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Financial Aid

Student Loan Repayment

Due to the COVID-19 pandemic, federal student loan payments of principal and interest were suspended in March 2020. Now that the national emergency has ended, loan repayment is scheduled to resume in October.

The Grace School of Theology Financial Aid Office is providing resources to assist you in navigating the restart of student loan payments in collaboration with the National Association of Student Financial Aid Administrators (NASFAA).

How to prepare for successful student loan repayment:
  1. Log in to www.StudentAid.gov using your FSA ID.
  2. Confirm the servicer of your student loans.
  3. Log in to your loan servicer account and make any necessary changes to your contact information.
  4. Reauthorize or choose automatic debit for monthly payments.
  5. Examine the payment due date and amount.
How to choose the best repayment plan:
  1. Examine the status of your student loan servicer account.
  2. Consider your repayment strategy and whether you need to make changes.
  3. Investigate your repayment alternatives and choose the best option for you.
  4. Once you’ve decided on a plan, make the necessary changes in your servicer portal or at www.studentaid.gov.
Student Loan Repayment: Financial Aid

Contact your Loan Servicer

Student Loan Repayment: Financial Aid
Student Loan Repayment: Financial Aid

Identifying Your Servicer

The following are loan servicers for loans that the U.S Department of Education (ED) owns. To find out who your loan servicer is:

Visit your account dashboard and scroll down to the “My Loan Servicers” section, or
Call the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243.

We have been notified that many borrowers are having significant waiting times to reach servicer representatives by phone. NASFAA recommends that borrowers ensure the information they’re looking for is unavailable on studentaid.gov, or their own loan servicer’s website, before reaching out to servicers. It is highly recommended to communicate by email or using live chat features to help reduce the phone call waiting time for borrowers.

SAVE Loan Repayment Plan

The U.S. Department of Education has announced the Saving on a Valuable Education (SAVE), which calculates your monthly payment amount based on your income and family size. The SAVE Plan provides the lowest monthly payments of any IDR plan available to nearly all student borrowers.

Use this link to see if your loans are eligible, and how to apply:

Learn More Here