Undergraduate Loan FAQs
I took a semester off from school. How do I make sure my loans do not go into repayment?
When you return to Loyola and enroll at least half-time (6 or more credits), Loyola's Office of the Registrar will automatically send this information to an agency commonly referred to as the "Clearinghouse". The Office of the Registrar transmits enrollment data to the Clearinghouse on a regular basis throughout the academic year. The Clearinghouse, in turn, provides status and deferment information on your behalf to guaranty agencies, lenders, and servicers.
When do I start re-paying my loans?
After you graduate, leave school, or drop below half-time enrollment, you will have
a six-month grace period before you are required to begin repayment on your Federal
Direct Loans. During this period, you'll receive repayment information from your loan
servicer, and you'll be notified of your first payment due date. Payments are usually
due monthly.
Repayment on Federal Perkins and Loyola Student Loans begin nine months after at least
half-time enrollment ends. Repayment terms on private alternative loans vary depending
on the lender.
How do I track my student loan debt?
The best source of information is the National Student Loan Data System (NSLDS). It provides a list of federal loans you have received for each academic period, interest rates on each loan, the cumulative amount of your loans, and where you should send payments. You will need your Federal FSA ID to access the NSLDS site.