Undergraduate Loan Repayment

Loan repayment can seem daunting, but the Wheaton College Student Financial Services team is here to help you understand and follow through with your repayment plan.

Borrower Responsibility

As a borrower, you are responsible for paying your loans back. If you do not repay your loans, the following will happen:

Past Due Result
30 days 1 month reported past due to the credit bureau.
60-120 days Loan is reported as delinquent to the credit bureau.
120+ days Loan goes to a collections company. Loan is reported to the credit bureau as being in collections.

Loans that are past due in repayment accrue past due interest, late fees and collections fees if the loan goes into collections. The borrower is responsible for paying these extra fees. In addition, the borrower's credit report will be affected for a minimum of seven years.

Help is Available

There are consequences to defaulting on your loan, but never fear! There are plenty of resources available to help you create and stick to your repayment plan. We've provided helpful links here, and you can always contact our Student Financial Services team for help at sfs@wheaton.edu.

Bennett Scholarship/Loan

The George and Helen Bennett Fund for Missionary Service is a debt forgiveness opportunity for Wheaton College students and alumni called to overseas missions but burdened by student loan debt.

Loan Repayment and Management Resources

Loan Repayment Calculator

This loan calculator computes an estimate of the size of your monthly loan payments and the annual salary required to manage them without too much financial difficulty. It can be used with Federal education loans (Stafford, Perkins and PLUS) and most private student loans.

Exit Counseling

Exit Counseling is required for all students who take out the following loans:

When a Perkins Loan borrower graduates, or is no longer enrolled at least half-time, they must complete Exit Counseling which can be fulfilled online by logging into the UAS loan servicer website. A notification will be sent via email after the exit counseling session is completed.

For more information you can also contact Student Financial Services:


Financial Literacy

Visit igrad.com for more information on student loan debt, monthly budgets, career choices and much more.