Frequently Asked Questions
For Graduating 3Ls Entering Loan Repayment
The best information about your federal student loans can be found on StudentLoans.gov, which will provide information on your loan servicer(s) and loan amount(s). Use the “Repayment Estimator” on StudentLoans.gov to compare repayment plans; or, For non-federal student loan debt, check annualcreditreport.com.
Many federal loans have a 6-month grace period following graduation. Examples include: loans borrowed at Syracuse Law, Graduate PLUS Loans borrowed after 7/1/08, and undergraduate federal loans that did not go into repayment prior to law school). Loans that DO NOT have a 6-month grace period following graduation include: Federal Consolidation Loans, Federal Student Loan debt that was in repayment prior to the student attending law school, and Graduate PLUS Loans borrowed prior to July 1, 2008.
Deferments are an entitlement if you meet the requirements as specified in the promissory note and provide the necessary documentation to the loan holder/servicer. Requirements can be any of the following:
Forbearance is an agreement between you and your loan holder/servicer that allows for a temporary postponement or reduction of payments due to one of the following circumstances:
Once borrowers leave their “In-School” status, they may combine multiple federal student loans into one new loan with a fixed interest rate (based on the weighted average interest rate of the loans that are being consolidated). Federal student loan consolidation is available through the William D. Ford Direct Loan program. Consolidation is NOT the best choice for every borrower--it is a “forever” decision that cannot be reversed! Before making this decision, we recommend either contacting the Financial Aid Office or consulting with a counselor through AccessConnex by AccessLex at AccessLex.org.
If you do choose to consolidate, apply online at https://studentloans.gov