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Student Loan Repayment Toolkit

Restarting Your Student Loan Payments

In March of 2020, federal student loan payments of principal and interest were suspended due to the COVID-19 pandemic. After multiple extensions of the repayment pause over the past 3+ years, the national emergency has ended and loan repayments are resuming in October.

In cooperation with the National Association of Student Financial Aid Administrators (NASFAA), the Upper Iowa University Financial Aid Office is providing these resources to help you navigate the restart of your student loan payments.

You will need to determine whether you have federal student loans, alternative/private student loans, or both. The guidance listed below is for federal student loans only. To discuss repayment options for alternative/private student loans, contact your lender directly.

How to Prepare for Successful Student Loan Repayment – Step-by-step

  1. Use your FSA ID to log in to to review your loan history
  2. Confirm your student loan servicer: know who to contact if you need help with your student loans. Save your servicer’s phone number in your phone for future reference.
  3. Log in to your loan servicer account and update your contact information
  4. Compare your monthly payment options by using this repayment calculator
  5. Choose or apply for an affordable repayment plan
  6. Reauthorize or select auto debit for monthly payments (there may be a cost savings for automatic payments).
  7. Review payment due date and amount

Preparing for Repayment

  •  Review your personal budget
  • Keep documentation for future reference
  • Stay alert to avoid scams
  • Watch for your statement in the mail: you will receive your bill with the payment amount and due date at least 21 days before it’s due

How to Pick the Right Repayment Plan

  • Review your student loan servicer account
  • Consider your repayment strategy and decide whether you need to change plans
  • Research repayment options and con¬firm the best plan for your budget
  • Once you’ve selected your plan, make the change in your servicer portal or

There are several federal student loan repayment options available. Below is just one example of a repayment plan:

SAVE Loan Repayment Plan Example

The U.S. Department of Education released a new income-driven repayment plan, the Saving on a Valuable Education (SAVE), which calculates your monthly payment amount based on your income and family size. The SAVE Plan provides the lowest monthly payments of any IDR plan available to nearly all student borrowers.

See if your loans qualify and get more information on how to apply.
For additional information please review: Repayment Plans | Federal Student Aid

Avoiding Student Loan Scams

  • Never pay for help/assistance
  • Know who your loan servicer is: Save this information in your phone for future reference

How to Identify Your Loan Servicer

To find out who your loan servicer is:

  • Visit your account dashboard and scroll down to the “My Loan Servicers” section
  • Call the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243.

Loan Servicer Wait Times

We have been informed that many borrowers are experiencing long wait times to reach servicer representatives by phone. NASFAA recommends that borrowers ensure the information they’re looking for is not on, or their own loan servicer’s website, before reaching out to servicers. They also recommend communicating by email or using live chat features, rather than contacting their servicer’s call center. This will help reduce phone call waiting time for borrowers who must speak with a representative.

For additional information, please review these resources: