As a college student, managing your student loans can be intimidating. You may have questions about when to make your first student loan payment and who is responsible for receiving that payment. It’s important to understand the terms of your loan before making any payments so that you can make sure everything is handled properly. Let’s break it down. 


When Is My First Payment Due? 

Student loan due dates vary depending on the type of loan you have. For federal loans, your first payment is typically due six months after you graduate, leave school, or drop below half-time enrollment. However, at the time of writing this article, the Department of Education has currently paused student loan repayments.

It's important to make sure you know when your payments are due so that you can budget accordingly. Missing payments can result in late fees, damage to your credit score, and even default on your loans.


Who Do I Pay? 

If you are making monthly payments on a federal loan (Direct Subsidized/Unsubsidized Loan or Direct PLUS Loan), then those payments should be made to your loan servicer. Your loan servicer is a company that has been contracted by the Department of Education to handle billing and customer service for your federal student loans.

To find out who your loan servicer is, you can log in to the National Student Loan Data System (NSLDS) with your Federal Student Aid (FSA) ID. 


Common Pitfalls

When it comes to student loan repayment, there are some common pitfalls to be aware of:

Not understanding your repayment options: There are a variety of repayment plans available for federal student loans, however, since COVID, loan repayments have been paused and we expect to see big changes once the Department of Education opens up loan repayment options again.

Ignoring your loans: It can be tempting to ignore your student loans if you're struggling to make payments, but this can lead to late fees, damage to your credit score, and even default on your loans.

Refinancing too soon: While refinancing your student loans can sometimes save you money on interest, it's important to make sure you understand the terms of the new loan before refinancing. If you refinance too soon, you may lose access to important borrower benefits, like loan forgiveness or income-driven repayment plans.

Best Practices for Loan Repayments

When it comes to repaying your student loans, there are some best practices to keep in mind:

Set up automatic payments: Setting up automatic payments can help you avoid missing payments and can sometimes even lower your interest rate.

Pay more than the minimum: If you can afford to, paying more than the minimum can help you pay off your loans faster and save money on interest over time.

Communicate with your loan servicer: If you're having trouble making your payments, don't be afraid to reach out to your loan servicer to discuss your options. They may be able to offer you alternative repayment plans or forbearance if you're experiencing financial hardship.

Bringing It All Together

We hope this article helps you better understand when and who needs to receive your first student loan payment! It's important to stay informed about how much debt is owed and how best it can be managed in order for students like yourself to avoid late fees and other complications down the road -so always read up on terms prior to signing anything! Additionally, if there ever comes a time when paying off debt becomes too overwhelming - there are options available such as consolidation, refinancing, and even hardship programs depending on income level- so remember these helpful resources when times get tough.

Knowing what financial aid options are available to you and how to better manage your student aid makes earning your exercise science degree even more of a possibility. And there are so many fitness job opportunities that you’ll be able to explore once you have a degree in exercise science. This is the case for all of our degree programs. In fact, earning an associate degree, bachelor’s degree, or master’s degree, will all put you in demand for jobs. Regardless of which degree you are pursuing, at Lionel, you earn multiple certificates and specializations along the way. This means you can start working as a fitness professional even before graduation day! 

Check out our programs and contact Lionel today!