Loan Repayment

It is important for you to know what you borrowed, who is servicing your loans, and the dates your payments are due.

• Your Federal Student Aid (FSA) account will list all your Direct, Graduate PLUS (for graduate and professional students), Perkins, and Federal Consolidation Loans, regardless of their status. 
  • Log in to studentaid.gov.
  • A summary of your federal student loans will be listed.
  • To view information about a specific loan, such as who the servicer is, choose the number to the left of the loan.
• Check all other records where loan information would be listed:
  • DrexelOne
  • ECSI
  • Credit report
• Most federal loans are due six months after you leave school (graduate, withdraw, or drop below part-time status).
  • Check the promissory note you signed for any private loans for details about repayment.
• When you graduate, withdraw, or drop below part-time status, you are required to complete Exit Counseling for your federal loans such as Stafford and Graduate PLUS.
  • Exit Counseling for Subsidized, Unsubsidized and PLUS Loans are completed online.
  • Exit Counseling for campus-based loans are completed online. You will need Drexel's school code (7D), your Social Security number, and your Federal Student Aid (FSA) ID to log in.

Knowing all of the different repayment plan options will help you with the next two steps.

• During Exit Counseling, you will be advised on the different options available for federal loans.
• Information about the different repayment methods available, as well as on deferment and forbearance of loans, can be found online.
• You should consult with your lender about repayment options for any private education loans you may have.
• Your federally owned loans are likely with one loan servicer and they may offer "combined" or "single" billing, possibly negating one reason to consolidate.
  • Campus-based loans will have different services unless you consolidate.

It is not enough to set goals and objectives; you should be constantly reviewing them as well to determine if they still fit your circumstances.

• Many new graduates find they need time to adequately establish themselves financially and may therefore pay only required minimums or look to defer payments for bills to maximize cash flow. If you find yourself in a situation like this, keep in mind:
  • For legacy borrowers, you may consider applying for an Income-Driven Repayment plan like Pay As You Earn (PAYE) or Income-Based Repayment (IBR).
  • You could also consider requesting a postponement of payments (forbearance) for a set period of time. 
    • If you are considering a forbearance or any other postponement option, remember that the longer you postpone repayment, the higher the ultimate repayment amount.

New Payment Plan

For borrowers with all loans disbursed on or after July 1, 2026, the bill eliminates the income-driven repayment plans (IBR, PAYE, SAVE) and replaces them with a new Repayment Assistance Program (RAP). Students who borrowed loans before July 1, 2026, and borrow again after July 1, 2026, are limited to the new RAP or the standard plans. All loans must be paid under the same repayment plan. RAP borrowers will not be locked into a 30-year plan. They can switch to a standard plan, which ranges from 10 to 25 years.

Borrowers with no new loans made on or after July 1, 2026, are eligible to enroll in the current Standard Income Based (IBR), Graduated, and Extended repayment plans and could also opt in to the new RAP. Borrowers enrolled in ICR, PAYE, or SAVE plans must transition to a new repayment plan by July 1, 2028. If no selection is made by that date, they will be moved into RAP.

• No matter what plan you choose, always try to make extra principal payments whenever possible on the loan with the highest amount.

• Your post-Drexel career/employment plans may make you eligible for Public Service Loan Forgiveness (PSLF).
  • PSLF is designed for borrowers with high debt and low to moderate incomes who are interested in a career in the nonprofit sector.
  • If PSLF is part of your repayment strategy, please visit FSA PSLF.
  • Important information about PSLF can be found online.

After careful review of all the information available, you will be able to make an informed decision.

• You can use the Repayment Estimator to see estimated monthly payments under all available repayment plans.
• Reevaluate your repayment strategy every year and with changes in income and family size.
• Remember, there is no penalty for early repayment under any federal repayment plan.