Loan repayment

Make a plan to repay your loans, know your options and don't be afraid to ask your loan servicer about deferment or forbearance options if you can't make your loan payments.

Estimate your payments  Repayment plans
Postponing repayment Loan consolidation

Before you graduate

Top 10 tips for graduates

  1. Complete required Federal Loan Exit Counseling

  1. Review your federal loans and your loan servicers

Loan repayment assistance

How to manage your student loans

Loan repayment forgiveness programs

Forgiveness, cancellation and discharge

Income-Based Repayment (IBR) Plan

This repayment plan limits your loan payments based on your income, family size and total loan debt. After 25 years of qualifying payments, all remaining debt will be forgiven. More information and a calculator to estimate your eligibility is available at

The Federal Public Service Loan Forgiveness Program

Public sector employees may be eligible to have Federal Direct Loans forgiven after 120 monthly payments.

Federal Perkins loan cancellation

  • Under certain conditions, a Federal Perkins Loan that is not in default can qualify for cancellation. A summary of the cancellation conditions is provided in The Student Guide.
  • Only the school that grants the Federal Perkins Loan can determine if the borrower is entitled to have any portion of the loan canceled.

If you borrowed a Federal Perkins Loan while enrolled at Wayne State University, questions concerning cancellation should be directed to:

Office of Student Accounts Receivables
Wayne State University Welcome Center, 4th Floor, 42 West Warren Avenue
Detroit, Michigan 48202
(313) 577-3656

Perkins Loan cancellation for public service or law enforcement

Full-time employees of an eligible public or private nonprofit service agency may be eligible for partial or full Perkins Loan cancellation after a period of service.

Forms to request deferment or forbearance

Note: If you consolidate your Perkins Loans, you will not be eligible for this program.

  • The borrower of a Perkins Loan is eligible to have up to 100 percent of the loan canceled for full-time service as a qualifying law enforcement or corrections officer or public defender.

Cancellation rate per completed year of employment:

  • 15 percent of the principal for each of the first and second years
  • 20 percent of the principal for each of the third and fourth years
  • 30 percent of the principal for the fifth year

Note: A cancellation period consists of a full year of employment. 

Loan cancellation and discharge summary chart

Loan forgiveness for service in areas of national need

For each year of full-time employment in an area of national need, up to $2,000 of your outstanding student loan balance may be forgiven.

  • No more than $10,000 will be forgiven up to a maximum of five years.
  • This includes work in public service in low-income communities at a nonprofit organization. 

Note: This program is subject to annual appropriations approved by the U.S. Congress. 

Employer programs

Some federal agencies and private employers may also offer loan repayment programs as a recruiting tool.