Loan Repayment Options | Michigan Technological University

Repayment: What to Expect

Loans can be a valuable tool to help students invest in their Michigan Tech education. But at some point, those loans will have to be repaid. It is important for students to keep track of how much they borrow and to know their repayment options and obligations for each loan they have.

Loan Simulator

Federal Direct Loan

Students must start repaying their Federal Direct Loans six months after they graduate, leave school, or drop below half-time enrollment.
Students who have Federal Direct Loans must complete Exit Counseling if they graduate, leave school, or drop below half-time enrollment.
The Department of Education offers several different repayment plans for students to choose from.
The Department of Education offers a Loan Simulator to help students estimate their loan payments.
The US Department of Education contracts with multiple companies to provide service for the Federal Direct Loan Program.

Federal Direct PLUS (Parent) Loan

Parents have two options for repaying their Direct PLUS (Parent) Loan. Parents normally have to begin repaying their Direct PLUS Loan beginning 60 days after the full amount of their loan pays out. However, parents may request a deferment that would allow them to postpone the start of payments until six months after their dependent student graduates, leaves school, or drops below half-time enrollment.
The Department of Education offers several different repayment plans for parents to choose from.
The Department of Education offers a Loan Simulator to help parents estimate their loan payments.
The US Department of Education contracts with multiple companies to provide service for the Federal Direct PLUS (Parent) Loan Program.

Alternative Loan

The repayment terms for alternative loans can vary. Students should contact their lender directly to learn more about the repayment terms for their particular alternative loans.

TECHAID Student Loan

Students must start repaying their TECHAID Loan six months after they graduate, leave school, or drop below half-time enrollment.
Students will have five years to repay their TECHAID Loan.
Students who have a TECHAID Loan must complete Exit Counseling through ECSI if they graduate, leave school, or drop below half-time enrollment.
Students who have a TECHAID Loan will make their payments through ECSI, the loan servicer responsible for their loan.
Payments for a TECHAID Loan are separate from any payments the student makes for any Federal Direct Loans they may have.
For further information about repayment of a TECHAID Student Loan, please visit the Financial Services and Operations website.

Federal Direct PLUS (Graduate) Loan

Students must start repaying their Federal Direct PLUS (Graduate) Loans six months after they graduate, leave school, or drop below half-time enrollment.
Students who have Federal Direct PLUS (Graduate) Loans must complete Exit Counseling if they graduate, leave school, or drop below half-time enrollment.
The Department of Education offers several different repayment plans for students to choose from.
The Department of Education offers a Loan Simulator to help students estimate their loan payments.
The US Department of Education contracts with multiple companies to provide service for the Federal Direct PLUS (Graduate) Loan Program.