We are here to help you navigate paying for college. We hope to see you for any information you may need, but please feel free to use the resources here to help you learn more about how to:
- Get help repaying your loans.
- Repay your federal student loans.
- Avoid debt relief scams.
- Use loan servicers to handle Direct Loans.
- Make loan payments.
- Choose a repayment plan.
- Consolidate loans.
- Postpone or lower your loan payments while in school with deferment and forbearance.
- File for loan forgiveness, cancellation and discharge.
- Understand loan default.
- Resolve loan disputes.
Loan Repayment Help
Our financial aid representatives are also available to help you navigate your loan repayment process. They will make sure you have access to the information and resources you need to stay in good standing and successfully pay back your loans within your budget.
Please contact Becky Powell (rebeccapowell1@grcc.edu, (616) 234-3164) to learn more about loan repayment options.
Repaying Your Federal Student Loans
In 2022-2023 20% of GRCC students used federal loan funds to pay for college expenses. Within three years of leaving school, 34% of GRCC students enter repayment. Understanding the repayment process for your federal student loans can go a long way toward building a solid financial foundation.
Remember, federal student loans are real loans, just like car loans and mortgages. You must repay a student loan even if your financial circumstances become difficult. Your student loans cannot be canceled because you didn't get the education or job you expected, or because you didn't complete your education. The Federal Student Aid repayment calculator can help you estimate what your repayment options will be once you graduate.
Read about Income-driven Repayment (IDR) plans available to many borrowers.
NEW: Learn about the new SAVE Repayment Plan.
Avoiding Debt Relief Scams
Never pay for student loan debt relief. Help get the word out, and help protect yourself, friends and family from student loan scams. Contact your federal student loan servicer for free information.
Please note this new scam: Students have been contacted directly and via social media by third parties promoting themselves as loan forgiveness companies. These companies offer forgiveness for a service fee. Students will never be asked to pay a service fee for loan repayment through their loan servicer. If you have questions regarding loan repayment or forgiveness, contact your loan servicer. .
Loan Servicers
The U.S. Department of Education (ED) uses several loan servicers to handle the billing and other services on loans for the William D. Ford Federal Direct Loan (Direct Loan) Program and for loans originally made under the Federal Family Education Loan (FFEL) Program but now owned by ED. Learn about loan servicer and how to determine who your loan servicer is.
Making Payments
You need to make payments to your loan servicer. Each servicer has its own payment process, so check with your servicer if you aren't sure how or when to make a payment. You are responsible for staying in touch with your servicer and making your payments, even if you do not receive a bill. Find out more about repayment of your federal student loans.
Choosing a Repayment Plan
You have a choice of several repayment plans that are designed to meet your needs. The amount you pay and the length of time to repay your loans will vary depending on the repayment plan you choose. Get details about repayment plans and calculate your estimated repayment amount under each of the different plans.
Loan Consolidation
Learn what it means to consolidate your loans, how to apply for loan consolidation, things to consider before consolidating your loans, the types of loans that qualify for consolidation and what happens after you consolidate your loans.
Deferment and Forbearance
Deferment and forbearance offer a way for you to temporarily postpone or lower your loan payments while you are back in school, in the military, experiencing financial hardship, or in certain other situations. Find out more about deferment and forbearance.
Forgiveness, Cancellation and Discharge
In circumstances such as certain kinds of teaching service, total and permanent disability or the closure of the school where you were studying, your obligation to repay your federal student loan may be removed. Learn about forgiveness, cancellation, or discharge of federal student loans due to these and other situations.
Understanding Default
Never ignore delinquency or default notices from your loan servicer. If you don't make your monthly loan payments, you will become delinquent on your student loan and risk going into default. Contact your servicer immediately if you are having trouble making payments or won't be able to pay on time. Learn about federal student loan default: Find out what may happen if you default, what steps you can take to keep your loan from going into default and what your options are for getting out of default.
GRCC's Three-year Cohort Default Rates:
The Fiscal Year 2020 default Rate is zero because of the pause in student loan repayment during the national pandemic emergency declaration. Student loan repayment started up again in fall semester 2023.
- 2019 - 2.7%
- 2018 - 9.1%
- 2017 - 12.5%
- 2016 - 15.8%
2019 National Student Loan Cohort Default Rates:
- All institutions: 2.3%
- Community Colleges: 3.7%
2018 National Student Loan Cohort Default Rates:
- All institutions: 7.3%
- Community Colleges: 11.5%
Resolving Disputes
If you have a dispute about your loan, you may be able to resolve it by simply contacting your loan servicer and discussing the issue. If you need additional help, find out what you can do to be better prepared before you seek help to resolve a dispute.