LOAN REPAYMENT

Know Your Loan Servicer

Your loan servicer is one of your most important resources throughout the repayment process and getting to know them now, before repayment begins, is one of the best things you can do for yourself.

A loan servicer is the company assigned to manage your federal loans. They handle your payment processing, track your principal and interest, respond to your questions, and walk you through your repayment options. Because different types of loans may be assigned to different servicers, it’s possible to have more than one, which is why knowing who each of them are matters.

Each of your servicers will provide you with repayment requirements specific to your loans, including when your first payment is due and how much your monthly payments will be. Read that information carefully and make sure you understand what’s expected before your first payment comes due. To find your federal loan servicer, log in to your account at studentaid.gov. Make sure your current contact information is up to date with each servicer — this ensures you receive all important notifications on time.

When Does Repayment Begin?

For federal student loans, repayment does not begin while you are enrolled at least half-time. Once you graduate, withdraw, or drop below half-time enrollment, your loans will enter a grace period before your first payment is due. This grace period gives you time to get settled and plan your finances before payments begin.

Grace period lengths vary by loan type, check your promissory note documentation or contact your loan servicer to confirm the specific grace period that applies to your loans. Don’t wait until the grace period ends to start planning. The more time you give yourself to understand your options, the better positioned you will be to choose a repayment plan that works for your life.

Exit Counseling

Federal regulations require you to complete exit counseling before you graduate or leave The Colleges of Law. Exit counseling reviews your total federal loan balance, your repayment options, and key information about managing your debt responsibly.

Repayment Plan Options

The right repayment plan for you depends on your income, career path, and loan type. Options available as of 2026 include:

• Standard Repayment Plan — fixed monthly payments over 10 years. This is the default plan if you do not choose another.
• Income-Based Repayment (IBR) — payments based on a percentage of your discretionary income, adjusted annually. Forgiveness after 20–25 years of qualifying payments.
• Repayment Assistance Plan (RAP) — the new income-driven repayment plan created by the One Big Beautiful Bill Act, expected to launch July 1, 2026. For borrowers with loans first disbursed on or after July 1, 2026, RAP will be the only available income-driven plan. Forgiveness after 30 years.

NOTE: The SAVE plan was vacated on March 10, 2026. If you were on SAVE, switch to IBR now, or wait for RAP to launch July 1, 2026. PAYE and ICR remain available until July 1, 2028; IBR remains available indefinitely.

If you borrow both before and after July 1, 2026: All of your loans, old and new, will be subject to the new repayment plan structure. This is an important consideration if you are a continuing student planning to borrow again in 2026–2027 or beyond.

Public Service Loan Forgiveness (PSLF)

If you work or plan to work for a qualifying government or nonprofit organization, you may be eligible for Public Service Loan Forgiveness. PSLF forgives the remaining balance on your federal Direct Loans after 120 qualifying monthly payments while working full-time for a qualifying employer. Lawyers in public defenders’ offices, legal aid organizations, government agencies, and nonprofit legal services organizations frequently qualify. This is one of the most impactful financial tools available to law graduates pursuing public interest careers.

Support When You Need It

The Office of Financial Aid is here to help you explore your options, to answer questions, and to create a plan that works for you.