# STUDENT LOAN DEBT MANAGEMENT

Save this PDF as:

Size: px
Start display at page:

## Transcription

1 STUDENT LOAN DEBT MANAGEMENT For Social Work & Public Health Professionals

3 tool will give you a very close approximation as to your monthly payments once your grace period has ended. If, for example, you have loans that total \$41,000 (two years worth of the maximum Stafford eligibility for a graduate student) with 5.84% interest, you can get a general idea of what the monthly payments will be. For that loan amount, the monthly payments will be roughly \$451/month under the Standard Repayment Plan. The calculator will also show alternative repayment options and their corresponding estimated payments. You may have to calculate more than one payment if you have loans with varying interest rates. By adding the estimated payments together, you will get a good idea of what you will be responsible for paying per month when your grace period ends. Remember: As your yearly earnings increase, you should adjust your monthly payments accordingly. If you can afford to pay more than the minimum payment due each month, you should try your best to pay a higher amount thereby decreasing the total loan balance more quickly. Interest Calculation Interest on your federal student loans is calculated using a Simplified Daily Interest Formula. The formula is: Daily interest amount = (Current Principal Balance x Interest Rate) Monthly interest amount = (Daily Interest Amount x number of days in the month) For example, for a student loan balance of \$20,500 with an interest rate of 5.84%, the monthly interest would be calculated as follows: Daily interest amount: (\$20,500 x.0584) = \$ Monthly interest amount: \$3.28 x 30 (typical month) = \$98.40 So, the interest that would accrue in one month on this particular loan would be roughly \$98.40 (depending on the number of days in the month). If you make a payment greater than the interest that has been calculated, you should indicate to your Servicer that you would like the excess funds to be applied to the principal amount remaining. Debt Management Strategies Page 3

6 Putting It All Together Using the loan repayment estimator on you can get an idea of how the monthly payments would differ under each of the Income-Driven Repayment plans. Consider the following scenario for a student who graduates from the Brown School: Total student loan debt: \$57,000 \$41,000 Unsubsidized (5.84% interest) \$16,000 Graduate PLUS (6.84% interest) Tax filing status: Single Household size: 1 Adjusted Gross Income: \$37,000 When we enter this information into the loan repayment estimator, we would get the following: You can see how the monthly payments would vary for the Income-Driven Repayment plans. You should take into consideration not only the Monthly Payment amount, but the Total Interest Paid and Total Amount Paid as well. The longer you are in repayment, the more interest will accrue on your loans for which you are responsible. Loan Forgiveness The Public Service Loan Forgiveness Program was created to encourage individuals to enter and continue to work full-time in public service jobs. Under this program, you may qualify for forgiveness of the remaining balance due on your eligible federal student loans after you have made 120 monthly payments on loans under certain repayment plans while employed full-time by certain public service employers. Payments made before October 1, 2007 will not count toward the 120 total payments. Organizations/positions that may qualify include: Federal, state or local government agency or entity Tribal organization/agency & tribal college or university Non-profits that meet IRS 501(c)(3) requirements Military service Public education Public health services Page 6 Debt Management Strategies

7 Law enforcement School/public library services Public interest law services Early childhood education In order to qualify, an organization may not be a labor union or partisan political organization. Only non-defaulted loans made under the Direct Loan Program are eligible for loan forgiveness. NOTE: Perkins loans and loans made under the FFEL program do not qualify for PSLF. The Direct Loan Program includes the following types of loans: Federal Direct Subsidized Stafford Loans Federal Direct Unsubsidized Stafford Loans Federal Direct PLUS Loans for parents and graduate or professional students Federal Direct Consolidation Loans Although loan forgiveness under this program is available only for loans made and repaid under the Direct Loan Program, loans made under other federal student loan programs may qualify for forgiveness if they are consolidated into a Direct Consolidation Loan. Therefore, only payments made on the Direct Consolidation Loan will count toward the required 120 monthly payments. The 120 required payments must be made under one or more of the following Direct Loan Program repayment plans: Income Based Repayment (IBR) Plan Income Contingent Repayment (ICR) Plan Pay As You Earn (PAYE) Repayment Plan Standard Repayment Plan with a 10-year repayment FedLoan ( is the servicer the Department of Education has chosen to manage the PSLF program. You will need to complete the Employment Certification Form on their website for each public service position you would like to be included for consideration. Discharge/Cancellation It's possible to have your student loan debt discharged (canceled) or reduced, but only under certain specific circumstances: You die or become totally and permanently disabled. Your school closed before you could complete your program. For Direct Stafford Loans only: Your school owes your lender a refund, forged your signature on a promissory note, or certified your loan even though you didn't have the ability to benefit from the coursework. You work in certain designated public school service professions (including teaching in a low-income school). You file for bankruptcy. (This cancellation is rare and occurs only if a bankruptcy court rules that repayment would cause undue hardship.) If you qualify for a loan discharge, you must apply for one: Keep In Mind: The Public Service Loan Forgiveness Program is not a guarantee. You must meet ALL requirements in order to have loans forgiven through PSLF. Debt Management Strategies Page 7

