A key component of any financial plan is a debt management strategy. Having a plan to repay your debt can create more opportunities to save, travel, invest, and more. The same theory applies to student loan repayment. To the extent that you are financially able, it is a best practice to repay your student loan debt early in your career. It will help save you accumulated interest over time.
As you think about student loan repayment, it's important that we mention that finances are personal. It’s best practice to repay debt early, but it is not the rule. It’s important to base your student loan repayment on your budget. If you have additional income that you can contribute towards your student debt, it could help to pay your debt quickly.
If you are unable to dedicate additional income to student debt, that’s ok. You can start by making the minimum payment and possibly increase payment over time. If you are unable to pay your current monthly payment, your loan servicer/company may offer temporary breaks from repayment. The key is to make a plan and understand your available resource. We’re here to support you. Feel free to schedule an appointment or check our helpful hints below.
- How do I repay my U.S. Department of Education held student loans?
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Contact the U.S. Department of Education to repay your federal student loans. The following link will provide you with additional details. Student Loan Repayment | Federal Student Aid
- How do I repay my University of Pittsburgh held student loans?
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Contact our University Collections unit at 412-624-7560 or email collections@pitt.edu.
- How do I repay my Private Education held student loans?
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Contact your private student loan lender directly to begin repayment. You most likely will receive communication from your private lender prior to going into repayment. Be sure to keep your contact information up to date. If you are unsure which private education lender holds your loans, feel free to explore these three options to identify your private lender.
- Contact the financial aid or our office to identify your lender. Identify your private education lender by requesting a copy of your credit report via annualcreditreport.com. Your credit report will most likely list your private student loan lender.
- Identify your private education lender by requesting a copy of your credit report via annualcreditreport.com. Your credit report will most likely list your private student loan lender.
- What if I can’t repay my loans?
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If you are currently unable to repay your student loan debt, contact the organization that holds your student loan debt. Your lender/loan servicer may have temporary relief options they can offer while you are unable to make payment. Never ignore your monthly payments. This could lead to a lowered credit score, wage garnishment, or suspension of future financial aid. Additional information provided below.
- Federal Loans – contact your student loan servicer or the U.S. Department of Education for options.
- Private Education Loans – contact your private lender directly to discuss options. If you are unsure which private education lender holds your loans, feel free to explore these three options to identify your private lender.
- Contact the financial aid or our office to identify your lender.
- Identify your private education lender by requesting a copy of your credit report via annualcreditreport.com. Your credit report will most likely list your private student loan lender.
- University of Pittsburgh Held Loans – Contact the University Collections unit at 412-624-7560 or email collections@pitt.edu.