Types of Aid

Overview Scholarships, Awards & Grants Loans COVID Relief Funds Diversifying Higher Education Faculty in Illinois (DFI) Workforce Innovation and Opportunity Act (WIOA) External Financial Aid Websites

Federal Student Loan Repayment & Forgiveness

Federal student loan repayment begins after your grace period expires. Prior to your first payment, a loan servicer must provide you with a loan repayment schedule that states when your first payment is due, the number and frequency of payments, and the amount of each payment.

Visit the National Student Loan Data System (NSLDS) to view your federal student loan history and loan servicer information. It is the student's responsibility to provide updated contact information to the University and any loan servicers. Alternative Loans will not be included in the information provided by NSLDS.

Loan Repayment

There are a variety of federal student loan repayment plan options for borrowers:

Standard Repayment
Graduate Repayment
Extended Repayment
Income-Based Repayment
Income-Contingent Repayment
Income-Sensitive Repayment

These repayment plans are available to provide you with options and assistance given your individual circumstances. Your loan servicer can work with you on repayment plans and loan consolidation, and will assist you with other tasks related to your federal student loans.

REMEMBER: You must repay a student loan even if your financial circumstances become difficult.

Loan Forgiveness Programs

Loan forgiveness programs provide borrower's with assistance in repaying their federal student loans. In addition to the following programs, some employers may also offer loan repayment assistance as an employment benefit.

Federal Direct Loan Consolidation

Direct consolidation loan allows a borrower to consolidate multiple federal student loans into one. The result is a single monthly payment instead of multiple monthly payments. See if it’s right for you by using the National Student Loan Data System (NSLDS) to review your federal loan history.