Know What You Owe
It is important to keep track what you’ve borrowed--before, during, and after law school!
- The best summary of your federal student loan history is on the website My Federal Student Aid
- Your federal student loans will be serviced by one or more Federal Loan Servicing Centers. Your Federal Student Aid summary will disclose your servicer(s) and will provide you with web, email, and phone contact information.
- Private/alternative student loan information isn’t kept on a single database. Check your own records or look up your credit history on www.annualcreditreport.com. Most Syracuse Law students borrow federal loans, not private loans.
Things to Consider While In-School:
- Interest accrues on the Federal Direct Unsubsidized Loan and Federal Direct Graduate PLUS Loan starting upon the first day of disbursement.
- Federal Direct Loan payments are not required while borrowers are enrolled full-time or half-time, however, borrowers may elect to make interest-only or full-payments while in-school.
- Unpaid interest on the Federal Direct Unsubsidized Loan and Federal Direct Graduate PLUS Loan will be capitalized when the borrower goes into repayment. Again, no payments are required while in-school, but borrowers who elect to payments while enrolled could save money over the life of the loan. Additionally, borrowers may prepay all or any part of the balance of their loans at any time without penalty.
Making Interest Payments While In-School:
To keep track of the interest that accrues while you are in-school, or to make payments while you are in-school, log onto your Loan Servicer's website. If you don't know the name or website of your servicer, log onto StudentLoans.gov using your Federal Student Aid ID (FSA ID).
- Loan servicers typically send borrowers quarterly interest statements.
- If you choose to make an interest payment while in-school you may continue to do so throughout your enrollment, however, you are not obligated to continue making interest payments while in-school if it is not affordable.
Federal Student Loan Repayment Calculator
The StudentLoans.gov website maintains helpful loan repayment calculators which allow borrowers to estimate their monthly loan payments. The calculators take into account amount borrowed, loan type, interest rate, and number of years to repay the loan. You are also able to provide an estimated discretionary income to estimate payments based on both Income-Based Repayment Plans and Public Service Loan Forgiveness eligibility.