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A loan is money you borrow and must pay back with interest.

If you decide to take out a loan, make sure you understand who is making the loan and the terms and conditions of the loan. Student loans can come from the federal government or from private sources such as a bank or financial institution. Loans made by the federal government, called federal student loans, usually offer borrowers lower interest rates and have more flexible repayment options than loans from banks or other private sources. Learn more about differences between federal and private student loans.

Understanding the repayment process for your federal student loans can go a long way toward building a solid financial foundation.

Remember, federal student loans are real loans, just like car loans or mortgages. You must repay a student loan even if your financial circumstances become difficult. Your student loans cannot be cancelled because you didn’t get the education or job you expected, or because you didn’t complete your education (unless you couldn’t complete your education because your school closed). Under certain circumstances, you can receive a deferment or forbearance that allows you to temporarily postpone or reduce your federal student loan payments. Postponing or reducing your payments may help you avoid default.

You can track your loans in CheckMarq using the steps described below.

Step 1

Login to CheckMarq
Login to CheckMarq. Click on the Student Center link on the CheckMarq homepage.

Student Center

 

Step 2

Look for "View My Loan Debt"

In Student Center, in the "Finances" section, click on "View My Loan Debt"

View My Loan Debt link

 

Step 3

Review your loan history and repayment options

The 'My Loan Debt' screen shows your loan history, Federal Direct Loan repayment option and loan servicer(s). These numbers are estimates. To receive the most up-to-date balance information, including interest and payments, please contact your servicer(s) or visit the National Student Loan Data System website. Estimates may have been used when determining interest rates and repayment plans.

Loan Summary

 

Step 4

Repayment Details

Clicking on 'Repayment Plan Details' will break down each repayment plan and show you how much money is being paid toward each loan in the Federal Direct Loan program, how long the repayment will take and how much interest you will pay on each loan. You can click on the '?' to display information regarding each repayment plan, such as how you qualify and repayment terms. Using the information listed and an estimated repayment calculator will allow you to better understand your estimated monthly payments on these loans after you graduate or drop below half time. Many websites provide repayment calculators, visit www.studentloans.gov for the most accurate repayment estimates.

Loan Detail
 

OFFICE OF STUDENT FINANCIAL AID

The Office of Student Financial Aid provides undergraduate and graduate students with resources about types of financial aid and student employment.



FAFSA School Code: 003863

Questions or for more information, contact the Office of Student Financial Aid