Federal Student Loan Repayment resumed October 1, 2024. It is time to ensure you are enrolled in a repayment plan and actively making payments on your federal student loans.
Confused on what to do? Unsure of where your loans stand? Not sure where to start? Mavs Financial Wellness is here to help! Read through the information below thoroughly. If you have any questions or need help email us at [email protected]
Follow the steps below to enter repayment on your federal loans.
Your FSA ID (the same you used to complete your FAFSA) will include a username and password. Once logged in, view and update your personal information and confirm your student loan servicer.
Confirm your student loan servicer
Your servicer may vary depending on the type of loan you have. If you don’t know who your servicer is, log on to studentaid.gov and visit the “My Loan Servicers” section of your dashboard.
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Log in to your loan servicer account
Create an account or log in to an existing one via the servicer’s website. Review and update your personal contact information, including your email and mailing address, so your servicer can reach you.
Review and update your payment information
If you were previously signed up for automatic debit before the payment pause began, you must reauthorize or select automatic debit through your loan servicer account. If you have never enrolled in a payment plan or automatic debt, follow the steps on your loan servicer account to get set up.
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Reauthorize or select auto debit for monthly payments
Automatic payments will allow your loan payments to be automatically withdrawn from your bank account every month.
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Update your banking information
Update any changed banking information to ensure you either proactively make a payment by the deadline or are prepared for the funds to be withdrawn by auto debit.
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Review payment due date and amount
Make note of your monthly payment amount and the date your first payment will be due along with future payments.
If you're choosing the standard or graduated repayment plan option - you sign up through your loan servicer.
If you are choosing an Income Driven repayment plan option - you sign up at studentaid.gov/IDR
If you have missed many payments, you will become delinquent. After 270 days of missed payments, you will enter Default.