Skip to main content


Preparing for Loan Repayment

  • A Stress-Free Guide to Student Loans:
  • Exit Counseling: Federal regulations require all students who participate in one of the Federal Student Loan programs to complete an Exit interview. The purpose of the Exit Interview is to review loan history and repayment terms with each student borrower. The Exit Interview is required for graduation and must be completed before a diploma will be issued. An Exit Interview is also required for students who withdraw or drop below half-time (6 hours) enrollment in a given semester. Exit Interview can be completed at the following link.
  • FSA ID: All federal websites now require you to log in using your FSA ID. If you have not created one, go to  Click “Create an FSA Id”. You will have to enter personal information and verify it using a security code. If you have already created an FSA ID and need to update your address or email click “Edit FSA Id” and make corrections. *It is important to have an accurate and up to date address and email on file to ensure timely communication with your lender.
  • Repayment Estimator: This tool will provide you with a better estimate of what your monthly payments will be and what payment play options you have available.
  • National Student Loan Data System: This is where you can monitor all of your loan information. It includes interest rates and lender information.

 Loan Repayment Chart

The below figures are based on a standard 10-year repayment plan (120 total payments). 

The chart amounts are figures on a fixed interest rate. 

Amount Borrowed

 Payment Total Interest (4.66%)  Payment  Total Interest (6.21%) 


 $52  $1,276  $56  $1,722
$10,000  $105  $2,553  $112   $3,443
$15,000  $157  $3,829   $168  $5,165
$20,000  $209   $5,105  $224  $6,887
$25,000  $262   $6, 382 $280   $8,608
$30,000 $314 $7,658 $336 $10,330

 There is no penalty for paying a loan off early. You will save yourself money because you will pay less interest by paying the loan off sooner.


  • If you borrowed $20,000 in a Direct Loan with a fixed interest rate of 6.21% and are paying on the standard 10-year plan, minimum payments are $224 a month.
  • If you only make the minimum payments, you will pay $6,887 in interest alone over the 10 year repayment period.