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Paying Back Your Loans
Loan repayments are typically made to a loan servicer. Each servicer has their own payment process, so check with them to set up payments.

Repayment plans are based on your income, and can be extended. Although you might have set up a plan initially when you agreed to the loan, many allow you to change repayment plans at any time. This does not mean you won’t be paying the loan back but rather, you will arrange a new way to pay them back.

What's The Difference Between Deferment and Forbearance?

Under special circumstances, you might be able to receive a deferment or forbearance on paying back your loan. But what’s the difference?

Deferment

• A period of time in which repayment on the principal balance on your loan is temporarily delayed.
• You must request a deferment to your loan servicer.

Forbearance

• Permission to postpone or reduce repayments on loans.
• Forbearance is granted in cases when one does not qualify for a deferment.
• It’s possible to be granted permission to stop making payments or reduce your monthly payment for up to 12 months.
• Interest will continue to accrue on your subsidized and unsubsidized loans (including all PLUS loans).

For more information on loan repayment and options, contact the Lincoln Financial Aid Department at your school.