FAQ

ASA^® is a nonprofit organization based in Boston that helps students and families manage higher education debt.

Our services include counseling about repayment options, information, and support throughout life of loan.

Before leaving school, students are required to participate in an exit interview where they learn how much they owe, projected monthly payments, where to make payments, different payment options, etc.

Graduation can be a hectic time—it may be hard for students to focus on student loan repayment, so hold on to any loan paperwork for future reference.

Loan repayment begins after you start attending school less than half the time—although you will receive a grace period before your first payment is due. The length of this grace period will depend on the type of loans you have. Once your grace period ends, you will need to begin repayment.

Yes. If you have federal student loans, you can decrease your payments or extend your repayment period via different repayment options.

Remember, you have options available to you—even if you are facing repayment challenges. If choosing a different repayment option does not help you, you can look into postponing your payments for a specific amount of time. To do this, you must meet certain criteria—like having financial trouble or being unemployed or in school at least half time. These postponements are called deferment and forbearance.

For federal student loans, default can occur when your loan is past-due by 9 months. Once your loan defaults, your total balance becomes due in full immediately and the default goes on your credit record. Default is serious—but you can handle it.