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Loan Repayment & Estimator

Sooner or later, all borrowers become repayers, and they have to make arrangements to pay back their loan. This is usually done by making equal monthly payments over a predetermined length of time. Calculating the monthly payment is called amortization. The mathematical formula used includes such variables as the interest rate, present value of the loan when the monthly payment calculation takes place, and the period of time in which the loan is to be repaid to the lender.

A second area often questioned has to do with voluntary accelerated payments whereby the borrower pays more than the calculated monthly required payment. Normal practice is that an individual can make payments above and beyond the calculated monthly payments without penalty. In fact, if you can possibly increase your monthly payments, your loan will be far less costly down the road.

How to Repay Your Student Loans
1. Find all the loans you have borrowed.
  • Federal Student Loans - Use the Federal Student Aid website, Manage Loans tab. 
  • Federal Perkins/Institutional Loans - Check with all the schools you have attended.
  • Private Educational Loans - Review your credit report at

2. Complete your Exit Counseling.

3. Create an account with your Federal Student Loan Servicer(s).

  • Your servicer(s) can be found on the NSLDS website when selecting the number next to the loan.

4. Find out what repayment plans are available based on your federal loan debt. Visit​ for information on repayment and consolidation options.

5. Review/setup repayment plan(s) for any Perkins Loans or Private Educational Loans.  

Direct Loan Repayment Estimator

6. You can also log in to to see more details about your financial aid in the "Aid Summary" section of your Dashboard. This easy-to-use feature provides a detailed view of aid you've received and displays:
  • Federal grants received
  • Student loan balance
  • Progress toward loan payoff
  • School enrollment history
  • Public Service Loan Forgiveness (PSLF) qualifying payment count


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