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Guide to Repaying Your Student Loans


Posted By: Melissa Elliott - 5/1/2021 12:00:00 AM

It is hard to believe the semester is almost over.  You may be graduating, and/or entering the work force. If you have student loans, this guide will help you find the right repayment plan, learn how to make payments, get help if you can’t afford your payments, and see what circumstances might result in a loan being forgiven, canceled, or discharged.

Even though on January 20, 2021 the secretary of education extended the 0% student loan interest rate and suspension of payments on federal student loans owned by the Department of Education (ED) until September 30, 2021, once that suspension is lifted you will have to start making payments. We recommend you start planning now.  Understanding how to repay your federal student loans can save you a lot of time and money. Federal Student Aid is here to help you manage repayment and answer any questions you have along the way.

Finding The Right Repayment Plan For You

There are several repayment plans available, providing the flexibility you need. Here are some things you should know:

  • You'll be asked to choose a plan. If you don’t choose one, you will be placed on the Standard Repayment Plan, which will have your loans paid off in 10 years.
  • You can switch to a different plan at any time to suit your needs and goals.
  • Your monthly payment can be based on how much you make. Learn about the income-driven repayment plans.

Use the Repayment Estimator

The Repayment Estimator can help you figure out which repayment plan is best for you. Log in, and Federal Student Aid will pull relevant information such as your loan amounts, loan types, and interest rates. Just enter some additional information, such as your income and family size, and your results will show what your payments would be under each repayment plan.

 

How To Make A Payment

Your loan servicer handles all billing regarding your student loan, so you’ll need to make payments directly to your servicer. Each servicer has its own payment process and can work with you if you need help making payments. To help you never miss a payment, if you sign up for automatic debit through your loan servicer, your payments will be automatically taken from your bank account each month. As an added bonus, you get a 0.25 interest rate deduction when you enroll! 

If you don't know who your servicer is, check your account in My Federal Student Aid.

Know who your servicer is? Visit their site to make a payment. 


CornerStone

MOHELA

FedLoan Servicing (PHEAA)

Navient

Granite State – GSMR

Nelnet

Great Lakes Educational Loan Services, Inc.

OSLA Servicing

HESC/Edfinancial

What To Do If You Can't Afford Your Payments

If you’re having trouble making payments, don’t ignore your loans. Federal Student Aid offers several options that can help keep your loans in good standing, even if your finances are tight.

3 Ways you Can Keep on Track with Loan Payments

  1. Change your payment due date. Do you get paid after your student loan payment is due each month? If so, contact your loan servicer and ask whether you’d be able to switch the date your student loan payment is due.
  2. Change your repayment plan. What you ultimately pay depends on the plan you choose and when you borrowed. If you need lower monthly payments, consider an income-driven repayment plan that’ll base your monthly payment amount on how much you make.
  3. Consolidate your loans. If you have multiple student loans, simplify the repayment process with a Direct Consolidation Loan—allowing you to combine all your federal student loans into one loan for one monthly payment.

If the options above don’t work for you and you simply can’t make any payments right now, you might be eligible to postpone your payments through a deferment or forbearance. However, depending on the type of loan you have, interest may still accrue (accumulate) on your loan during the time you’re not making payments.

Beware: Private companies may contact you with offers to help you with your student loans for a fee. Remember, you never have to pay for help with your student loans. The U.S. Department of Education and our loan servicers will help you for free. Learn more about avoiding paying for help with your student loans.

Student Loan Forgiveness, Cancellation, And Discharge

There are some circumstances that may result in your no longer having to repay your  federal student loan. For instance, some or all of your loan could be forgiven in exchange for your performing certain types of service such as teaching or public service. Or the obligation to make further payments on your loan might be discharged based on specific factors such as your school closing or your becoming totally and permanently disabled. Take a look at all the possibilities: Find out what circumstances qualify your loans for forgiveness, cancellation, or discharge.

For additional information and guidance to help you understand how to manage your student loan debt and repay your loans, please see https://studentloans.gov/myDirectLoan/index.action or www.studentaid.gov.

