Federal Student Loan Repayment Plans
There are many options for federal student loan repayment that can give you more time and make your payments more affordable, depending on your situation. You can change your repayment plan at any time at no cost. For a list of available plans, visit the Federal Student Aid website.
Loan Simulator and Repayment Schedule
The Department of Education’s Federal Student Aid website provides a Loan Simulator calculator that students can use to estimate monthly repayment amounts for their federal student loans. You can also access Purdue Global’s Financial Aid Information Guide to view a sample repayment schedule.
Loan Deferments for Borrowers
A loan deferment temporarily postpones payment on a loan (allowed under certain conditions), during which interest generally does not accrue. To be eligible, students must be enrolled in a degree or certificate program and participate in a minimum number of credits.
Students must submit a request for a deferment to loan servicers and will need to complete an In-School Deferment Request Form provided on Purdue Global Campus to the Registrar’s Office. Student borrowers can visit the Federal Student Loan website for more information.
Loan deferment terms and conditions are further defined for those under the Domestic Volunteer Service Act as well as for those who serve in the Peace Corps or as a volunteer for a tax-exempt organization of demonstrated effectiveness in community service. These individuals should contact the Student Finance Office at 866-458-2008 for additional information.
National Student Loan Data System
The National Student Loan Data System (NSLDS) is the U.S. Department of Education’s central database for federal student aid. The Department of Education’s website, studentaid.gov, provides aid recipients with a centralized view of federal student aid loans and grants from schools, guarantee agencies, and Department of Education programs.
