Loan Repayment

I’m graduating soon, what happens now?

Depending on the type of loan(s) you borrowed, your loan(s) will enter active repayment in the next six to nine months. Approximately three months after you graduate your loan servicer(s) will send you a repayment schedule, which will be based on the final amount that you borrowed, any accrued interest until your repayment date and the amount of your monthly payment. A few months later, you’ll begin making monthly payments on the loan(s) that you borrowed.

Once you graduate or complete your program, you should contact the loan servicer and let them know you have finished your education at St. Thomas. It is a good idea to make sure that your loan servicer has your up-to-date contact information.

Exit Loan Counseling

Students who are no longer enrolled are required to do exit Loan Counseling. The counseling reminds you of your rights and responsibilities as you begin the repayment process. You can receive this counseling online at www.dlssonline.com.

After you have completed the counseling the Graduate Financial Aid Office will be notified by e-mail from the site that you have completed the requirement.

I’m moving after graduation. Should I let my loan servicer know?

Yes. The primary reason that people become delinquent on student loans is that they move shortly after graduation and fail to notify their loan servicers. Your loan servicer will need to contact you with important loan information. Make sure the loan servicer has the correct address information for you.

Can I access my loan repayment information online?

Yes. Most loan servicers now have online account access. For Direct Loans go to www.dlssonline.com to access your student loan information.  You will need your social security number, date of birth and federal PIN. 

I have both Federal Stafford Loans and Federal Direct Loans.   Will I have to make two separate payments?

Yes, you will have a minimum payment to each holder of your loans.   However, you can consolidate your loans with the Federal Direct Loan Program.  For more information on Federal Direct Loan Consolidation go to www.dlssonline.com.