While everyone’s situation is unique, here are some tips on how to get organized and prepare yourself for repaying your student loans.


Determine When to Start Repaying

Many student loans provide a grace period – a period of time when you are not required to make student loan payments. It starts when you graduate, leave school, or drop your attendance below half-time.

Check the duration of your grace period for an indication of when you will have to begin repayment. For specific dates, check your loan paperwork.

Set Up An Online Account

Consider establishing an online account so you can have access to your loan information 24/7. You may also want to sign up for paperless statements to help minimize paperwork.

Understand Your Repayment Plan

Repayment plans are designed to let you pay over a period of time.

Federal student loans may offer several repayment options, including but not limited to, Graduated Repayment, Extend Repayment and Income-Based Repayment. Be sure to evaluate each option carefully as some repayment plans may increase your total loan cost.

Private student loans typically have a standard repayment plan paid over a specified time-period.

  • With a variable rate loan, your payment may change if the interest rate changes.
  • With a fixed rate loan, your payment generally remains the same for the life of the loan.

Prepay With No Penalties
You can always pay more than the minimum amount due to reduce your balance and interest cost.

Helpful Repayment Tools

These tools can help you understand your repayment responsibilities:

Monthly Payment Calculator – Provides an estimate of your monthly student loan payment, capitalized interest, and total loan amounts.

Prepayment Calculator – See how you can pay off your student loans faster and reduce your loan costs.

If you have a private student loan from Discover, please visit Discover Student Loans for specific details.

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