As a student you are expected to ‘live within your means’ and it can be difficult to keep yourself on a strict budget. Finding ways to ensure your current financial resources cover all of your needs and not relying on credit cards is an ongoing challenge for most students. Therefore, it is important to maximize your financial knowledge.
Student Loan Definitions
End the confusion and get the inside scoop on what students need to know.
Are you graduating?
Want more information about student loan repayment? We have several resources to assist you. Use the links below for additional information to help you better understand your repayment options.
FinAid's Loan Calculator is a simple tool useful for determining and adjusting your monthly loan payment.
Income-based Repayment (IBR) is a new way to make your federal student loan payments more manageable. Ditch your Debt Gremlin explains the program and tells you where to go for more information.
View Federal Student Loan History
The National Student Loan Data System (NSLDS) lists the federal student loans (Stafford, Perkins, Parent PLUS, Graduate PLUS) you have borrowed as a student. You can view the type of loan, amount borrowed, accumulated interest, lender, and servicer information. If you also borrowed alternative (private) student loans, contact your lender for information about your loan.
Repaying Student Loans Quick Reference Guide (pdf) - includes the student loan interest deduction, consolidation loans, repayment plans, income-based repayment, public service loan forgiveness, dealing with financial difficulty, default, deferments and forbearances, loan rehabilitation, budgeting tips and loan cancellation, as many practical tips.
The National Consumer Law Center’s Student Loan Borrower Assistance is a resource for borrowers, their families, and advocates representing student loan borrowers who already have student loans.
Are you confused about the options and rights as a student loan borrower? You can find answers about repayment, collections, where to seek help and basic information to help you better understand the loans you have already borrowed. The ‘Understanding Student Loans’ section offers information on federal, alternative and consolidation loans. A glossary of loan terminology is available for reference.
Debt Slapped - A “Guide To Managing & Surviving Student Loans & Debt”
The National Association of Student Financial Aid Administrators (NASFAA) has created several tables to illustrate costs borrowers will face when they repay their loans. These tables show:
- The number of monthly payments under various repayment plans
- The amount of those monthly payments
- The total cost of the loan (principal plus interest)
- The total interest borrowers will pay under various repayment plans