Your Loan Repayments

On behalf of SUNY Oneonta’s Making Cent$ financial wellness program on campus, we want to provide some information to you as you prepare to begin repayment of your Federal Loans.

If you have borrowed a Federal Subsidized and/or Unsubsidized Stafford Loan, your “Grace Period” may be ending soon. This grace period is the time your loan servicer gives you after graduating before you have to start making loan repayments. Your loan servicer will be contacting you as you approach the start of your repayment and it is very important to read these messages. Here is some helpful information that we wanted to share with you.

• Step 1: Go to studentaid.gov and log in with the FSA ID/Username. (You used this when filing your FAFSA. It may also be your @oneonta.edu email address)
• Step 2: In the box with your loan/grant balance there will be a link that says view details. Click this to view more details on your loans (or your grants)
• Step3: Scroll through this page to view the details on your loans. On the bottom of the page select view details to view more basic details. In this area select view details one more time to see loan servicer information
• Step 4: At the bottom right of the box, there will be a website and contact information for your loan servicer. Your loan servicer is whom you will be making your payments to. Go to their website and set up an account. It is recommended to use an email address that you will have access to for the next few years and it is a good idea to “Favorite” the website of your servicer to your web browser.

Once you log in, you will be able to view how much interest has accrued, minimum monthly payment, and other info on your loans. This is where you can opt to make a payment in any amount.

If you have taken a private loan from a bank or other institution, please contact them directly on making repayments.

If you have a Perkins loan, please visit the SUNY Student Loan Servicer website for more details on your repayment.

Note: If you have a combination of Federal, Perkins, or Private loans you will be making separate payments to all sources.

HELPFUL TIPS!

• Many servicers offer “direct debit” payments that you link with a checking account to pay the minimum amount due on the due date each month. This is a good way to make sure you never miss a payment. Note: your first few payments may still need to manually be done while they verify your banking information.
• You can also schedule “One-Time” payments for a specific date or even a payment on the same day in addition to the direct debit option.
• Paying above the minimum is also a good idea! You can set your direct debit up to cover more than the minimum payment, which is a great way to consistently pay more than the minimum and the quickest way to pay the least amount in interest on your loans!
• You may also apply all extra payments above the minimum to ALL go towards ONE loan of your choosing (typically recommended to choose the one with the lowest monthly payment) to make faster progress in reducing your debt as you move through your repayment plan.
• Most importantly, if you have questions about your repayment plan or cannot make a payment, it is best to contact your loan servicer as soon as you can. Their phone number will be on the website you favorited as well as the studentaid.gov website.