After a long payment pause, federal student loan interest will resume beginning September 1, 2023, and payments will be due for most borrowers starting in October. We understand that this may be challenging for many borrowers, but don’t panic. You have options!
WSU is committed to helping students through this transition! For this reason, we have partnered with Student Connections to help students navigate their repayment options! Students entering repayment will be receiving a communication from Student Financial Services introducing you to the Student Connections team. You will also be receiving an email from Student Connections with next steps. As always, we are here to help!
JUST RELEASED: Student loan borrowers can get lower payments from the new SAVE Plan. If you sign up for the REPAYE Plan now, you will automatically be enrolled in the SAVE Plan before payments resume.
Are you borrowing money for school? If so, it is always helpful to plan ahead and map out your path for repaying your loans. What will your monthly payments be? How long is it going to take you to pay them off? Learn more to prepare yourself on how you are going to manage your loans upon leaving WSU.
Cougar Money Matters
- offers i-Grad, a free online program that helps you manage your finances.
- Use this calculator to get an idea of what your federal student loan payments might be under each repayment plan that is available to you.
Direct Consolidation Loan Application
- This application allows you to consolidate (combine) multiple federal education loans into one loan. The result is a single monthly payment instead of multiple payments. Not everyone will qualify to consolidate their loans, so please review the requirements at the link above.
Repayment through Heartland ECSI
- If you have a Perkings or Nursing/Health Professionals Loan, setting up repayment through Heartland ECSI will help you manage and repay either of these loans.
Loan Forgiveness Programs
How to Prepare for Successful Student Loan Repayment
Use your FSA ID to log into studentaid.gov
- Your FSA ID (the same you used to complete your FAFSA) will include a username and password. Once logged in, update your personal information and confirm your student loan servicer(s).
Confirm your student loan servicer
- Your servicer may vary depending on the type of loan you have. If you don’t know who your servicer is, log into studentaid.gov and visit the “My Loan Servicers” section of your dashboard.
Log into your loan servicer account and update your contact information
- Create an account or log into an existing one via the servicer’s website. Review and update your personal contact information, including your email and mailing address, so your servicer can reach you.
Reauthorize or select auto debit for monthly payments
- If you were previously signed up for automatic debit before the payment pause began, you must reauthorize or select automatic debit through your loan servicer account. This will allow your loan payments to be automatically withdrawn from your bank account every month.
Review payment due date and amount
- Make note of your monthly payment amount and the date your first payment will be due, and update any changed banking information to ensure you either proactively make a payment by the deadline OR are prepared for the funds to be drawn down by auto debit.