Loan Exit. Agenda. Goals. O Interest Rates O Rights & Responsibilities

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1 Loan Exit

2 Loan Exit Agenda O Interest Rates O Rights & Responsibilities O Payment information O Consolidation O Benefits O Consequences O Last steps O Contacts Goals O Fulfill requirement O Translate terms O Learn what to avoid O Successful repayment

3 Interest Rates How does this loan work?

4 Loan Types O Subsidized need based O Undergraduates O Graduates until July 1, 2012 O Interest is paid by government while: O In school at least half-time O During grace period O Deferment O You are charged interest during repayment and forbearance

5 Loan Types O Unsubsidized not need based O Interest is charged when you get the money O Pay the interest while in school and during grace or let it accrue O Accrued interest is capitalized

6 Loan Types O PLUS Loans O Graduate or professional degree, and parents of dependent undergraduate O Interest is charged when the money is disbursed

7 Interest Rates - Undergrad O Subsidized O 7/01/2014 6/30/ % O 7/01/2013 6/30/ % O 7/01/2011 6/30/ % O 7/01/2010 6/30/ % O 7/01/2009 6/30/ %

8 Interest Rates - Undergrad O Unsubsidized O 7/01/2014 6/30/ % O 7/01/2013 6/30/ % O 7/01/2006 6/30/ %

9 Interest Rates Graduate O Subsidized O 7/01/2006 6/30/ % O Unsubsidized O 7/01/2014 6/30/ % O 7/01/2013 6/30/ % O 7/01/2006 6/30/ %

10 Interest Rates Graduate O PLUS Loans O Direct 7/01/2014 6/30/ % O Direct 7/01/2013 6/30/ % O Direct 7/01/2006 6/30/ % O FFEL 7/01/2006 6/30/ %

11 Rights and Responsibilities The fine print no one reads

12 Responsibility O Repay the loan in full even if: O Do not finish school O Unable to find a job O Work in an unrelated field O Dissatisfied with the school or program O Do not receive a bill

13 Responsibility O Notify the loan holder(s) if you: O Change your name O Change your phone number O Move O Change your social security number O Return to school at least half-time O Change employment

14 Rights O You must be notified if: O Your loan servicer changes O Identity of new servicer O Address and contact information O Access to your loan repayment schedule

15 Rights O Deferment O Postpone payments O Interest on subsidized loans is paid by ED O You must apply for deferment

16 Types of Deferment O Enrolled at least half time O Graduate fellowship program O Unemployed (up to 3 years) O Economic hardship (up to 3 years) O Rehabilitation Training Program O Qualifying Active Military Duty O Domestic Volunteer

17 Rights O Forbearance O When you don t qualify for deferment O Reduce payment up to 12 months O Interest accrues O Two types forbearance: O Discretionary O Mandatory

18 Discretionary Forbearance O Loan holder decides O Financial hardship O Illness

19 Mandatory Forbearance O Loan holder is required O Medical or dental internship or residency O Student loan(s) >= 20% of monthly gross income O National service position O Teaching service that would qualify for Teacher Loan Forgiveness O National Guard

20 Payment Information The really important part

21 When? After Grace Period O Grace period = 6 months O Clock starts when less than ½ time, withdraw, or graduate O Receive one grace period O Payments begin when grace period ends

22 Who Do You Pay?

23 Federal Loans O Loans before June 30, 2010? O Federal Family Education Loan Program O FFEL Program or FFEL O Money directly from a Lender O 1964 June 30, 2010

24 Federal Loans O All loans after June 30, 2010 O William D. Ford Federal Direct Loan Program O Direct Loan Program or DL O Money directly from the U.S. Department of Education O current

25 Who Do You Pay? O FFEL still held by the lender O Your bank down the street O FFEL sold to the Department O One of the servicers for the Department O Direct Loan O One of the servicers for the Department

26 Who Do You Pay? O National Student Loan Data System O For all you federal student loan history O

27 Create an FSA ID to replace the PIN Number O As of May 10, 2015 you must have a verified FSA ID (Username & Password) instead of a PIN to log in to or O Create an FSA ID O Log in to O For assistance, call: LOG IN

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33 NSLDS

34

35

36 Payment Plans Choices O Standard Repayment Plan O Graduated Repayment Plan O Extended Repayment Plan O Income-Sensitive Repayment Plan O Income-Contingent Repayment Plan O Income-Based Repayment (IBR) O Pay as You Earn

37 Standard O Repayment up to 10 years O Same amount each month O Minimum payment of at least $50 O Example: O Loans - $30,000 O Monthly payment $345 O Total amount repaid $41,429

38 Graduated O Repayment up to 10 years O Payments start low and increase every 2 years O Minimum payment accrued interest or $50 O Example: O Loans - $30,001 O Payment: Years 1-2 = $237; Years 7-8 = $426 O Total amount repaid $43,668

39 Extended O Repayment up to 25 years O Loan debt more than $30,000 O Payments are fixed or graduated O Example: O Loans - $30,000 O Monthly payment $229 O Total amount repaid $54,961

40 Income-Sensitive O Repayment up to 10 years O Possible 5 year extension O FFEL loans only O Monthly payment adjusted annually O 4% - 25% of gross monthly income O Example: O Loans - $30,000; Income $25,000 O Payment: Years 1-5 = $83; Years 6-10 = $713 O Total amount repaid $47,771

41 Income-Contingent O Repayment up to 25 years O Direct Loans only O Payment calculated yearly based on income, family size, and loan debt O Example: O Loans - $30,000; Income $36,000 family of 3 O Payment: $249 O Total amount repaid $48,500