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  • Century City Center
    4105 Maplewood
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    2813 Central Expressway East
    Wichita Falls, TX 76302
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  • Seymour Learning Center
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1970 marked the beginning of Vernon College. Throughout this decade the College continued to grow and more students enrolled in both on- and off-campus courses. On January 20, 1970, a majority of the citizens of Wilbarger County voted to create the Wilbarger County Junior College District. Following that decision, Vernon Regional Junior College was established and on April 9, 1970, the newly elected Board of Trustees appointed Dr. David L. Norton as the College’s first president. Campus construction began in May 1971, and included an Academic Science Center, Administration-Fine Arts Center, Applied Arts Center, Library, and Student Center. The following year, on September 5, 1972, classes met for the first time on the Vernon campus with a total of 608 students. On August 1, 1974, Dr. Jim M. Williams became the College’s second president. In the fall semester of that year, combined on- and off-campus enrollment exceeded 800 students. During the 1975-76 academic year, the College expanded its services to include a learning center on Sheppard Air Force Base. During this year, enrollment in credit courses, both on- and off-campus, rose to a level of 1,199. The scope of the Vocational Nursing Program was enlarged during the 1976-77 academic year with the assumption of the Bethania School of Vocational Nursing in Wichita Falls. In August 1976 the Physical Education Center was dedicated in honor of Dr. and Mrs. Thomas A. King longtime benefactors of Vernon College. Growth and changes continued during the 1980s. In August 1980 a Student Residence Center, designed to house 128 students, opened for occupancy. Further expansion of program offerings in the Wichita Falls area was accomplished through absorption of an existing proprietary school that was renamed the Vernon College Technical Center and the integration of the nursing program from the Wichita Falls Independent School District. On March 22, 1982, Dr. Joe Mills took over the leadership of the College as the third president. That fall, the College fielded its first intercollegiate rodeo team. During 1983-84, the Department of Cosmetology and the Career Development Center (previously known as the North Texas Skills Center) were established in Wichita Falls. On the Vernon campus, the Chaparral Center was completed, and the Pease River farm purchased through a state land trade. The following academic year, 1984-85, Vernon College reached a record credit enrollment of 1,863 and a record continuing education enrollment of 7,056 registrations. A Vocational Nursing Program opened in Seymour, and the Board of Trustees established a college foundation and approved an agreement to allow construction of the Red River Valley Museum on the Vernon campus. In February 1987 the College played its first intercollegiate baseball game on the Vernon campus. During May of that year, the new Natatorium was opened in the King Physical Education Center. A newly constructed Athletic Dormitory opened to house 28 athletes in August 1988. In October, Trustees voted to add women’s volleyball as a varsity sport, effective with the fall 1989 semester. In May 1989 Vernon College moved all Wichita Falls programs to one centralized location—Century City Center. Since the College opened its doors 38 years ago, many individuals, corporations, foundations, and organizations have made an investment in our students through the creation of endowed and annual scholarships. As of this year, more than 100 scholarship funds are available to help students pursue their educational dreams.VERNON COLLEGE PHILOSOPHY: Vernon College is a constantly evolving institution, dedicated primarily to effective teaching and regional enhancement. With this dedication to teaching and to the community, the College encourages open inquiry, personal and social responsibility, critical thinking, and life-long learning for students, faculty, and other individuals within its service area. The College takes as its guiding educational principle the proposition that, insofar as available resources permit, instruction should be adapted to student needs. This principle requires both flexibility in instructional strategies and maintenance of high academic standards. Strong programs of assessment and accountability complement this educational principle. VC accepts the charge of providing a college atmosphere free of bias, in which students can exercise initiative and personal judgment, leading to a greater awareness of personal self-worth. It strives to provide every student with opportunities to develop the tools necessary to become a contributing, productive member of society. Vision VERNON COLLEGE VISION: Vernon College will promote a culture of success for our students and communities through learner-centered quality instructional programs and exemplary services. Values VERNON COLLEGE VALUES: Vernon College promotes a culture of success through our shared values and commitment to: Accessibility Accountability Building Relationships Diversity Inclusion Innovation Leadership Quality Student Success Teamwork Our values define who we are and guide us in conducting our business every day. Our values are our morals – what is important to us at our college. Mission VERNON COLLEGE MISSION The mission of Vernon College is teaching, learning, and leading. Vernon College is a comprehensive community college that integrates education with opportunity through our instructional programs and student support services by means of traditional and distance learning modes. Therefore, to fulfill its mission, the College will provide access, within its available resources, to: Career technical/workforce programs up to two years in length leading to associate degrees or certificates; Career technical/workforce programs leading directly to employment in semi-skilled and skilled occupations; Freshman and sophomore courses in arts and sciences, including the curricula leading to associate and baccalaureate degrees; Ongoing adult education programs for occupational upgrading or personal enrichment; Compensatory education programs designed to fulfill the commitment of an admissions policy allowing the enrollment of disadvantaged students; ; A continuing program of counseling and guidance designed to assist students in achieving their individual educational goals; Career technical/workforce development programs designed to meet local and statewide needs; Support services for educational programs and college-related activities; Adult literacy and other basic skills programs for adults; and Other To help prospective and current students, faculty, and staff locate important information about Vernon College, this webpage provides links to helpful information on a variety of government mandated and consumer information. Examples are academic programs, cost of attendance, financial aid, safety and security, and institutional financial reports. Vernon College’s presentation of this information complies with the Higher Education Act, as amended, and implementing regulations.