How do I repay my student loans?

ECMC Solutions

Citrus College Financial Aid Department has teamed up with Solutions at ECMC to answer all of your student loan repayment questions. Solutions is a service of the non-profit organization ECMC and are dedicated to helping students manage educational loans. Their resources are available to you free of charge. To contact an ECMC Solutions student loan repayment advisor, email, webchat, or call them at [phone].

During the COVID-19 emergency, the U.S. government implemented measures to assist students by pausing federal student loan payments and setting the interest rate at 0%. We wanted to remind you that these benefits will come to an end on September 1, 2023.

To help you navigate this transition effectively, the U.S. Department of Education has provided a range of options and tools.

Here are four steps that will help you prepare to enter repayment:

1. Update contact information: Students should promptly update their contact information with their loan servicer and on StudentAid.gov. This will ensure they receive all the necessary communications and avoid missing any crucial updates.
2. Review repayment plan: Students should evaluate their repayment plan options. If they anticipate needing a lower payment, they can visit StudentAid.gov/loan-simulator to explore repayment plans that align with their needs and goals. Additionally, they may consider loan consolidation after carefully weighing the pros and cons.
3. Consider income-driven repayment (IDR) plans, including the New Saving on a Valuable Education (SAVE) Plan: Students facing financial challenges should explore income-driven repayment plans. These plans can potentially lower their monthly payments to as low as $0, depending on their circumstances. New this year is the SAVE income-driven repayment (IDR) plan, which will provide student loan borrowers with the most affordable repayment plan yet. The SAVE plan will cut payments on undergraduate loans in half compared to other IDR plans and protect more of a borrower’s income for basic needs. They can begin the application process or find more information about IDR plans at StudentAid.gov/idrapp. Please note that Direct PLUS Loans for parents are not eligible for IDR plans unless consolidated into a Direct Consolidation Loan.
4. Review Auto Debit: Students should review their auto-debit enrollment status or consider signing up for auto-debit. By enrolling in auto-debit, Direct Loan borrowers can receive a 0.25% interest rate deduction on their loans.

For additional information and resources, please visit Federal Student Aid, where you can access comprehensive guidance on managing their student loans effectively.