Student Loan Debt Options

Federal Student Loan Repayment

If you have federal student loans, it is important to understand your repayment options and know when your payments are due.

Whether you are making your first student loan payment or returning to repayment, preparing early can help you avoid missed payments and choose a repayment plan that works for you.

Use the steps below to get started.

Start Here: 5 Steps to Prepare for Repayment

  1. Log in to StudentAid.gov

    • Log in to studentaid.gov using your Federal Student Aid (FSA) ID.
    • Your StudentAid.gov account lets you view information about your federal student loans, including your loan balance, loan servicer, and repayment plan.
    • Your FSA ID is the same account you use to complete the FAFSA.

     

    First time logging in?

    Make sure you can access your account before your payments are due.

    StudentAid.gov

  2. Find Your Loan Servicer

    • Your loan servicer is the company that manages your student loan and collects your payments.
    • Log in to studentaid.gov and check the My Loan Servicers section to find your current servicer and their contact information.
    • Your loan servicer may have changed, so do not assume that you are still with the same company.
    • Once you know your servicer, visit their website and create an account or log in to your existing account.

  3. Update Your Contact Information

    Make sure your contact information is correct with your loan servicer.

    Check your:

    • Mailing address
    • Email address
    • Phone number
    • Bank account information

    Your servicer may use this information to send you important notices about your loans and payments.

  4. Check Your Payment Amount and Due Date

    Log in to your loan servicer's website to find:

    • Your current loan balance
    • Your monthly payment
    • Your payment due date
    • Your repayment plan
    • Any interest that has been added to your loan

    Write down your payment amount and due date so you know when your payment is due.

  5. Set Up Automatic Payments

    If you want your payments to be withdrawn automatically each month, check your loan servicer's website for an automatic debit or Auto Pay option.

    If you were enrolled in automatic payments before a payment pause or change in your loan servicing, check your account to make sure automatic payments are still active.

    For eligible Direct Loans, automatic debit may reduce your interest rate by 0.25%.

    Choose the Right Repayment Plan

    Your repayment plan determines how much you pay each month and how long you will make payments. The best plan for you depends on your income, loan balance, and financial goals.

    Ask yourself:

    • Do I want the lowest monthly payment? An income-driven repayment plan may provide a lower monthly payment based on factors such as your income and family size.
    • Do I want to pay off my loans faster? A plan with a shorter repayment period may help you pay off your loans sooner.
    • Do I want to pay less interest over time? Paying your loans off faster may reduce the amount of interest you pay over the life of the loan.

    Your available repayment plans depend on your loan type and other factors.

    Compare Your Repayment Options

    Before choosing a repayment plan, use the Federal Student Aid Repayment Calculator on StudentAid.gov. The calculator can help you:

    • See which repayment plans you may qualify for
    • Compare estimated monthly payments
    • Compare the total amount you may pay
    • See how long it may take to pay off your loans
    • Compare plans based on your financial goals
    • Explore options for Public Service Loan Forgiveness, if applicable

    The amounts shown by the calculator are estimates. Your loan servicer will determine your final payment amount after your repayment plan is processed.

    Tip: Log in to StudentAid.gov before using the calculator so your loan information can be included automatically.

    How to Change Your Repayment Plan

    If your current repayment plan no longer works for your budget, you may be able to change plans.

    1. Step 1: Review your current plan:  Log in to StudentAid.gov or your loan servicer's website to see your current repayment plan, loan balance, interest, and monthly payment.
    2. Step 2: Compare your options:  Use the Federal Student Aid Repayment Calculator to compare the plans available to you.

      Think about what matters most:
      • Lower monthly payments
      • Paying off your loans faster
      • Paying less interest
      • Qualifying for loan forgiveness

    3. Step 3: Apply for the plan you choose: Follow the instructions on StudentAid.gov or your loan servicer's website to apply. Some plans require you to provide information about your income and family size. If you are not sure which plan is right for you, contact your loan servicer for help.

