LEARN MORE ABOUT LOAN PAYMENTS.
Select one of the options below to jump to that section:
- How do I pay back my loan?
- How do I check my student loan account?
- What are the consequences of default?
- What is entrance and exit counseling?
- What are my options to defer repayment?
How do I pay back my loan?
The average Sandburg student’s loan is $4,297.
You’re not alone when it comes to student loans. Sandburg has partnered with Inceptia, a division of the National Student Loan Program (NSLP), to provide you with free assistance on your loan repayment.
Inceptia’s friendly customer representatives may reach out to you if your loan(s) become delinquent, but Inceptia is not a collection agency. We’ve partnered with them to help you explore a wide variety of possibilities, such as alternative repayment plans, deferment, consolidation, discharge, forgiveness and forbearance options. They’ll stay in touch with you to help you find answers to your questions and solutions to your issues. For additional resources, including information on repayment options, visit Inceptia’s Student Loan Knowledge HQ.
Borrowing money for college may have long-term financial implications. Like any other debt, a student loan is a serious financial obligation that must be repaid. In addition to the principal amount borrowed, interest is charged for the use of the funds. The principal amount plus interest charged, divided by the repayment period determines the amount of the monthly payments after leaving school. Failure to make monthly payments on time can affect your credit rating and your ability to borrow for other purposes, such as a car or a house.
To determine a manageable amount of indebtedness after graduation, consider your expected starting salary earning prospects and lifestyle, and then estimate their anticipated level of debt.
Consumer credit experts estimate that total commercial debt should not exceed 8% of your annual income. A student who borrows $10,000 can anticipate monthly payments of approximately $121 for 10 years.
Loan alternatives to consider include employment, stronger budgeting, living at home rather than an apartment, alternating semesters of study with semesters of work, or using the college's tuition payment plan.
How do I check my student loan account?
Review your total educational debt and monitor your student loan account regularly using your FSA ID username/password. You can also estimate your monthly repayment amount.
What are the consequences of default?
If you default, you:
- Are required to immediately repay the entire unpaid amount of your loan.
- Are required to pay reasonable collection fees and costs, plus court costs and attorney fees.
- May be denied a professional license.
- Will lose eligibility for other federal student aid and assistance under most federal benefit programs.
- Will lose eligibility for loan deferments.
- Will have your default will be reported to national consumer reporting agencies (credit bureaus).
What is entrance and exit counseling?
There are two types of counseling for students applying for and receiving federal loans. Both are required.
Entrance counseling
First-time borrowers at Sandburg must complete loan entrance counseling prior to the first disbursement of your loan. This is the third step of the loan application process. The Department of Education Entrance Counseling Guide can help you understand and decide if a direct loan is right for you and will explain:
- How the master promissory note impacts the borrower
- The seriousness and importance of the repayment obligation
- Consequences of default
View the Student Loan Guide to learn more about federal loans.
Exit counseling
You’re required to complete exit counseling before withdrawing, graduating or dropping below half-time attendance even if you plan to transfer to another school. Exit counseling helps you understand your rights and responsibilities as a student loan borrower and provides useful tips and information to help manage student loan debt. Begin exit counseling.
If you can’t complete exit counseling online, email Financial Aid, or call 309.341.5283 for assistance. It’s your responsibility to notify your loan servicer promptly of any changes in your name, address, college or enrollment status, or employer's name and address.
The Department of Education Exit Counseling Guide helps you learn more about the loan repayment process, rights and responsibilities of the loan, etc.
- Average anticipated monthly repayment
- Repayment plan options and prepayment options
- Debt management strategies
- The seriousness and importance of the student’s repayment obligation
- Terms and conditions for forgiveness or cancellation
- Terms and conditions for deferment or forbearance
- Consequences of default
- Options and consequences of loan consolidation
- Tax benefits available to borrowers
- The obligation of the borrower to repay the full amount of the loan regardless of whether the borrower completes the program or completes within regular time for completion, is unable to obtain employment upon completion, or is otherwise dissatisfied with or did not receive the educational or other services the borrower purchased from the school.
- Availability of the student loan ombudsman’s office
- The U.S. Department of Education is required to provide a disclosure form for students and prospective students about NSLDS.
What are my options to defer repayment?
If you're having trouble making payments, look into:
- Various options on the Federal Student Aid site under Loan Repayment
- Temporarily suspending payments
- Reaching out to Inceptia, Sandburg’s partner in loan repayment
- Calling the financial aid office at 309.341.5283