Douglas Olsen
Students at Arizona State University (ASU) have a variety of options to pay off their student loans. The payment method depends on the type of loan, which can be a Federal Direct Subsidized or Unsubsidized loan, a Federal Parent Plus loan, or a private loan. Federal loans have fixed interest rates, while private loans have variable interest rates. Students can make payments online through My ASU or by mailing a personal check, cashier's check, money order, or prepaid or college savings plan to ASU Cashiering Services. Additionally, ASU offers a payment plan that allows students to budget their payments over several months within the semester.
| Characteristics | Values |
|---|---|
| Payment methods | eChecks, personal checks, cashier’s checks, money orders, prepaid or college savings plan (529) payments, cash payments, credit or debit card payments |
| Payment locations | Online, Cashiering Services locations on all four campuses, by mail |
| Interest rates | Fixed, lower for federal loans than private loans, 6.39% for undergraduate subsidized and unsubsidized loans in 2025-2026, 7.94% for graduate unsubsidized loans in 2025-2026 |
| Repayment period | Typically begins nine months after graduation, withdrawal, or dropping below half-time enrollment |
| Loan types | Federal Direct Subsidized, Federal Direct Unsubsidized, Federal Parent Plus, Federal Perkins Loan, private loans |
| Loan requirements | Dependent students need parent information to submit FAFSA for federal loans, private loan requirements vary by lender |
| Loan limits | Direct Stafford Federal aggregate and annual loan limits apply |
| Loan adjustment | Students can increase or decrease loan amount by submitting an aid adjustment form |
| International payments | Not accepted through third-party vendors or direct wire transfers |
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What You'll Learn
Payment methods for ASU student loans
Students and parents have a variety of options for paying tuition and other charges at ASU. The university recommends using eChecks, which are free and can be made from a U.S. checking or savings account. To pay using this method, you will need your bank's routing number and account number, which can be found at the bottom of your checks.
ASU also accepts credit and debit card payments online through a third-party processor, QuikPAY. This processor accepts Visa, MasterCard, Discover, and American Express. However, there is a non-refundable service fee of 2.5% for domestic credit and debit card payments and 4.25% for international credit and debit card payments.
International students can make payments through Flywire, which offers favorable exchange rates and allows payments from banks worldwide, typically in the payer's home currency.
Additionally, ASU accepts personal checks, cashier's checks, money orders, and prepaid or college savings plan (529) payments by mail. Checks should be made payable to Arizona State University and include the student's ID number on the memo line. They should be mailed to the following address:
ASU Cashiering Services
1151 S. Forest Ave., Ste. 244
PO Box 870303
Tempe, AZ 85287-0303
It is important to mail checks at least two weeks before the tuition due date to avoid automatic enrollment in the ASU Payment Plan, which allows students to budget their payments over several months within the semester.
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Federal student loans
To be eligible for federal student loans, you must meet the eligibility requirements set by the U.S. Department of Education and file a FAFSA (Free Application for Federal Student Aid) for the current academic year. You will automatically be considered for federal loans when you file your FAFSA. You can choose between Direct Subsidized Loans and Direct Unsubsidized Loans. Direct Subsidized Loans are available only to undergraduate students with financial needs. The U.S. Department of Education pays the interest on these loans. Direct Unsubsidized Loans, on the other hand, are available to undergraduate, graduate, and professional students without demonstrating financial need. You are responsible for paying the interest on Direct Unsubsidized Loans during all periods.
Once you decide whether to accept or decline your loan, sign into My ASU and click "accept" or "decline". If you accept a Federal Direct Subsidized or Unsubsidized Loan, you can choose from a variety of repayment plans when it comes time to pay off your loan. The first half of your funds will be disbursed in the fall, and the second half in the spring. You must be enrolled for at least six credits if you are an undergraduate and five if you are a graduate student to receive the funds.
It is important to note that you cannot refinance a federal student loan into another federal loan, but you may be able to refinance it into a private loan. However, refinancing into a private loan may result in losing certain protections that federal loans offer.
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Private student loans
When considering a private student loan, it is important to carefully review the terms and conditions, including the interest rate, repayment schedule, and any associated fees. Private student loans often require a hard credit check, which can temporarily impact your credit score. Additionally, it is crucial to understand that private loans generally do not offer the same flexibility as federal loans in terms of deferment, forbearance, or loan forgiveness programs.
