Repaying Your Student Loans
Make a plan to repay your loans, know your options and don't be afraid to ask your loan servicer about deferment or forbearance options if you can't make your loan payments.
Loan Repayment Assistance
Student Aid on the Web - Loan repayment information
- Student Debt Repayment Assistant
- HELP for Borrowers Who are Having Trouble Repaying Education Loans
- Department of Education: Loan Discharge or Cancelation
- Income Based Repayment and Loan Forgiveness: Repayment Options and Public Service Loan Forgiveness
- Department of Education
- Debt/Salary Wizard
- 10 Steps for Managing Your Student Loan Debt
- Student Loan Borrower Assistance
- Federal Student Loan Ombudsman
Visit our Loan Consolidation page for information on student loan consolidation.
Loan Repayment Assistance and Forgiveness Programs
Income-Based Repayment (IBR) Plan
This repayment plan limits your loan payments based on your income, family size and total loan debt. After 25 years of qualifying payments, all remaining debt will be forgiven. More information and a calculator to estimate your eligibility is available at www.IBRinfo.org.
The Federal Public Service Loan Forgiveness Program
Public sector employees may be eligible to have Federal Direct Loans forgiven after 120 monthly payments.
Perkins Loan Cancelation for Public Service or Law Enforcement
Full-time employees of an eligible public or private nonprofit service agency may be eligible for partial or full Perkins loan cancelation after a period of service. Forms may be obtained the WSU Student Accounts Receivable Office, (313) 577-3656. CAUTION: If you consolidate your Perkins loans, you will not be eligible for this program.
Cancelation rate per completed year of employment:
- 15% of the principal for each of the first and second years.
- 20% of the principal for each of the third and fourth years.
- 30% of the principal for the fifth year.
- Perkins Loan Cancelation and Discharge Summary Chart
Loan Forgiveness for Service in Areas of National Need
For each year of full-time employment in an area of national need, that you complete on or after August 14, 2008, up to $2,000 of your outstanding student loan balance may be forgiven. No more than $10,000 total will be forgiven up to a maximum of 5 years. This includes work in public service in low-income communities at a nonprofit organization. Note: This program is subject to annual appropriations approved by the US Congress. Details are subject to final regulations to be published by the US Dept of Education. Federal Stafford, Direct, and Graduate PLUS loans will qualify.
Some federal agencies and private employers may also offer loan repayment programs as a recruiting tool. See the US Office of Personnel Management website (opm.gov) or check with your employer.