8 Federal Perkins Loan borrowers must apply to the school that made the loan or to the loan servicer the school has designated. Direct and PLUS Loan borrowers should contact your loan servicer. Economic Hardship A Direct or Federal Perkins Loan borrower may qualify for an economic hardship deferment for a maximum of three years if the borrower is experiencing economic hardship according to federal regulations. The Summary of Loan Deferment Conditions chart on the Department of Education s website shows Stafford and Perkins Loan deferments for loans disbursed on or after July 1, For information on deferments for loans received before that date, Direct Stafford Loan and PLUS Loan borrowers should contact their loan servicer. Consolidation A Direct Consolidation Loan allows a borrower to consolidate (combine) multiple federal student loans into one loan. The result is a single monthly payment instead of multiple payments. The new consolidated loan will have an interest rate that is calculated to be the weighted average of the interest rates of all loans included. Eligible loans include Stafford (FFEL and Direct), Graduate PLUS and Perkins. In order to complete the Consolidation Loan application, you will need to log in to and select Complete Direct Consolidation Loan Application and Promissory Note. You will then be guided through the Consolidation process. Make sure you carefully review the loans that appear on the Choose Loans & Servicer. You will choose which loans you want to consolidate and are not required to consolidate all loans. You also should take into account the impact of losing any borrower benefits offered under repayment plans for the original loans. Borrower benefits from your original loan, which Page 8 Debt Management Strategies

### STUDENT LOAN REPAYMENT

STUDENT LOAN REPAYMENT Chase College of Law Financial Aid Presentation April 14 th, 2011 TOPICS TO BE COVERED General Repayment Information Loan consolidation Repayment Plans Public service loan forgiveness

### STUDENT LOAN FORGIVENESS AND REPAYMENT: WHAT YOU NEED TO KNOW

STUDENT LOAN FORGIVENESS AND REPAYMENT: WHAT YOU NEED TO KNOW From here to repayment IUPUI updates your enrollment status. Your grace period begins. Your student loan servicer sends you details about

### Federal Loan Repayment Options

Federal Loan Repayment Options The Standardized Repayment Plan- allows you to pay off your federal student loans in the shortest amount of time. This repayment Plan saves you money over time because your

### NAVIGATING LOAN REPAYMENT

NAVIGATING LOAN REPAYMENT Navigating Loan Repayment Agenda Federal Loan Exit Counseling Basics of Student Loan Repayment Federal Repayment Plans Other Repayment Considerations Helpful Links Question and

### EXIT INTERVIEW FACT SHEET

EXIT INTERVIEW FACT SHEET All students who have borrowed a Federal Direct/FFEL student loan are required by law to complete an Exit interview at this point of graduation or if they leave school, or drop

### Managing Your Student Loans During Turbulent Times

Managing Your Student Loans During Turbulent Times You Will Learn: The different types of student loans How to get detailed information on your existing student loans Repayment options In today s workplace,

### Income-Driven Repayment Plans: Frequently Asked Questions

Income-Driven Repayment Plans: Frequently Asked Questions Contents Introduction...1 General Information...2 Eligible Borrowers...6 Eligible Loans...9 Monthly Payment Amount... 12 Repayment Period & Loan

### Income Based Repayment

Income Based Repayment Questions and Answers (Q&A) Prepared by Federal Student Aid U.S. Department of Education January 5, 2010 The Questions & Answers (Q&As) that follow provide information about the

### Understanding Repayment Plans with New IBR Changes

Understanding Repayment Plans with New IBR Changes Session Outline Grace Periods Servicer Repayment Counseling Brief review of Standard (and other repayment plans) Income Driven Repayment Plans Other Repayment

### STUDENT LOAN EXIT COUNSELING AND REPAYMENT. Sam Krow-Lucal, Student Loan Coordinator, Stanford Financial Aid Office

STUDENT LOAN EXIT COUNSELING AND REPAYMENT Sam Krow-Lucal, Student Loan Coordinator, Stanford Financial Aid Office Presentation Overview Loan Repayment Terminology Federal Loan Repayment Plans Federal

### STUDENT LOANS: AFTER YOU BORROW

STUDENT LOANS: AFTER YOU BORROW Student Loan Basics Nearly Everyone CAN Borrow, however: Loans have to be repaid! Borrow only what you need!! Interest What you are charged for using someone else s money

### ENTRANCE COUNSELING GUIDE

ENTRANCE COUNSELING GUIDE For Direct Loan Borrowers Contents Direct Loan Types 1 Borrow Wisely 2 Borrow Direct Subsidized Loans and Direct Unsubsidized Loans First 2 You Must Repay Your Loans 3 Use of

### Income-Based Repayment Program Questions and Answers (Q&As)

Prepared by Federal Student Aid U.S. Department of Education February 7, 2011 The questions and answers (Q&As) that follow provide information about the Income-Based Repayment (IBR) Plan that is available

### Grace Period and Repayment Guide for Stafford and Direct Loans

Grace Period and Repayment Guide for Stafford and Direct Loans Communication is key! This guide session covers loans from the following programs: Federal Family Education Loan Program (FFELP) Federal Stafford

### Intermediate Counseling Module Plan for Success Script

Intermediate Counseling Module Plan for Success Script Slide 1: Title slide Slide 2: Prepare for successful repayment Borrowing money to pay for your education can greatly impact your quality of life today

### William D. Ford Federal Direct Loan Program Direct Subsidized Loan and Direct Unsubsidized Loan Borrower s Rights and Responsibilities Statement

Important Notice: This Borrower s Rights and Responsibilities Statement provides additional information about the terms and conditions of the loans you receive under the accompanying Master Promissory

### FAQ s on Direct Lending

FAQ s on Direct Lending Q1: Why is the University of Houston switching to direct loans? A: On Thursday March 30, 2010 President Obama signed the Health Care and Education Reconciliation Act of 2010 (H.R.

### Student Guide. Default Prevention & Management Plan

Student Guide Default Prevention & Management Plan WHAT EVERY STUDENT BORROWER NEEDS TO KNOW. Before you borrow please read this. It does not matter if you have already borrowed on a student loan or if

### 8/4/2015. Agenda. Student Loan Repayment and other exciting activities after GRADUATION! Types of Loans. Key Players. Stafford Loan Interest Rates

Student Repayment and other exciting activities after GRADUATION! Agenda types & interest rate The grace period Repayment plans Forgiveness Avoiding delinquency & default Financial Planning 1 2 Key Players

### The Ins and Outs of Student Loan Repayment: Understanding the Options

The Ins and Outs of Student Loan Repayment: Understanding the Options Learning objectives You will learn to assist students to: Take inventory of their federal student loans Explore repayment plan available

### STUDENT LOAN REPAYMENT STRATEGIES

STUDENT LOAN REPAYMENT STRATEGIES UNH School of Law November 15, 2011 Maureen Fagen Senior Account Executive The information contained in this presentation is not comprehensive, is subject to constant

### Helping Students Repay their Loans: Repayment Plan Overview. Greg Carlo Senior Client Relationship Manager

Helping Students Repay their Loans: Repayment Plan Overview Greg Carlo Senior Client Relationship Manager Agenda Information you can share with your students Understanding Loan Repayment Top 10 Things

### Checklist Analyze your client s circumstances Inventory the federal loans Inventory the private loans

37 million Americans have student loans Comprehensive Student Loan Training Series August 2014 1 trillion dollars in outstanding student loan debt: \$1,000,000,000,000 Private Student \$150 billion is outstanding

