Payback. Am I talking about vengeance? Nope. But I am talking about a dish best served cold: cold, hard cash!
I’m talking about repaying student loans! (Definitely cold, but not as hard as you think.)
In my time at UDM, I’ve taken out two kinds of loans: unsubsidized federal loans (interest accrues immediately after disbursement) and subsidized federal loans (no interest accrues on the loan until 6 months after graduation).
Though I took out the unsubsidized loan recently, I’ve had enough fortune to where I can repay that loan now, before more interest accrues. So how did I repay just my unsubsidized loan?
When you take out a loan from the federal government, you will get a letter from “Direct Loans Department of Education”. This is the formal correspondence that states the the government is giving THIS amount of money to THIS school, who then gives it to THIS person. It’s more like your federal receipt so that you know that you know how much money is coming through your school’s Financial Aid office.
When you want to repay the loan, however, you need to understand that your lender is the federal government, not your school. My lender, for example, is MyFedLoan.org (The Department of Education). They have every loan differentiated, organized, and tracked for me. I can make payments online, schedule monthly payments (either now or for the future), or do anything that I could possibly imagine relevant to obtaining, monitoring, or repaying a loan.
To access MyFedLoan.org, they will ask for your account#/SSN# and your email. If they can’t render an account for you, then you probably haven’t made an account in their system. (Between FAFSA and all of the other government accounts, it can be hard to keep yourself organized. It’s ok, it happens to all of us.) Making a new account is easy as can be! I will also attest that they may have developed the most user-friendly payment system that I have ever encountered.
Even if you don’t need to repay your student loans now, I encourage you to become familiar with the system. Know what you’re looking for, what you’re looking at, and how to approach it when the time comes.
Lisa Cocco, PA-S 2016