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  • Repayment

    Student loansAbout 60% of all college students will need to take out a loan for college related expenses.
    Student loans are designed to help young adults enter the workforce with manageable debt.
    However students should understand that student loans will be with you until they are paid off completely.  Even filing bankruptcy will not erase your student debts.  Your loans will be paid back, and they will be paid back with interest.

    Managing your student loans

    managing student debt
     Top 6 Things to do 
    1. Complete Exit Loans Counseling 

    To do this go to this website

    2. Identify Your Loan Servicer

    Log-in to to identify your servicer. 

    Register at your servicer's website and update your contact information

    Contact your servicer to: 

    • Learn your account number and monthly payment
    • Setup your online account and/or enroll in automatic payment
    • Get answers to your federal student loan questions 


    3. Know Your Total Loan Debt

    Note the sum of your total indebtedness-principal plus interest

    4. Calculate Your Level Payment

    Using a repayment estimator, you should be able to enter the total amount of your loans and determine the approximate amount that your servicer will expect you to pay each month unless you change your repayment plan. 

    5. Pick a Repayment Plan

    There are repayment options that can lower your monthly payments. Keep in mind that these options may increase the total amount that you will repay on your loans due to increased interest that will accrue. 

    If you take out the UW La Crosse average of $25,000 and have a standard repayment schedule of 10-years, you are looking at a $276 payment every month for 120 months!

    A good thing to remember is you can always pay more than what your payment plan states. By doing this you'll pay less interest and get rid of the debt faster. also explains the government Student Loan Forgiveness Program on their website.

    Below are some repayment options for more options visit Financial Aids site here 

    Repayment plan

    Monthly payment and time frame


    Standard repayment plan Payments are a fixed amount of at least $50 per month.

    up to 10 years

    You'll pay less interest over the life of your loan under this plan, but will likely pay the mot per month.
    Graduated repayment plan Payments are lower at first and gradually increase, typically every two years.

    Up to 10 years

    You'll pay more for your loan in total compared to the standard 10-year, but you'll have an easier time making payments when the loan is first taken out.
    Extended repayment plan Payments may be fixed or graduated

    12-25 years

    You'll have smaller monthly payments but in the end you will pay much more in interest.

    You are only eligible for these repayment plan if you have $30,000 or more of outstanding loans.
    6. Mark Your Calendar

    Most loans have a six month grace period. Calculate your payment due date by adding six months to your graduation date. You can also contact your servicer to confirm the date of your first payment. 

    Loan default
    What qualifies as default?


    Late payments in and of themselves are bad but student loan default is when you miss payments on your account for a certain period of time:

    -If you are supposed to make monthly payments and you fail to make payments for 270 days your account will be considered default.

    -if you are supposed to make payments more frequently than monthly and you haven't paid for 330 days your account will be considered default.


    -Ineligibility for deferment, forbearance, and other repayment plans.

    -Ineligibility for additional federal student aid.

    -Your account is assigned to a collection agency.


    -Late fees.

    -Additional Fees and interest.

    -Wage garnishment

    -Tax offset (you won't get your tax refund).

    -The entire unpaid balance of your loans and any interest is immediately due and payable (you're no longer on the hook for just the payment, you're now on the hook for everything!)

    -Ruined credit score (makes buying houses or cars extremely difficult.)