Repaying Your Loan

On May 5, 2025, the Department of Education (ED) released a “Request for Institutions to Provide Repayment Information to Former Students to Prevent Defaults.” Although the Department paused its requirement that students make payments on their defaulted federal student loan debt in March of 2020 due to the COVID-19 pandemic, ED resumed collection of defaulted student loans on Monday, May 5, 2025.

We would like to take a moment to highlight the importance of staying on top of your student loan repayment.  To ensure that your loans are in good standing and that your contact information is up to date, please log in to your StudentAid.gov account. You will also find information on repayment options and how to make payments. 

FIT has partnered with ECMC Solutions to provide student loan counseling and support to borrowers as they navigate federal student loan repayment. Contact ECMC Solutions by phone at 1-877-331-3262 or visit their website to make an appointment, connect through email, or web chat with a student loan counselor. The team at ECMC also offers a free webinar series to support borrowers as they navigate repayment.

Prepare for Federal Loan Repayment

When you graduate, drop below half-time enrollment, or leave school, you will need to prepare for federal loan repayment. If you have a Direct Subsidized Loan, Unsubsidized Loan, or a Federal Family Education Loan, you have a six-month grace period. Your loan repayment options will vary depending upon the loan type and the lender. Please read through this section carefully in order to understand the repayment options available to you as well as your rights and responsibilities as a borrower. As you begin to navigate loan repayment, you may want to explore the following online tools and resources:

TIP: Are you paying extra toward your student loan? Contact your loan servicer to find out how to make the additional funds count toward your principal. Then confirm after every extra payment that your funds were applied correctly.

Beware of Scams 

Please be aware of companies that contact you regarding loan discharge, cancellation, forgiveness, or debt relief for a fee. Work only with the Department of Education or your loan servicers. You never have to pay for help with your federal student aid. To report a scam, please contact the Federal Trade Commission at reportfraud.ftc.gov or by calling 1-877-282-4357.