Bye-Bye Grace Period, Hello Student Loan Payments
Congratulations, graduate! You’ve survived the late-night study sessions, crossed the stage, and probably landed your first “real” job. Maybe you’ve even decorated your first apartment and finally started feeling like an adult. It’s an exciting time full of new beginnings and independence. But amid the new job jitters and furniture shopping, there’s one thing that might have slipped your mind: those student loans. Yep, the six-month grace period is officially ending, and that means your first payment is just around the corner.
Ready or not, real adulting begins now, and part of that is making sure you’re prepared to handle those monthly payments like a pro. Not sure what you owe, who to pay, or where to start? Don’t worry, we’ve got you covered.
Key Takeaways
Know Your Servicer: Log in to your Federal Student Aid dashboard to identify your loan servicer — they’ll handle your payments and repayment options.
Pick the Right Plan: Use the Loan Simulator Tool to find a repayment plan that fits your income and budget before automatic enrollment in the standard 10-year plan.
Don’t Wait to Ask for Help: If you can’t make a payment, contact your servicer right away or reach out to MoneySolver for guidance on relief and repayment options.
How to Identify Your Student Loan Servicer
Before you make a payment, you need to know who services your student loans — that’s the company responsible for billing, collecting payments, and managing your repayment plan.
For federal student loans, you can find your servicer by:
- Logging into your Federal Student Aid (FSA) dashboard.
- Scrolling down to “My Loan Servicers” to see the company listed. It should be one of the seven listed below.
| Loan Servicer | Phone Number |
| Edfinancial | 855-337-6884 |
| MOHELA | 888-866-4352 |
| Aidvantage | 800-722-1300 |
| Nelnet | 888-486-4722 |
| ECSI | 866-313-3797 |
| Default Resolution Group | 800-621-3115 |
| CRI | 833-355-4311 |
If you have private student loans, your servicer will not appear on the FSA site. Check your original loan paperwork, billing statements, or emails from your lender to confirm who to contact.
How to Choose The Right Payment Plan
Once you know who your servicer is, it’s time to choose a repayment plan that fits your budget and lifestyle. Federal loans offer several flexible repayment options, and you can explore them all using the Loan Simulator Tool.
Here’s a quick overview of your options:
- Fixed Repayment Plans: Your payment amount stays the same every month, making budgeting simple.
- Income-Driven Repayment Plans: Payments adjust based on your income and family size, providing flexibility if your earnings are lower or unpredictable.
If you don’t actively select a plan, you’ll be placed in the Standard 10-Year Repayment Plan, which can mean higher monthly payments but a faster payoff. Take the time to explore your options; the right plan can make your student loan repayment journey much smoother.
When & Where to Make Student Loan Payments
Your first payment is typically due one month after your grace period ends. You’ll make payments directly through your loan servicer’s website, and most offer several convenient options:
- Autopay (recommended): Automatically deducts your payment each month. Additional bonus — most servicers offer a 0.25% interest rate discount for enrolling.
- Manual Online Payments: Great for those with variable income who prefer flexibility, but no discount.
- Mailing a Check or Money Order: You can always send payments via mail to your servicer’s listed address.
Tax Tip
If your due date doesn’t line up with your payday, most servicers will let you adjust it — just ask!
What If I Can’t Make My Payment?
Life happens. Job changes, medical expenses, or unexpected bills can make it hard to keep up with payments. If you know you won’t be able to pay, don’t ignore it.
Contact your loan servicer right away. You may qualify for:
- Forbearance, which temporarily pauses payments (though interest may still accrue).
- Deferment, which pauses payments and, for certain loans, may stop interest from accumulating.
Missing payments can hurt your credit and may eventually lead to default, so it’s crucial to reach out early to explore your options.
Final Thoughts
Transitioning from student life to full-time adulting is a big step, and repaying student loans is part of that journey. The good news? You’re not alone. With the right tools, planning, and communication, you can stay on track and even pay off your loans faster.
If you ever feel overwhelmed, remember that reaching out sooner is always better. Your loan servicer (and the experts at MoneySolver) are here to help you find a repayment strategy that fits your budget so you can focus on building your future, not stressing over debt.
