When do I have to pay back my loan?
After you graduate, leave school, or drop below half-time, you will have a six-month grace period before you are required to begin payments. During this period, you will receive repayment information from your loan servicer, and you will be notified of your first payment due date. Payments are usually due monthly. Learn more about repaying your loan.
How do I obtain my loan information?
Visit My Federal Student Aid to view information about all of the federal student loans and other financial aid you have received and to find contact information for the loan servicer for your loans.
Loan Interest Rates
Direct Loans have a fixed interest rate that differs depending on the loan type and other factors. Check with the Direct Loan Servicing Center for details and current interest rate information. To access information on your federal loans, visit NSLDS.
The amount of interest that accrues (accumulates) on your loan between your monthly payments is determined by a daily interest formula. This formula consists of multiplying your loan balance by the number of days since you made your last payment and multiplying that result by the interest rate factor.