Student Financial Services
Repaying Your Loans
Understand how to repay your direct subsidized, unsubsidized and PLUS Loans.
Federal Perkins & Institutional Loans are repaid to Brown University Student Financial Services. Student Financial Services is the loan servicer for Perkins Loans and Brown University Institutional Loans. We partner with Heartland ECSI to provide online account access, where you will be able to view your loan account(s), access your monthly statement, and make payments online.
A Direct Consolidation Loan allows a borrower to consolidate (combine) multiple federal student loans into one new loan. The result is a single monthly payment instead of multiple payments.
To default means you failed to make payments on your student loan as scheduled according to the terms of your promissory note.
Exit Counseling
Be sure you've completed all required loan exit counseling within 30 days of dropping below 1/2 time enrollment.
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Repayment
What to Expect
Loan Repayment Planning & Strategy
- Complete mandatory loan exit counseling for each type of loan you borrowed. This must be completed online, no sooner than 30 days before the end of your last semester at Brown.
- Know Where & When to repay your loans. Direct Loans (Subsidized, Unsubsidized, and PLUS) are repaid to your federal servicer. Perkins and Institutional loans are repaid to Student Financial Services. You may choose to setup recurring ACH automatic payments to ensure that payments are received on time.
- Want to reduce costs? Pay off any accrued interest during your loans grace period. You may also choose to pay down the loan principal balance during the grace period.
- Consider a federal Consolidation Loan to combine multiple loans into one monthly payment. If you choose to consolidate, you may apply before your grace period ends or after your loans are in repayment.
- Review your options to postpone repayment through deferment or forbearance.
- Review your options for loan cancellation or forgiveness.
- Medical students - manage your loans during residency. Direct Loans & Perkins Loans do not offer residency deferment, but you can use forbearance to reduce monthly payments. Most Institutional Loans offer a max of 36 months residency deferment and you must reapply at least every 12 months. If your residency program is longer than 3 years, you may consider using deferment on different loans at different times throughout your residency to limit the number of loans in repayment at one time.