42 Income-Based O Repayment period up to 25 years O Partial financial hardship O Payments calculated at 15% AGI O Example: O Loans - $30,000 O AGI $36,000 family size of three O Monthly IBR payment $92

43 Pay as You Earn O Qualifications O Partial financial hardship and O New loan borrower on/after Oct. 1, 2011 or O Loans before Oct. 1, 2007 have zero balance before new loans are taken out and have a Direct Loan disbursed after Oct. 1, 2011

44 Pay as You Earn O Repayment period up to 20 years O Loan balance and dates O Calculated at 10% discretionary income O Example: O Loans - $30,000 O AGI $36,000 family size of three O Monthly payment $61

45 Standard Payment Plan Loan Amount Length Monthly Payment Interest Total Repaid $ 7, years $86 $2,857 $10,357 $ 15, years $173 $5,715 $20,715 $ 30, years $345 $11,429 $41,429 $ 46, years $529 $17,524 $63,524 $ 60, years $690 $22,858 $82,858 $100, years $1,151 $38,097 $138,097 $150, years $1,726 $57,144 $207,144 $175, years $2,014 $66,669 $241,669 $225, years $2,589 $85,717 $310,717

46 Comparison $30,00 loan balance Payment Plan Monthly Amount Payment Length Total Repaid Standard $ years $41,429 Graduated $237- $ years $43,668 Extended Fixed $ years $54,961 Income Contingent $ yrs. 10 mos. $48,500

47 Repayment Tools O O O O Loan Servicer O Excel sample templates, loan amortization

48 Consolidation Making it whole

49 Consolidation O Combine loans with different payees into one loan O One payment O Maximum repayment is up to 30 years O Fixed interest rate using a weighted average O Learn more at O

50 Eligibility O Loans must be in good standing O Grant or loan refunds are not owed by the borrower O Qualifying loans include O Federal student loans: FFEL, DL, PLUS O Perkins O Health Professions Student Loans O Nursing Student Loans (NSL) O Health Education Assistance Loans (HEAL)

51 Not Eligible O Defaulted federal student loans O Unless satisfactory repayment has been met O Credit card debt O Private, signature, or alternative loans O State loans not guaranteed by the federal government

52 Should you consolidate? Yes One bill Lower payment No 30 years Pay more Lose benefits

53 Loan Forgiveness

54 Wiping out student debt?? O Not usually O Federal student loans are not discharged through bankruptcy O Loan forgiveness O Total and Permanent Disability (TPD) O Teacher Loan Forgiveness (TLF) O Public Service Forgiveness

55 Total and Permanent Disability (TPD) O Veteran - due to a service connected disability O Receiving SSDI or SSI benefits O Certification from a doctor of TPD O O

56 Teacher Loan Forgiveness (TLF) O Loan forgiveness for teachers O Up to $17,500 O Teach five (5) consecutive academic years full time in: O Schools or O Education service agencies that O Service low-income families and meet other requirements

57 TLF Requirements O New borrower O First loan on/after October 1, 1998 or, O Loans before October 1998 with zero balance O Eligible Stafford loan O Direct Loan or FFEL Program loan, or O Consolidation loan O O

58 Public Service O Loan forgiveness for public service workers O Eligible loans O William D Ford Federal Direct Loans O Undergraduate loans O Graduate loans O PLUS loans O Consolidation loans

59 Public Service O Worked/Served full time 10 years O Not-for-profit employees O Teachers O Law enforcement officers O Government employees O 120 qualifying payments O

60 Benefits of Paying What s in it for you

61 Benefits O Credit reports and score O Lower finance charges O Avoid collectors O Interest benefits O Tax benefits O IRS Publication 970 O It s the right thing to do

62 Consequences Here are the bad things

63 Delinquency O Payment is received after the due date O Late fee may be added O May be reported to the credit bureau O Can lower your credit score O Failure to make full payments for 270 days will lead to ODefault

64 Default Consequences O Nothing good

65 Default Consequences O Collection Charges

66 Default Consequences O Loans assigned to a collection agency

67 Default Consequences Garnish Your Wages

68 Default Consequences O Treasury Offset

69 Default Consequences O Revoke your professional license

70 Default Consequences O Nothing good O It will haunt you

71 Unable to Pay? O Don t ignore it O Contact your servicer immediately O Change you payment due date O Ask about deferment or forbearance O Consider a different repayment plan O Keep track of all communications

72 Financial Considerations Taking care of business

73 Debt-Management OKnow where your money goes O Organize O Budget O Plan

74 Money Matters O Budget & Organize O Repay Your Student Loan O Control Your Credit O Identity Theft O Calculator Tools O

75 Completing Exit Counseling Last steps

76 Completing the Exit O Log on to complete your exit counseling O O Sign in O Need to use your FSA ID O Click on Complete Counseling O Select Counseling type Exit O Designate your school Union University O Review your personal information

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81 Summary & Contacts Key points

82 Summary O Know who you owe O Find the right payment plan O Create a budget O Pay on time O Ask for help if trouble is ahead O Stay in touch

83 Loan Repayment O Calculate estimated payment O O O Pick the a plan that works for you

84 Servicer Phone Website Aspire Resources Cornerstone ESA/Edfinancial Fed Loan Servicing (PHEAA) Granite-State Great Lakes Educational MOHELA Navient Nelnet OSLA Servicing VSAC Federal Loans

85 NSLDS O National Student Loan Data System O All you federal student loan information O O O

86 Credit Bureaus O Experian O TransUnion O Equifax O O Free annual credit report O

87 Print Out a Copy of the Exit Counseling Presentation O or O or O

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