Are you a federal student loan borrower? Are you confused about the student loan repayment process? 
Don t let the student loan repayment process overwhelm you. Use this checklist to help you manage and repay your federal student loans. Be an informed borrower by learning about your loans and what to do for a smooth repayment experience. As you work through this checklist , you ll find out how to make payments and figure out which repayment plan is best for you ; and you ll know what to do if you re having trouble making payments or think you might be eligible for loan forgiveness. Remember : You never have to pay for help with your student loans! 

Before You Graduate or Leave School 
Review your federal student loan history. Get your loan history by logging in to " My Federal Student Aid " you ll need to create an FSA ID if you don t already have one. As you review your information , note the following : The current loan balance and interest rate for each loan The loan type depending on when you went to school and what loan programs your school participated in, you may have loans from different federal student loan programs; the types of loans you received can affect what benefits are available to you The name of the loan servicer for each loan a loan servicer is a company that handles the billing and other services on your loans; generally, you ll have one servicer for all your federal student loans, but there is a chance you could have more than one Get to know your loan servicer. Your servicer helps you with your student loans for FREE! It s important that you know who your loan servicer is and how to contact them because you will eventually be making your loan payments to your servicer. Take this opportunity to save your servicer s phone number in your phone. Create an online account on your servicer s website. You can find the most detailed and up - to - date information about your loans, make your payments, and manage your loans for example, change repayme

user: I am confused about the student loan repayment process, can you help me?

assistant: Don't let the student loan repayment process overwhelm you. I recommend that you use a checklist to help you manage and pay your federal student loans.

assistant: do you want to do the checklist?

user: yes I would like it

assistant: This list will help you make payments and determine which payment plan is best for you. And you'll know what to do if you're having trouble making payments or think you might be eligible for loan forgiveness.

user: With this list can I see plans that will have a refund of up to 20 or 25 years?

assistant: yes but if it is not fully refunded within that time the remaining balance will be forgiven.

user: If you fail to pay the full amount due on time or if you start to miss payments, including one, will your loan be considered delinquent?

assistant: yes and you may be charged late fees

user: using Loan Simulator. If I want to pay my loans quickly and I want to afford it, what can I do?

assistant: you must select the standard Payment Plan

user: When I sign up, what benefit does my payment have automatically taken from your bank account every month?

assistant: The benefits it represents is that it will help you keep up with your payments, and as an added bonus, you can get an interest rate deduction of 0.25% if you have direct loans.