Student Loan FAQs

Q. How much do I owe on my loans?

A. Find out here: www.nslds.ed.gov or www.studentloans.gov >Tools & Resources > My Financial History

Q. What is my monthly loan payment?

A. Calculate it here:  http://www2.ed.gov/offices/OSFAP/DirectLoan/calc.html or www.studentloans.gov > Managing Repayment > Repayment Plans and Calculators

Q. What salary will I need in order to comfortably pay my student loan debt?

A. Calculate it here:  http://mappingyourfuture.org/paying/debtwizard/index.cfm

Q. Can I start paying my loans early?

A. Yes.  In fact you will save money on interest by getting a head-start.

Q. If I start paying my loans during my grace period, will I lose my grace period? 

A. No.  You are entitled to a 6-month grace period during which no payment on your student loan is required.  If you start paying early, you are still not obligated to make a monthly payment until the grace period expires.  After that, you must make your minimum monthly payment.

Q. What if I have already used up my grace period and then return to school.  Do I get another grace period?

A. No.  Once you have used your grace period on a particular student loan, you will not get another one for that loan.  While in school that loan payment will be deferred, but it will enter repayment immediately after you fall below half-time enrollment.  However, any new loans that you acquire are entitled to a 6-month grace period. 

Q. How much will I save if I make payments during my grace period? 

A. Calculate it here:  http://www.youcandealwithit.com/borrowers/calculators-and-resources/calculators/grace-period-calculator.shtml

Q. What should I do if I cannot make my monthly loan payment?

A. Contact your loan servicer right away and they can offer you different payment options such as deferment, forbearance or a different payment plan.

Q. Who is my loan servicer?

A. Find out here:  www.nslds.ed.gov.  Enrollment Services provides worksheets for keeping a record of your various student loans.

Q. Can I postpone repayment?

A. Yes, but only if you meet certain criteria.  Find more information here: http://studentaid.ed.gov/PORTALSWebApp/students/english/difficulty.jsp?tab=repaying/

Q. Should I consolidate my loans?

A. Consolidating offers the benefits of a single monthly payment with one loan servicer, a fixed interest rate and usually a lengthened repayment term.  A longer repayment term may result in lower monthly payments, but will ultimately increase the amount of interest you will pay.  The interest rate is based on the weighted average of the interest rates of those loans being consolidated rounded up to the nearest one-eighth of 1%, not to exceed 8.25%.  There is no origination fee for a consolidation loan.  Carefully consider the pros and cons before consolidating since such loans do not have grace periods and will immediately enter repayment.  For helpful advice visit: http://loanconsolidation.ed.gov/borrower/bconsol.html

Q. How do I consolidate my loans?

A. Visit http://loanconsolidation.ed.gov/borrower/bapply.html

Q. Can I estimate the interest rate on my consolidation loan?

A. Yes, use this calculator:  https://loanconsolidation.ed.gov/loancalc/servlet/Controller?controller_task=startCalculator

Enrollment
Services
Department

Financial Aid
Contact Information

General Information
636-922-8270

A+ and State Programs
636-922-8269
kperschbacher@stchas.edu

VA Benefits
636-922-8268
kmontgomery@stchas.edu

Loans
636-922-8586
abby_vernon@stchas.edu

Financial Aid Appeals & Scholarships
636-922-8267
kthomas@stchas.edu