Repaying your Student Loans
Before you begin, know that all information pertaining you your specific loan(s), repayment, your servicer, the mandatory exit interview and the steps you need to take upon graduation, leaving school, or, if you’ve dropped below half-time enrollment, is available at the National Loan Data System (NSLDS).
When do I begin paying back my loan?
After you graduate, leave school, or drop below half-time enrollment, you will have a six-month grace period before you are required to begin repayment.
During this period, you’ll receive repayment information from your loan servicer, and you’ll be notified of your first payment due date.
Payments are usually due monthly.
What are the interest rates?
The interest rate varies depending on the loan type and (for most types of federal student loans) the first disbursement date of the loan.
The table below provides interest rates for Direct Loans first disbursed on or after July 1, 2013.
|Loan Type||Borrower Type||
Loans first disbursed on or|
after 7/1/13 and before 7/1/14
|Loans first disbursed on or|
after 7/1/14 and before 7/1/15
|Direct Subsidized Loans||Undergraduate||3.86%||4.66%|
|Direct Unsubsidized Loans||Undergraduate||3.86%||4.66%|
|Direct PLUS Loans||Parents and Graduate|
or Professional Students
All interest rates shown in the chart above are fixed rates for the life of the loan.Note: The interest rates for federal student loans are determined by federal law.
If there are future changes to federal law that affect federal student loan interest rates, we will update this page to reflect those change.
What if you are transferring to another college?
You cannot transfer your loans from one school to another. If you are transferring schools you have to re-apply for Federal Financial Aid by filling out a FAFSA form specifically for that school.
Once you stop attending your old school, your loans from that school will go into your 6-month grace period, then into repayment. To avoid paying while still in school, you can defer paying on these loans until you graduate from your new school. You must fill out a form and apply for deferment.
Use the Direct Loan forms for Department of Education loans, or use the Loans forms for loans taken out through private lenders.
Exit Counselling – Required for All
Exit counseling is required when you graduate, leave school, or drop below half-time enrollment.
Exit counseling provides important information you need to prepare to repay your federal student loan(s).
Federal law requires students who borrow from the Federal Perkins loan, Federal Stafford loan and Federal Grad PLUS loan programs and/or receive a TEACH Grant to undergo exit counseling when the student graduates, withdraws or drops below half-time enrollment.
Exit counseling is required even if the student plans to transfer to another college or university. Exit counseling helps federal student loan borrowers understand how to repay their loans and reviews deferment and repayment plan options. Exit counseling also discusses borrower rights and responsibilities.
Updated student contact information will also be collected at the end of the exit counseling session.
What if I can’t repay my loan?
You must repay a student loan even if your financial circumstances become difficult. Loans can’t be canceled because you didn’t get the education or job you expected, and they can’t be canceled because you didn’t complete your education.
Repayment Information; Preventing Default
You are required to pay back loans borrowed over the course of your enrollment at Camden County College. You will receive a document called a “Repayment Disclosure” from your loan lender/loan servicer when it’s time to start paying back your loan(s). If you do not receive this document before you enter repayment, contact your lender/loan servicer. Your lender/loan servicer will tell you when your first payment is due, the amount of your payment, and where to send it. You must begin repayment on time even if you do not receive a Repayment Disclosure.
You MUST pay back your loan even if you did not graduate.
After you graduate, leave school, or drop below half-time enrollment you are required to begin repayment. During this period, you’ll receive repayment information from your loan servicer, and you’ll be notified of your first payment due date. Payments are usually due monthly.
There are several repayment options available that are designed to meet the individual needs of borrowers. Your loan servicer can help you understand which repayment options are available to you. If you are unable to make your scheduled loan payments, contact your loan servicer immediately. Your loan servicer can help you understand your options for keeping your loan in good standing.
The following are loan servicers for Direct loans and the FFEL Program:
|Aspire Resources Inc.||1-855-475-3335|
|FedLoan Servicing (PHEAA)||1-800-699-2908|
|Granite State – GSMR||1-888-556-0022|
|Great Lakes Educational Loan Services, Inc.||1-800-236-4300|
Note: Sallie Mae completed its transition into two companies—Sallie Mae and Navient—
Not sure who owns your loans? Visit the National Student Loan Data System (NSLDS®) to find out.
Never ignore delinquency or default notices
Never ignore delinquency or default noticesfrom your loan servicer. If you fail to make your monthly loan payments, you will become delinquent on your student loan and risk going into default. Contact your servicer immediately to discuss the steps you’ll need to take to keep your loan from going into default.
- All loans must be repaid
- Failure to repay a loan will result in the risk of default which has serious financial consequences
- The financial institution, loan guarantor and the federal government can take action against you to recover the money owed
- Being in default means you are not making payments in accordance with the terms of your promissory note
- Your loan becomes delinquent the first day after you miss a payment
- Loan servicers report delinquencies of 90 days or more to the three major credit bureaus listed below
- A negative credit rating may result in your inability to borrow money, buy a car or house, obtain insurance or rent an apartment
- If you repay your loan monthly, your loan is in default if you fail to make payment for 270 days
- If you repay your loan less than once a month, your loan is in default if you fail to make payment for 330 days (this applies only to FFEL Program loans)
- If you are having trouble repaying your loan, contact your servicer. Explain your situation, ask what options are available to you, ask them to work with you.
- If your loan is currently in default, consider the Student Loan Debt Collection Assistant, developed in partnership with the Department of Education and the Consumer Financial Protection Bureau. The tool provides information about how to access the full range of special repayment options available to you.