Student Loan Repayment

The prospect of borrowing and repaying educational loans can be intimidating for some students. Federal student loans, however, are typically limited to amounts that make repayment manageable. Additionally, there are several federal loan repayment and forgiveness options available. We encourage students to contact their loan servicer for specific information regarding their loans.


How do I know if I borrowed federal loans?

Your financial aid award letter includes any federal, state or private loans you borrowed at Emmanuel College. For a comprehensive list of your federal loans, which includes servicer contact information, please visit the National Student Loan Database System at

State and private loans are not listed on the National Student Loan Database System. If you do not recall whether you borrowed a state or private loan, please contact our office and we can assist you.

When do I start repaying my loans and how much do I repay?

Most loans are deferred (repayments not required) for six months after you are no longer enrolled in school at least half-time. The Federal Perkins Loan is deferred for nine months after you are no longer enrolled at least half-time. Check with your lender for your specific deferment period – also referred to as grace period.

Federal student loans have payment options developed to help students in all financial situations. To learn about the different repayment options, please visit

What if my deferment period has ended and I am unable to make payments?

If your deferment period has ended and you cannot make payments on your loans, you may qualify for a forbearance. Forbearance allows you to postpone or reduce your monthly payments.

Additionally, federal student loans offer various repayment options to help students. For example, your monthly repayment amount may be reduced if you have a low annual income. To learn more about repayment options, please visit


Can I combine all of my loan payments into one loan payment (loan consolidation)?

Yes. If you have multiple lenders, you may qualify to consolidate your loans. However, federal and private loans cannot be consolidated together.

What are the benefits of loan consolidation?

Loan consolidation combines several loans into one loan with one repayment schedule. This can help make loans more manageable and reduce the overall interest rate. With private loan consolidation, you may be able to remove your cosigner from the loan.

Are there any drawbacks of loan consolidation?

When you combine your various loans into one single loan, the consolidated loan becomes a new loan. As a result, you may lose certain loan benefits that were offered on the loans before being consolidated.

Where do I learn more and/or apply for loan consolidation?

Visit or for consolidation information and applications.

Loan Forgiveness, Cancellation and Discharge

Do I qualify for loan forgiveness?

Certain types of federal loans may be eligible for loan cancellations, forgiveness or discharge. Typically loan forgiveness benefits are available to military personnel, teachers, nurses, child care providers, or borrowers affected by the closure of a school. Provisions differ depending on the type of loan you have.

Although rare, there are situations when you may have your loan cancelled or discharged. For an overview of loan forgiveness, cancellation and discharge options, please visit For specific information regarding your student loans, please contact your loan servicer.

Employer Benefits

An increasing number of employers are providing their employees with financial assistance towards employee’s educational loans, known as Loan Repayment Assistant Programs (LRAPs). We encourage you to contact your workplace’s Human Resource office to learn about any loan repayment benefits which may be available to you.

Loan Repayment Tips
  • Mark your calendar with your first payment due dates. Late payments may affect your borrower benefits, interest rate, and credit score.
  • Set up an automatic debit from your bank account. Many lenders offer discounts to borrowers who pay using auto-debit.
  • Stay organized. Make a file for each loan and include lender information, date borrowed and amount borrowed.
  • Keep your lender/servicer updated if you move, have difficulty making a payment, or change your phone number or e-mail address.


National Student Loan Data System
Here you can retrieve your federal student and/or parent loan information.

Federal Student Aid Website
A United States Department of Education website providing information on federal student aid. The information available specific to student loans includes: repayment, deferment, consolidation, forbearance and loan forgiveness options.

Direct Loan Consolidation
Website to apply for federal loan consolidation.
Website to learn about private loan consolidation and financial aid information.

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