address the student provided on the FAFSA, not their UVLink email address. The email contains a link to the online version of exit loan counseling found at studentloans.gov as well as a PDF version of the Exit Counseling Guide for Federal Student Loan Borrowers.

Students will receive an exit loan counseling requirement in the Financial Aid Menu in their UVLink Account. Once the student has completed exit loan counseling the requirement will be satisfied.

If you have questions, please contact the UVU Financial Aid and Scholarships Office to speak with a Financial Aid Counselor.

Please note: Students who have borrowed a Perkins loan must complete exit counseling separately. Please contact the Collection's Office by calling 801-863-8611 to schedule your exit interview. You may also complete the Perkins exit counseling online. Visit the Perkins Exit Loan Counseling page for more details.

Grace Periods


After you graduate, leave school or drop below half-time enrollment, you are entitled to one grace period for Direct and Perkins loans. During this time (which is typically six months for Direct and nine months for Perkins) you are not expected to make payments.

Grace periods are day-specific. Your grace period begins on the day immediately following the day you stop attending school at least half-time and ends on the day before the repayment period begins.

The interest on subsidized loans is paid by the Federal Government during your grace period. However, for Direct Stafford loans made on or after July 1, 2012, and before July 1, 2014, interest will now accrue during all periods of non-enrollment. The repayment period still begins six months after the student is no longer enrolled at least half-time, but the interest that accrues during those six months will be payable by the student rather than by the Federal Government.

On unsubsidized loans, you are responsible for the interest, and the unpaid interest is capitalized (added to the loan principal) at the time of repayment.

Repayment begins the day after your grace period ends; your first payment is due within 60 days. You should receive communication from your servicer during your grace period. If not, contact your servicer directly.

Determining Your Servicer


The National Student Loan Data System (NSLDS) provides comprehensive information about your federal loan history, including servicer(s) and their contact information, loan totals, and loan status. Students may access NSLDS by logging onto www.nslds.ed.gov. Your Department of Education PIN number is required to access your information. If you need to request a duplicate PIN, please visit www.pin.ed.gov.

Repayment Options and Payment Amounts


You have several repayment options available to you with federal student loans. Your servicer will automatically set up your loan on the standard repayment plan. If you prefer another repayment plan, simply call your servicer to discuss your options. You also have the option to change your repayment plan on an annual basis. You can view repayment plan options with your specific servicer or at the Federal Student Aid website.

Your payments will vary depending on the amount and type of loans that you've borrowed, the repayment plan that you select, and potentially your income. There are several repayment calculators offered by various organizations to help students plan for loan repayment. You can link to the Federal Student Aid calculator. You can also view a repayment chartPDF. This document contains charts which list the different repayment schedules and interest rates for Graduate PLUS Loans, Undergraduate Federal Direct Loans, and Graduate Federal Direct Loans.

If you think you will have trouble making your loan payments, be sure to contact your servicer immediately. They can help you change your payment plan to one that better fits your budget, or discuss deferment or forbearance options that will allow you to postpone your payments. If you fail to make timely payments, your loan(s) will become delinquent and eventually will go into default. Failure to make the required payments on time could lead to serious consequences, such as a damaged credit rating, garnishment of wages and tax refunds, collection fees and late fees, and loss of eligibility for future financial aid.

There are also options for loan forgiveness (for certain public service careers) and loan consolidation.

Going on a Church Mission?


If you are going on a church mission and have student loans, before you leave please contact your servicer to discuss options for repayment, deferment, or forbearance.