Stafford Loan Repayment
FFELP Stafford loans are awarded by Seattle Pacific University to undergraduate and graduate students with documented need as determined by a processed FAFSA. Funds are obtained from lenders and the loan is guaranteed by Northwest Education Loan Association (NELA). The Federal Stafford Loan interest rate varies depending on when the student borrows the funds and when they enter repayment. Interest rate information is available at http://studentaid.ed.gov.
Just prior to graduation, or shortly after you withdraw or drop to less than half-time enrollment you will be provided exit counseling. Exit counseling includes information regarding the conditions and terms of your loan, default and debt management. Your lender will provide you specific information about your repayment amount and start date. You will have paperwork to complete and return to SFS. Each spring several exit counseling sessions are offered to students; individual appointments may also be scheduled by contacting Student Financial Services.
You generally have up to 10 years to repay. You have a choice of repayment plans. Your monthly payment will depend on the size of your debt and the length of your repayment period. The Department of Education provides information about repayment options and other topics you need to consider when managing your loans.
Your Stafford loan provides options to assist you in repayment of your loan. Information about deferment, forbearance and other forms of payment relief as well as teaching cancellation information is available in the “Repaying Your Loans” section at www.studentaid.ed.gov . If you're having trouble with loan payments, don't wait—contact your loan servicer immediately. If you don't know which organization(s) are servicing your loan(s), you can research your account information at www.nslds.ed.gov.
Last Updated: 3/12/2012