Repayment
Repayment
All questions relating to your repayment should be discussed with your Loan Servicer(s). You should contact your servicer(s) to ensure the loan repayment information is accurate and up to date.
The USDE Federal Aid website offers extensive guidance on repayment and default, they have published a helpful checklist.
Northumbria University also has a Default Prevention and Management guide to aid you in your repayment. This can be accessed from the USDirect Loan Consumer Information page on our website.
Loan History
You can access your full loan history via StudentAid.gov. You will see:
The current loan balance and interest rate for each loan.
The loan type.
The name of the servicer for each loan.
When will repayment start?
| Loan Type | Repayments | Repayment Start Date |
|---|---|---|
| Direct Subsidized | No interest or payments required as long as you are enrolled on an eligible program at least half time. | Usually, you will start to repay after a 6 month 'grace period' after your course finishes or you become less than half time study. |
| Direct Unsubsidized | No interest or payments required as long as you are enrolled on an eligible program at least half time. However, interest will accrue whilst you are studying. | Usually, you will start to repay after a 6 month 'grace period' after your course finishes or you become less than half time study. |
| Graduate PLUS or Parent PLUS | No payments required as long as the student is enrolled on an eligible course at least half-time. However, interest accrues whilst studying. | Unless you receive a deferment, your first repayment will be due within 60 days of your final disbursement date. |
Repayment options
There are a number of repayment options available. You should discuss them with your lender to determine which will be the best for you:
- Standard Repayment
- Graduated Repayment
- Extended Repayment
- Income-Based Repayment
- Pay As You Earn Repayment (PAYE)
- Revised Pay As You Earn Repayment (REPAYE)
- Income-Contingent Repayment
- Income-Sensitive Repayment
For full details see the Departmentof Education Repayment webpages or American Student Assistance. You will always pay the least amount of interest under the Standard Repayment Plan.