To repay your private student loan, you will need to make regular monthly payments directly to the lender. It is recommended to set up automatic payments or direct debit, as many lenders offer a small interest rate reduction for doing so. Additionally, creating a budget and scrutinizing your spending can help you find opportunities to make extra payments and accelerate your debt repayment.
Refinancing your private student loan is another option to consider. By refinancing, you may be able to secure a lower interest rate, which can reduce the overall cost of the loan. However, refinancing from a federal loan to a private loan should be approached with caution, as it may result in the loss of certain protections and benefits offered by federal loans.
Lastly, it is important to prioritize your private student loan repayment. Private student loans typically do not qualify for loan forgiveness programs, and missing payments can lead to default. If you encounter financial difficulties, communicate with your lender or servicer promptly to explore alternative repayment options or seek assistance from resources that can provide guidance on managing your private student loan debt.
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Interest rates and monthly payments
Interest rates play a significant role in determining the total amount you'll repay over time. Federal loans typically offer fixed rates set by Congress, while private loan rates vary based on your credit score and market conditions. Private loans generally have higher fees and interest rates, which can substantially increase the total repayment amount.
Federal loans have set interest rates, and some can offer interest relief or deferment periods. Federal loan interest rates are usually significantly lower than private student loan interest rates. Federal loans tend to have 10-year or 20-year repayment options, but opting for a different repayment program can change this.
The interest rate for 2025-2026 for subsidized and unsubsidized loans for undergraduate students is 6.39%. For graduate students, the interest rate for unsubsidized loans for the same period is 7.94%.
Monthly payments depend on your loan amount and the length of your repayment period. Longer repayment terms may result in lower monthly payments, but you will likely pay more interest overall. Federal loans provide more flexible repayment options than private loans, including income-driven plans that cap monthly payments at a certain percentage of discretionary income.
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Student loan repayment plans
Students at Arizona State University (ASU) have a variety of repayment plans to choose from when it comes to paying off their loans. Firstly, it is important to understand the difference between federal and private loans. Federal loans have set interest rates and can offer interest relief or deferment periods, whereas private student loan requirements vary, so it is important to check with the lender. Federal loan interest rates are typically significantly lower than private student loan interest rates.
Federal student loans at ASU include Direct Subsidized and Unsubsidized Loans, and Federal Parent Plus loans. Direct Subsidized Loans are available to eligible undergraduate students who demonstrate financial need, with interest rates for 2025-2026 set at 6.39%. Direct Unsubsidized Loans are available to eligible undergraduate, graduate, or professional students who do not have financial need, with interest rates for 2025-2026 set at 6.39% for undergraduates and 7.94% for graduates. To accept federal loans, students must sign into My ASU and click "accept". Additionally, students must complete loan entrance counselling, sign a Master Promissory Note, and review their loan limits.
Students can also consider refinancing a federal student loan into a private loan to obtain a lower interest rate. However, it is important to note that federal loans come with certain protections that might help borrowers avoid defaulting if they have trouble making payments, and these safeguards may not be present in private loans.
ASU also offers a Perkins Loan, which students will repay directly to the university once the loan moves to repayment status, typically nine months after graduation, withdrawal, or dropping below half-time enrollment. Monthly payments depend on the loan amount and length of the repayment period, and a loan payment calculator can be used to estimate these payments.
For students with federal loans enrolled in the SAVE Plan, the U.S. Department of Education is urging borrowers to transition to a legally compliant repayment plan, such as the Income-Based Repayment Plan. The Department is providing instructions and resources to help borrowers select a sustainable repayment plan and make qualifying payments.
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Frequently asked questions
ASU accepts eChecks, which can be made from a U.S. checking or savings account. You can also pay by personal checks, cashier’s checks, money orders, and prepaid or college savings plan (529) payments by mail. Additionally, ASU has arranged for a third-party processor to accept Visa, MasterCard, Discover and American Express payments online through QuikPAY.
Sign in to My ASU and select the Finances link at the top of the page. Then, click on Pay Bill to be transferred to QuikPAY.
If you are unable to pay your charges by the Tuition & Fee Payment Deadline, you may enroll in the ASU Payment Plan. The ASU payment plan offers you the option to budget your payment of certain university charges over several months within the semester.
You will have to start repaying your loan to ASU once your Perkins Loan moves to repayment status, which is usually nine months after graduation, withdrawal from school, or dropping below half-time enrollment.
