Student Loan Guidance and Support
Collin College has partnered with Edamerica to support former students in managing their student loans and maintaining good financial standing. Visit our joint webpage for helpful resources.
Understanding Student Loan Repayment and Default
We’re here to help you succeed—both in school and beyond. Stay proactive and informed to protect your financial health.
After graduation, leaving school, or dropping below half-time enrollment, you’ll have a grace period before your federal loan repayment begins.
- Federal Direct Loans typically offer a six-month grace period.
- Use this time to organize your finances, review loan terms, and choose a repayment plan that works for you.
Your loan servicer will contact you with your first payment due date. To avoid default:
- Pay in full and on time each month.
- Set up auto-debit or reminders to stay on schedule.
Missing payments can lead to default, which carries serious, long-term consequences.
Check your complete loan history at studentaid.gov. This site lets you:
- See all federal loans and servicers.
- Track amounts disbursed and owed.
- View balances and interest.
Not sure who your servicer is?
Call: 1.800.4.FED.AID (1.800.433.3243)
TTY: 1.800.730.8913
A loan is considered in default after 270 days (about 9 months) of missed payments. Defaulting has serious financial consequences:
- Credit Score Damage – A poor credit score hurts your ability to get credit, rent housing, or buy a car.
- Wage Garnishment – The government can withhold part of your paycheck.
- Tax Refund Seizure – Federal and state tax refunds and Social Security benefits can be taken.
- Loss of Financial Aid – You won’t qualify for new federal aid until the default is resolved.
- Extra Fees – Collection and legal costs add to what you owe.
- Background Check Issues – Job and housing applications may be affected.
- Fewer Repayment Options – You’ll lose access to deferment, forbearance, and income-based plans.
- Lasting Impact – Defaults stay on your credit report for up to seven years.
Managing your loans is key to protecting your financial future. Follow these steps:
- Know Your Loans
Log in to studentaid.gov to view balances, terms, and servicer information. - Stay in Touch with Your Servicer
Update your contact info and respond to messages so you never miss an update. - Pick the Right Repayment Plan
Consider income-driven plans that adjust payments based on your earnings and family size. - Pay On Time
Set reminders or enroll in auto-debit to stay consistent — even small payments matter. - Ask About Deferment or Forbearance
Facing a short-term hardship? Talk to your servicer before missing a payment. - Keep Your Enrollment Status Updated
If you’re attending classes half-time or more, make sure your school reports this to your servicer. - Complete Exit Counseling
Exit counseling is required when leaving school or dropping below half-time — learn your repayment responsibilities. - Borrow Wisely
Only borrow what you truly need for school-related expenses. - Make a Budget
Track spending and plan for monthly payments. A solid budget = less stress. - Reach Out Early
Trouble making payments? Don’t wait. Contact your servicer or Collin’s Financial Aid Office for help.
Loan Repayment Plans
Although you may select or be assigned a repayment plan when you first begin repaying your student loan, you can change repayment plans at any time—for free. Contact your loan servicer if you would like to discuss repayment plan options or change your repayment plan. You can get information about all of the federal student loans you have received and find the loan servicer for your loans by logging in to "My Federal Student Aid."
View All Repayment PlansUse Loan Simulator
Before you contact your loan servicer to discuss repayment plans, you may want to
use the Department of Education’s Loan Simulator to get an early look at which plans you may be eligible for and see estimates for
how much you would pay monthly and overall.
Compare Repayment Plans