Repaying Federal Student Loans
- Pay As You Earn Repayment Plan The US Department of Education is pleased to announce the availability of the Pay As You Earn Repayment Plan for eligible William D. Ford Federal Direct Loan (Direct Loan) Program borrowers and Federal Family Education Loans (FFEL) . On November 1, 2012, the Department of Education (the Department) issued final regulations for this new repayment plan based on the President's "Pay As You Earn" initiative and announced its intention to implement the plan on December 21, 2012, at the discretion of individual borrowers. This means that eligible Direct Loan and FFEL borrowers can be placed on the Pay As You Earn Repayment Plan beginning on December 21, 2012. The form (IBR/PAYE/ICR) is available here.
- National Student Loan Data System (NSLDS)
This is the U.S. Department of Education's (ED's) central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other ED programs. NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data.
Learn about some of the tools available while in repayment, options for postponing repayment, and consequences of not repaying your loans.
- MGA Ombudsman The Michigan Guaranty Agency's Ombudsman conducts informal fact-finding investigations about complaints related to student loans guaranteed by MGA. MGA's Ombudsman considers the concerns, positions, and interests of all parties in an objective manner, and does not take sides with any person or group.
- FFEL Program Repayment Options
Borrowers may choose from several repayment options to find the one that best fits their situation.
- FFEL Program Deferment and Forbearance Options
You have several options to postpone your loan payments and still remain in good standing with your lender.
- Federal Loan Discharge and Forgiveness
Teacher loan forgiveness and total and permanent disability are just a few of the reasons your loan may qualify for discharge or partial forgiveness.
- Consequences of Bankruptcy
Bankruptcy will affect almost every part of your financial life. Learn how bankruptcy will affect your student loans and future loan eligibility.
Current Rates, Repayment Charts, and Calculator
BEWARE: Many companies advertise debt relief services for student loan borrowers that promise to help eliminate or greatly reduce your debt or monthly payment AND CHARGE A FEE UP FRONT for their service. They can’t deliver on all of their promises, and the services they can offer are often available elsewhere FREE OF CHARGE. Experts in the field, such as the servicer Nelnet, the U.S. Department of Education, or our Student Loan Programs office, can offer advice and help you understand your options – WITHOUT CHARGING YOU A FEE.
If you signed a student loan agreement, you are responsible for making timely payment and providing up to date contact information to your lender and/or servicer. If your loan(s) become delinquent to the point of default, you may be at risk of wage garnishment, offset of income tax refunds or other collection action. If you are in a situation where you are struggling with your student loan repayment, the most important tool you have is communication.
Contact our office to discuss what options you may have at 888-643-7521 or SLP@michigan.gov.