Repayment of federal loans is a very serious obligation. There are a number of repayment options available to help borrowers to meet their obligations.
Remember, you are required to make your student loan payments even if you:
- Do not complete your education
- Are not employed upon completion of your studies
- Do not find employment in your field of study
- Feel that the education you received did not meet your expectations
- Do not receive a bill
You must make your loan repayments on time or it may have serious consequences. It may:
- Damage your credit rating, which could impact your ability to borrow
- Refer your account to a collection agency
- Incur collection costs
- Cause garnishment of your wages
- Cause withholding of your state or Federal treasury payments (including federal tax refunds, Social Security benefits, etc.)
- Cause a civil lawsuit, including court costs and legal expenses
- Cause loss of deferment and forbearance entitlements and flexible repayment options
- Cause loss of eligibility for further financial aid
- Suspend your professional license
Repayment options
There are a number of repayment options available. You should discuss them with your lender to determine which will be the best for you:
- Standard Repayment
- Graduated Repayment
- Extended Repayment
- Income-Based Repayment
- Pay As You Earn Repayment (PAYE)
- Revised Pay As You Earn Repayment (REPAYE)
- Income-Contingent Repayment
- Income-Sensitive Repayment
For full details see the Department of Education Repayment pages. You will always pay the least amount of interest under the Standard Repayment Plan.
Contact us
Student Funding Service
1st Floor, Student Centre
272 High Holborn
London WC1V 7EY
United Kingdom
funding@arts.ac.uk
+44 (0)20 7514 8080