    Income-Driven Repayment Plans

    Income-driven repayment (IDR) plans use information such as your income and family size to determine your monthly student loan payment. An IDR plan may help if your current payment is difficult to afford. Your eligibility and payment amount depend on your loans and your personal financial information.

    Federal student loan repayment plans and requirements can change. Visit StudentAid.gov for the most current information about available IDR plans and eligibility.

Additional Information

Need Help?

Student loan repayment can feel overwhelming, but you do not have to figure it out alone.
Start by logging in to StudentAid.gov and reviewing your loan information. If you have questions about your repayment plan, monthly payment, or loan status, contact your loan servicer.

For additional financial guidance, HCC students can also explore the financial resources and support available through Houston City College.

Public Service Loan Forgiveness (PSLF) may help eligible borrowers have the remaining balance on their federal Direct Loans forgiven after they meet the program requirements.

To qualify, you generally must:

  • Work for a qualifying government or nonprofit organization
  • Have eligible federal student loans
  • Meet the program's repayment and employment requirements
  • Make qualifying payments while meeting all program requirements

Working for a government or nonprofit organization does not automatically mean you qualify for PSLF.

Use the PSLF Help Tool on StudentAid.gov to learn whether your employer and loans may qualify.

If you are having trouble making your monthly payment, do not ignore your loan. Contact your loan servicer as soon as possible to discuss your options. Depending on your situation, you may be able to:

  • Change your repayment plan
  • Apply for an income-driven repayment plan
  • Request a deferment
  • Request a forbearance
  • Explore other options available for your loans

Some options may cause interest to continue adding to your loan balance. Make sure you understand how an option will affect your total loan cost before choosing it.

Missing a student loan payment can have serious consequences. A loan becomes delinquent when you miss a payment. If you continue to miss payments, your loan may eventually go into default. Default can hurt your credit and may make it harder to qualify for additional federal student aid.

The government may also have collection options for defaulted federal student loans.

If you miss a payment, contact your loan servicer right away. Your servicer can help you understand your options and what steps you can take to get back on track.

Be careful when someone offers to help you with your student loans.

You should not have to pay a company to access federal student loan information or repayment options that are available through StudentAid.gov.

Be cautious if someone:

  • Promises to erase your student loan debt
  • Guarantees loan forgiveness
  • Asks for your StudentAid.gov username or password
  • Requests your bank account information unexpectedly
  • Charges an upfront fee to help with your federal student loans
  • Pressures you to sign documents immediately

When in doubt, contact your loan servicer directly or visit StudentAid.gov.

Never share your FSA ID username or password with anyone.

Federal Student Aid

Visit StudentAid.gov to:

  • View your federal student loan information
  • Find your loan servicer
  • Compare repayment plans
  • Apply for repayment plans
  • Learn about loan forgiveness
  • Learn about deferment and forbearance
  • Get help with delinquent or defaulted loans

Repayment Calculator

Use the Federal Student Aid Repayment Calculator to compare your repayment options and estimated payments.

Public Service Loan Forgiveness

Use the PSLF Help Tool to learn about qualifying employers and program requirements.

Deferment and Forbearance

Learn about options that may temporarily pause or reduce your student loan payments. 

Delinquency and Default

Learn what happens when you miss payments and what you can do if your loan is in default.

  • Start early - Do not wait until your first payment is due to review your loans.
  • Know what you owe - Keep track of your loan balance, interest rate, repayment plan, monthly payment, and due date.
  • Keep your information up to date - Make sure your loan servicer has your current address, email, phone number, and banking information. 
  • Keep your records - Save copies of loan documents, applications, payment confirmations, and other important information.
  • Review your budget - Make sure your monthly budget includes your student loan payment.
  • Ask for help - If you are not sure what to do, contact your loan servicer or visit StudentAid.gov for guidance.