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Student Loan Repayment

Beginning July 1, 2009, a new repayment option becomes available: Income-Based Repayment (IBR). See IBRinfo for information about IBR and loan forgiveness options that might benefit you.

Loan Exit Counseling (Exit Interview)

When you are about to graduate from MSU we will invite you to participate in Loan Exit Counseling, which you can do in person, by mail, or on the Internet. Loan counseling provides information on what to expect as you begin repaying your loans. Connect to exit counseling provided by Great Lakes Higher Education Loan Services.

National Student Loan Data System (NSLDS)

NSLDS lets you look up information about YOUR loans, including how much you owe and who your lenders and servicers are.

Whom to contact about your loans after you graduate or leave school

  • Perkins loans, Health Professions Loan, and Robert Young Loans
    • Approximately 3 months after graduating or leaving MSU, you will receive a payment booklet, and after 9 months you begin sending your payments to MSU
    • For questions while in repayment contact MSU Loans Receivable (517) 355-5140
  • Stafford loans, Parent Plus and Grad PLUS loans

    If you borrowed through MSU before Fall 2003 or after Summer 2008, your Stafford and PLUS loans are handled by the Direct Loan Servicing Center. If you borrowed between Fall 2003 and Summer 2008, your loans are probably handled by Great Lakes Educational Loan Services, Inc.
  • For private alternative loans refer to your loan applications to find your lender or servicer.

Loan Forgiveness Programs

Under certain circumstances the federal government will cancel all or part of an educational loan. This practice is called loan forgiveness or loan cancellation.

Loan Consolidation

If you are considering consolidation you should be aware that if you received special borrower benefits by borrowing through MSU's suggested lenders, you may lose some of these benefits, especially reduced interest rates, if you consolidate. More information about consolidation . . .

Financial Hardship, Deferment, Forbearance, Default

If you are unable to make your student loan payments, there are deferment and forbearance options available. The consequences of defaulting on your student loans are severe, so explore your options BEFORE you default.

Helpful links

 

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