How to Repay a Federal Stafford Loan

Paying a student loan can be done in a variety of ways. In addition to sending a check through the mail, you can also submit your payment online and over the phone. Online payments are secure and provide a quicker processing time.

Instructions

1

Know your account information and loan balance(s). To find out financial information on your student loan(s), visit the U.S. Department of Education's National Student Loan Data System (NSLDS) at www.nslds.ed.gov. This site will provide loan information including: lender, outstanding balances, loan status and grant information. When you visit the web site for loan information, have your Social Security number (SSN), the first two digits of your last name, your date of birth and your Federal Student Aid PIN ready. Access your PIN by calling the Department of Educaton's customer service line toll-free at 1-800-4-FED-AID (1-800-433-3243). If you're applying for a new PIN, go to www.pin.ed.gov to register your pin. Once you provide this information, you'll be able to access your loan information.

2

Choose a repayment program. These programs provide the borrower flexibility depending on the financial situation. The standard repayment plan is the most popular plan. Payment terms are at least 10 years. The graduated repayment plan requires borrowers to start paying their loan(s) at a lower amount per month then gradually repay more every two years. An extended plan allows you to pay your loan over 25 years. Check with your loan organization to determine the terms and rates.

3

Consider a consolidation plan. Consolidation allows you to combine all of your student loans and make one single payment each month. You also may benefit from a lower interest rate. Check with student- loan companies about consolidation programs. Type "student loan consolidation programs" in your search engine's search bar.

4

Determine your form of payment. You can pay using the phone or online. Once you create an online account, you can pay from your bank account or through an active debit or credit card.

5

Pay your loan(s). Keep records of your student loans either through your online account or keep a physical record of your paper statements. If you can afford to, pay an extra amount on your student loan. The extra amount you pay on your loan(s) will go directly towards your loan principal.