If you borrowed federal student loans while attending ACC, it’s important to understand your repayment options. Please visit Studentaid.gov to explore your repayment options.
ACC partners with Inceptia, a nonprofit that helps students successfully manage and repay their federal student loans. Inceptia may reach out to you to share repayment options and guide you toward staying in good financial standing.
Manage Your Loans
Most federal student loans enter a six-month grace period after you:
- Graduate
- Drop below 6 credits (half-time)
- Leave school
After your grace period ends, your loan servicer will contact you with your first payment due date.
For more information on when repayment begins, please visit studentaid.gov/articles/prepare-for-payments/.
Your loan servicer manages your student loan account, contact them directly to:
- Make payments
- Choose a repayment plan
- Request deferment or forbearance
- Update your contact information
- Answer questions about your loans
Need to find your loan servicer? Please visit studentaid.gov/manage-loans/repayment/servicers and login using your FAFSA username and password.
If you can’t afford your monthly repayment, don’t ignore your loans. Missed payments can cause your loans to become delinquent or even default, which will affect your credit.
Contact your loan servicer as soon as possible to:
- Switch your repayment plan
- Request a deferment
- Request a forbearance
For more information on deferment or forbearance, please visit studentaid.gov/manage-loans/lower-payments/get-temporary-relief.
Your loan enters default after 270 days without a required payment.
Default can result in:
- Damage to your credit
- 15% wage garnishment
- Tax refund withholding
- Collection fees
- Loss of eligibility for additional federal student aid
For more information on default, please visit studentaid.gov/manage-loans/default.
If your loan is in default you can resolve your status by contacting your loan servicer and asking about:
- Loan Rehabilitation – Enter into a loan rehabilitation agreement with your loan servicer. For more information visit studentaid.gov/articles/rehab/
- Loan Consolidation – Combine eligible federal loans into a new loan, which may lower your monthly payment and restore your loans to good standing if you meet eligibility requirements.
- Pay in Full – Pay the entire balance in full to immediately resolve the default.
For more information on how to get out of default, please visit studentaid.gov/manage-loans/default/get-out.
Loan Forgiveness, Cancellation & Discharge
Depending on your situation, you may qualify to have some or all of your federal student loans forgiven or discharged.
Common programs include:
- Public Service Loan Forgiveness (PSLF) – For eligible government and nonprofit employees.
- Total and Permanent Disability Discharge – For borrowers who qualify due to a permanent disability.
- Discharge Due to Death – For federal student loans after the death of the borrower (or eligible PLUS loan circumstances).
For more information on loan forgiveness, cancellation, and discharge, please visit studentaid.gov/manage-loans/forgiveness-cancellation.
Know Your Rights & Responsibilities
As a federal student loan borrower, you have important rights and responsibilities.
Your Rights
- Receive a six-month grace period before repayment begins
- Prepay your loan without penalty
- Request a copy of your Master Promissory Note (MPN)
- Choose a repayment plan
- Be informed of your repayment date
- Be informed of and provide consent of any changes in the terms of your loan
Your Responsibilities
- Complete Exit Counseling before leaving school
- Repay your loan
- Make timely monthly payments
- Keep your contact information up to date
- Use loan funds only for educational expenses
- Continue making payments even if you don’t receive a billing statement
Financial Coaching
ACC’s Student Money Management Office is available to discuss responsible borrowing, budgeting, credit, banking, and other items. Schedule your financial coaching appointment here.
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