Repaying Loans
Defaulting on your student loan is serious. If your loan defaults, a report is made to all the credit bureaus, and your federal income tax refunds could be seized or your wages garnished. Let's work together!
Delta's Partnership with IonTuition
San Joaquin Delta College has partnered with IonTuition to help manage your student loans.an help with questions you have about your student loans. IonTuition's comprehensive online platform provides the tools and resources you need to navigate the student loan repayment process with confidence. By creating your account today, you'll gain access to a range of valuable features to help you stay organized and make informed decisions.
To understand deferment, forbearance and the financial consequences of postponing repayment, call an IonTuition associate at the following toll-free number 1-866-296-7955
Business hours:
Monday - Thursday: 7:00 AM - 8:00 PM CST
Friday: 7:00 AM - 4:00 PM CST
Creating your account is quick and easy. Simply visit IonTuition website and click on "create Account" button
With IonTuition account you will gain fast and easy access to view all of your Federal Direct loan(s) as well as:
- review repayment scenarios
- develop your own personal budget
- keep track of your loan servicers.
Repayment Options
Income-Driven Repayment
An income driven repayment plan sets your monthly federal student loan payment at an amount that is intended to be affordable based on your income and family size, U.S. Department of Education offer four income-driven repayment plans:
- Revised Pay As You Earn Repayment Plan (REPAVE Plan)
- Pay As You Earn Repayment Plan (PAYE Plan)
- Income-Based Repayment Plan (IBR Plan)
- Income-Contingent Repayment Plan (ICR Plan)
If you'd like to repay your federal student loans under an income-driven plan, you will need to fill out an application.
Standard Repayment
- Fixed (substantially equal) monthly amounts are paid over the maximum of 10 years.
- Your monthly payment must be at least $50. The repayment term cannot exceed 10 years, excluding in-school, grace, and deferment or forbearance periods
Graduated Repayment
- Monthly payments are smaller at the beginning of the repayment period and gradually increase in anticipation of your income increasing.
- The repayment term is generally 10 years.
- Monthly payments must cover at least the interest due.
Extended Repayment
- This option is available only to borrowers whose loans were taken out on or after October 7, 1998, with a FFEL loan balance greater than $30,000.
- You can select either a standard or graduated repayment plan with up to 25 years to pay off your loans.
- Monthly payments must cover at least the interest due.
Income-contingent repayment plan for Direct loans
- Monthly payment amount will be based on your annual income (and that of your spouse if you are married), your family size, and the total amount of your Direct subsidized and unsubsidized loans.
- As your income changes, your monthly payments may change on an annual basis.
- If you do not repay your loan after 25 years under this plan, the unpaid portion will be forgiven. You may have to pay income tax on any amount forgiven.
Who is my servicer?
Not sure who is your Loan Servicer is, visit your account dashboard on the Federal Student Aid website and scroll down to the “My Loan Servicers” section or call the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243.
How Do I Log-in?
You will need your FSA ID. You can request one at https://studentaid.gov after successfully submitting your request, the Department of Education will send an email. You are now ready to access your financial aid records at https://nsldsfap.ed.gov
Servicers
Loan Servicer |
Contact |
|---|---|
1-800-621-3115 |
TIP: It is important to maintain contact with your loan servicer. If you're having trouble making student loan payments or your circumstances change at any time during your repayment period, your loan servicer will be able to help.
What am I supposed to do?
Financial Responsibilities as a Borrower
- Complete Exit Counseling.
- Repay your loan, including Interest and fees, whether or not you complete your education, obtain employment or are satisfied with your education.
- Notify the holder of your loan of changes to your name, phone number or address; also if you drop below half-time enrollment, graduate or change your graduation date.
- Make consecutive, on-time monthly payments.
Several options are available for repayment of your student loan, allowing you to choose the one that best meets your financial needs. Your loan servicer must allow you to change your repayment plan at least once a year.