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When and how do I need to pay back my loans?

After you graduate, leave school, or are no longer enrolled at least half-time, you will have a six-month grace period before you are required to begin repayment. During this period, you'll receive repayment information from your loan provider, and you'll be notified of your first payment due date. Payments are usually due monthly.

Learn more about repaying your loan.

How much will I need to pay?

Your payment depends on:

  • the type of loan you received,
  • how much money you borrowed,
  • the interest rate on your loan, and
  • the repayment plan you choose.
What are the current interest rates?

The interest rates for Direct Subsidized Loans and Direct Unsubsidized Loans are shown in the chart below.

Loan Type

Student Type

Loans first disbursed on or after 1 July 2013 and before 1 July 2014

Loans first disbursed on or after 1 July 2014 and before 1 July 2015

Loans first disbursed on or after 1 July 2015 and prior to 1 July 2016

Direct Subsidized Loans





Direct Unsubsidized Loans





Direct Unsubsidized Loans

Postgraduate or Professional




Direct PLUS Loans

Parents and Graduate or Professional Students




The interest rates shown above are fixed rates for the life of the loan.

Interest rates for Sallie Mae

Note: The interest rates for federal student loans are determined by federal law. If there are future changes to federal law that affect federal student loan interest rates, we will update this page to reflect those changes.

Repayments plans

For more details on different repayment plans please visit:

Can I defer my loan?

For more information on loan deferment please visit:


NEVER ignore delinquency or default notices from your loan servicer.  If you don’t make your monthly loan payments, you will become delinquent on your student loan and risk going into default. Contact your servicer immediately if you are having trouble making payments or won't be able to pay on time.

Learn about federal student loan default: Find out what may happen if you default, what steps you can take to keep your loan from going into default, and what your options are for getting out of default.