Students who are approaching graduation, and before leaving school, are required to attend Exit Loan Counseling to assess their loan indebtedness and to receive a repayment schedule.
Federal Perkins Loan
Complete exit loan counseling for Federal Perkins Loans, Health Professions Student Loans, Primary Care Loans, Loans for Disadvantaged Students, Nursing Student Loans, Nurse Faculty Loans, and University Loans by using the Exit Loan Counseling Interview link at studentaccounting.ucdavis.edu .
Federal Direct Loan
Complete exit loan counseling for Federal Direct Loans and obtain a summary of your federal loan indebtedness using the National Student Loan Data System (NSLDS) .
Read About Repayment Plans and Calculate Your Payments using Federal Student Aid on the Web
You have a variety of repayment options. If you do not select a plan, your loans will automatically be placed in the Standard Repayment Plan. Choose the repayment plan that’s right for you:
- Standard Plan – You pay a fixed amount each month until your loans re paid in full. Your monthly payments will be at least $50, and you’ll have up to 10 years to repay.
- Extended Plan – You will have minimum monthly payments of $50, but you can take from 12 to 30 years to repay your loans, depending on the amount you owe.
- Income Contingent Plan (ICR) – Your payments are based on your ability to pay each year, your monthly payments will be calculated on the basis of your annual income, certain other factors, and the total amount of your Direct Loans. Borrowers who choose the ICR have up to 25 years to repay their loans.
- Income Based Repayment (IBR) – This program sets monthly payments based on adjusted gross income and family size. Unpaid principal and interest is generally added to your loan amount. Any debt remaining is wiped out after 25 years – or after 10 years if you work in the public or nonprofit sector.