When you graduate or withdraw from the University your loans will need to be paid back. You may begin repayment immediately, or have a time period of deferment on your loans. It all depends on your circumstances.
The university will send a notice to complete loan exit documents to your @redlands.edu email. This is the first step in understanding your loan repayment. Below is additional information about loan repayment. You can always contact us if you need assistance.
Exit Counseling, Repayment and Servicing
Federal Direct Loans
You will begin repayment on your Direct Loans six months after you graduate, leave the University of Redlands, or drop below half-time. You are required to complete Loan Exit Counseling upon graduating or upon leaving the University of Redlands. This process is crucial and will provide you with important information in regards to repaying your loan. The Federal Direct Loan program offers options to students who need help with repayment of Federal Direct Loans including consolidation, deferment, forbearance, and income-sensitive repayment.
Redlands Loan
Repayment of the Redlands Loan begins 6 months after a student graduates, withdraws from school, or drops below half-time enrollment. The interest rate for this loan is fixed at 5%. University policy requires that you complete an Exit Interview upon graduating or separating from the university.
Perkins Loan
Repayment of the Perkins Loan begins 9 months after a student graduates, withdraws from school, or drops below half-time enrollment. The interest rate for this loan is fixed at 5%. Federal regulations require that you complete an Exit Interview upon graduating or separating from the university.
To view the total amount of federal loans that you have borrowed, you can go to https://studentaid.gov/ and log in to view the breakdown of subsidized, unsubsidized, and total loan amounts borrowed, as well as the Loan Servicer assigned. You will want to contact the servicer listed, to discuss the various repayment options offered, and select the one that is best for you.
You can also go to the Repayment Estimator on www.studentaid.gov to get an idea of the various options available, and what the current and future payments would entail.
Repayment Facts
- There are various repayment plans available. You can discuss your options with your loan servicer.
- When you enter repayment, you will be asked to select a repayment plan. If you do not choose a repayment plan, you will be placed into a standard repayment plan which pays off your loans in 10 years.
- You can contact your loan servicer to switch repayment plan at any time.
- You can select your payments to be based off of your income, by utilizing an income-driven repayment plan.
LOAN REPAYMENT ESTIMATOR
| Balance at Repayment |
4.45%Monthly Payment* |
5%Monthly Payment* |
7%Monthly Payment* |
10.50%Monthly Payment* |
| $5,000 | $52 | $53 | $58 | $67 |
| $10,000 | $103 | $106 | $116 | $135 |
| $20,000 | $207 | $212 | $232 | $270 |
| $40,000 | $414 | $424 | $464 | $540 |
* Monthly payment rate is based on a 10-year (120 month) plan
Deferment & Forbearance
This document provides information on deferment and forbearance. You can review this and contact your loan servicer to discuss if you are eligible for either if you are having difficulties making payments.