The Cost of Forbearing Your Student Loan

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Repayment Plans

Comparison of Repayment Plans

Tips

You may prepay your loan in full or in part at any time, without penalty and without liability for unearned interest.
If you are granted a forbearance, do not take more time than you need. A longer forbearance means that you may have to pay more interest on the loan in the long run.

In Perspective: Daily Interest Accrual
It may be that the interest amount appears to be low now, but remember that over time interest will add up and you may have to give up those little things that you enjoy! $5 interest per day is the equivalent of buying a coffee and pastry at your local coffee shop. $10 interest per day is the equivalent of buying 10 of your favorites songs online. $15 interest per day is the equivalent of buying 2 matinee tickets to your favorite movie. $20 interest per day is the equivalent of buying 6 gallons of gas for your car.

In Perspective: Daily Interest Accrual

It may be that the interest amount appears to be low now, but remember that over time interest will add up and you may have to give up those little things that you enjoy!

$5 interest per day is the equivalent of buying a coffee and pastry at your local coffee shop.
$10 interest per day is the equivalent of buying 10 of your favorites songs online.
$15 interest per day is the equivalent of buying 2 matinee tickets to your favorite movie.
$20 interest per day is the equivalent of buying 6 gallons of gas for your car.

Paying the accruing interest during your forbearance period may prevent your loan balance and monthly payment from increasing.
As soon as you get back on your feet, begin making payments on your loan.
Ask your lender about the different repayment options that are available. If you are not able to make full payments on your loan, ask your lender about a graduated repayment plan, income-sensitive plan, or an extended repayment plan. Consult with your lender and find the plan that fits your financial situation best. Visit TG's Repayment Plans for more information about the different repayment plans.