The WSU Office of Student Financial Aid is working to increase student knowledge of college loans policies and repayment options. Also, most lenders now have account information available online. Druffel said the office requires students to attend an entrance and exit interview to aid in distributing information on loan terminology, responsibilities and repayment options. Federal student loan programs typically give borrowers a six-month grace period after graduation, Druffel said.
Students have several options for repayment.
Standard repayment allows a borrower to pay fixed monthly payments for up to 10 years. Monthly payments will be higher than some other options, but the loan could be paid off sooner, reducing the total cost of the loan. A graduated repayment also has a 10-year repayment period, but lower payments can be made at the beginning of the period. As time progresses, payments increase at gradual intervals. An income-sensitive repayment schedule allows borrowers of a Federal Stafford loan to pay installments that are adjusted annually based on an expected income.