Student Loan Repayment Assistance
Launch Servicing is here to assist you from the time we start servicing your loans until they are paid in full. We recognize the repayment period can sometimes be challenging. That’s why we make private student loan repayment easy, offering you a variety of repayment options. You’ll find information on repayment and getting help paying for your student loans below.
When Do My Payments Start?
That depends on the terms of your loan agreement. For some, the student loan repayment period begins immediately after the funds are disbursed. For others, repayment starts after they have completed their education. Regardless of when the loan enters repayment, the first payment due will typically be established within the first 60 days of the repayment period and continue monthly until the loan is repaid in full.
What Are My Payment Terms?
Payment terms of your student loan repayment plan are established to meet the requirements of your credit agreement/promissory note. These terms establish the monthly payment amount and are based on a number of factors, such as the:
- Maximum number of months that are allowed to repay the loan.
- Minimum monthly payment as outlined in your agreement.
- Balance of the loan and the loan’s interest rate at the time.
A loan with a variable interest rate is subject to changing monthly payment amounts whereas a fixed interest rate loan will have the same monthly payment amount during the repayment term.
What Are Some Student Loan Repayment Tips?
- Paying more than the monthly payment amount is always ideal as it reduces the amount of interest that you will pay.
- Paying on time (on or before the monthly due date) is also ideal as it ensures that you do not pay unnecessary interest or accrue late fees, and that positive payment information is reported to credit bureaus.
- Enroll in recurring payments to take advantage of the convenience and money savings (no stamps or envelopes to purchase). Just “set it and forget it.” Some lenders may even offer an interest rate reduction for those enrolled in recurring payment plans.
Are You Unable to Make Your Monthly Payment?
If you are not able to make your payment when due, contact us immediately for assistance. The earlier you contact us, the more options we may be able to offer you to meet your needs. Depending on your situation, your lender may allow you to defer your monthly payment for a limited period of time. Contact your student lending specialist to help you with this.