Previous Student Loan Borrowers

A student loan is the easiest way to build or hurt your credit rating. All student loans must be repaid. If you borrowed a student loan while attending State Tech and you have questions, this is the information for you.

Who do I pay?

Unsure of who your lender or loan holder is? Then check the Federal Student Aid Website. In order to access your information on this site, you must have your FSA ID.

What if I’m Having Trouble Making Payments?

Many times students have life events happen that make paying on their student loan difficult. You have options!  Your lender can help you ease the burden of student loan payments in various ways. Don’t be embarrassed to ask for help, we can’t help unless we know the situation. There are multiple repayment plan options there also may be ways to postpone your payments for a specific time period.

What is the default and what happens if I default on my student loans?

Default occurs when you are more than 270 days late on your student loan payments. Defaulting on a student loan can carry some heavy consequences and will hurt your credit rating, making it difficult to make new purchases, apply for credit, or obtain a new job.

Consequences of Default (any or all of the following could happen):

• Damage to your credit rating, affecting your ability to get a new job or promotion, and buying new things
• Garnishment of your wages
• Withholding of your state or federal treasury payments (including federal tax refunds, Social Security benefits, etc.)
• Loss of professional licenses
• Civil lawsuit
• Liable for court costs/legal expenses
• Loss of deferment entitlements and flexible repayment options
• Loss of eligibility for further financial aid
• Referral of your account to a collection agency
• Liability for collection costs
• Requirement to pay in full
• Denial of employment by government agency
• Hold placed on your official transcript

If you have already defaulted on your student loan, you have options. Visit the Missouri Department of Higher Education website to find out what you can do to resolve your defaulted loan.

Having trouble managing your money?

If you are having trouble managing your money consider these tips to create a budget from Mapping Your Future. If you need help keeping track of what you are actually spending use Mapping Your Future’s budget calculator.

Knowing your credit history may also help keep you on track. Everyone is entitled to a free credit report each year from all three of the credit bureaus and also if you are denied credit for any reason.

Remember Repayment of Student Loan(s) is about you, the borrower. You have to be responsible in letting your lender know your specific situation and your current contact information. We want to help you help yourself achieve a state of financial well being.