The federal government offers several payment plans for Direct Subsidized and Unsubsidized and Direct Graduate PLUS Loans. Borrowers should also be aware of borrowing limits and options for loan consolidation.
The federal government sponsors two loan programs for field-specific studies — the Health Professions Student Loan and the Nursing Student Loan and Graduate Student Nursing Loan. Each has its own terms and conditions, as well as its own steps for repayment.
While U-M does not directly manage loan repayment, we can help you decide what repayment plan is right for you, or help you to consolidate or re-establish payments on student loans that have gone into default.
Student borrowers in federal loan programs are required to complete online Exit Counseling when they graduate, leave school, or drop below half-time enrollment. Exit Counseling assists borrowers as they prepare to begin repayment of their loans and offers money management tips.