Repaying a Student Loan

When Do I Start Repaying My Student Loan?

Here is important information on loan repayment RESTART. 

You won’t be expected to begin repaying your loans until six months after you graduate, leave school, or drop below six credits. When you leave Brookdale, you will be required to complete Loan Exit Counseling.

If you want to estimate your loan payment, a Student Loan Calculator is HERE.

How Can I Learn About My Student Loan?

Direct Loan Borrower Services
When your loan becomes due, the federal loan servicer will mail you a payment schedule listing your monthly payment on principal and interest and the unpaid balance for each month of the period it takes to repay your total debt. If they do not contact you, you are responsible for contacting them at: U.S. Department of Education, Borrower Services Dept., Direct Loan Servicing Center, P. O. Box 4609, Utica, NY 13504-4609, (800) 848-0979; (800) 848-0983 (TDD). You can also contact Borrower Services online.

FFELP Loan Borrower Services
If you are a FFELP borrower it is likely that your loan is being serviced by Navient. You can create an online account and access it at any time, and keep updated on the status of your student loan.

National Student Loan Data System (NSLDS)
With your FSA ID, you can also access the National Student Loan Data System (NSLDS). This site contains the history about all of your financial aid including your student loans.

The Office of Financial Aid
Call the Brookdale Financial Aid Office at 732-224-2361 to speak with a Financial Aid Specialist.

What are my Repayment Options?

Students who borrow a Federal Direct Student Loan and have borrowed a Federal Direct Loan in the past, can have their loans consolidated so that they will be making only one payment. Loan consolidation will be made at the request of the student when entering repayment. The college will provide more information to you regarding this option during the semester or visit www.studentloans.gov for account information.

The federal government offers various loan repayment options listed below.

• The standard loan repayment plan requires fixed monthly repayment amount paid over a fixed period of time.
• The extended repayment plan assumes a fixed annual repayment amount paid over an extended period of time.
• The graduated repayment plan establishes annual repayment amounts at two or more levels.

Repayments are paid over a fixed or extended period of time.

The income contingent repayment plan calls for varying annual repayment amounts based on the Adjusted Gross Income (AGI) of the borrower over an extended period of time, as determined by the U.S. Department of Education.

Consolidation
The Federal Direct Consolidation Loan Program allows you to combine one or more of certain federal student loans and to make one monthly payment to the federal government. There is no charge for consolidation, and four repayment plans are offered. This rate is fixed for the life of the loan and cannot exceed 8.25 percent. Following are just a few of the loans that can be consolidated: Federal Direct Loans, Federal Direct Unsubsidized Loans, Federal Family Education Loans, Federal Perkins Loans, and Public Health Service Loans.

For more information, call Direct Loan Borrower Services Consolidation at 1-800-557-7392; 1-800-557-7395 TDD; or visit www.loanconsolidation.ed.gov