### Federal Student Aid Pay As You Earn Repayment Plan for the Direct Loan Program

Federal Student Aid Pay As You Earn Repayment Plan for the Direct Loan Program StudentAid.gov What is Pay As You Earn? Pay As You Earn is a repayment plan for eligible Direct Loans that is designed to

### 41% Loan Repayment Strategies: Understanding Forgiveness, Forbearance, and Deferment 9/15/2014. Objectives

Loan Repayment Strategies: Understanding Forgiveness, Forbearance, and Deferment Objectives Discuss how borrowers can avoid delinquency and default Review deferments and forbearance Share details of the

### Upon Graduation. Today we ll cover some things that are good to know, and some things that are must-do s.

Upon Graduation You re ready to move on. You re done with school (temporarily or permanently) and ready for the real world. Part of that means preparing for your student loan repayment. Today we ll cover

### Managing Your Student Loans 101. Basic Understanding of the Repayment Process

Managing Your Student Loans 101 Basic Understanding of the Repayment Process Katherine Coates Office of Federal Student Aid Kansas City, MO Adam Essex Office of Federal Student Aid Washington D.C. Kevin

### EXIT GUIDE. Borrowers. For Direct Loan SM COUNSELING

EXIT For Direct Loan SM COUNSELING GUIDE Borrowers EXIT COUNSELING GUIDE For Direct Loan SM Borrowers CONTENTS CONTACTS FOR YOUR DIRECT LOANS SM... 1 Money management 2 Repaying your loan 4 Repayment plans

### EXIT COUNSELING GUIDE FOR BORROWERS OF DIRECT LOANS AND FEDERAL FAMILY EDUCATION PROGRAM LOANS

EXIT COUNSELING GUIDE FOR BORROWERS OF DIRECT LOANS AND FEDERAL FAMILY EDUCATION PROGRAM LOANS U.S. Department of Education Arne Duncan Secretary Federal Student Aid James W. Runcie Chief Operating Officer

### MANAGING DEBT, DELINQUENCY AND DEFAULT

MANAGING DEBT, DELINQUENCY AND DEFAULT Emory University Candler School of Theology Presenter: David Haygood, Director of Business Development Date: Spring 2016 Topics Preventing Delinquency and Default

### Student Loan Exit Counseling Workshop. Presented by: Student Financial Aid Services Student Union Building (SUB) University of Idaho Fall 2012

Student Loan Exit Counseling Workshop Presented by: Student Financial Aid Services Student Union Building (SUB) University of Idaho Fall 2012 What We Will Cover Graduate Loan Changes Loan Terminology Loan

### The Role of Student Loans in Financial Aid. Loans 101: Understanding the Basics. Objectives. The role of loans in financial aid

Loans 101: Understanding the Basics Objectives 1 2 3 4 The role of loans in financial aid Overview of the Title IV Loan Program Repayment options Counseling resources The Role of Student Loans in Financial

### The End of Grace. How to Navigate Your Student Loans After You Graduate

The End of Grace How to Navigate Your Student Loans After You Graduate Where to find your loans National Student Loan Data System Complete your Financial Aid Review Complete your Exit Counseling www.nslds.ed.gov

### Income Based Repayment General Information

Prepared by Federal Student Aid U.S. Department of Education January 5, 2010 The Questions & Answers (Q&As) that follow provide information about the Income Based Repayment (IBR) Plan that is available

### Student Loans A comprehensive look at student aid and the various repayment options

Student Loans A comprehensive look at student aid and the various repayment options How Much Does College Cost? According to the Bureau of Labor Statistics and the US Department of Labor, the average cost

### STUDENT RIGHTS & RESPONSIBLITIES

STUDENT RIGHTS & RESPONSIBLITIES Students seeking Direct Loans must first complete the Free Application for Federal Student Aid (FAFSA), which can be submitted online at www.fafsa.ed.gov. There are two

### Student loan repayment

Student loan repayment Casey Galindo Wells Fargo Education Financial Services 2014 Wells Fargo Bank, N.A. All rights reserved. For public use. Congratulations You re ready to move on. You re done with

### Federal Student Loan Repayment

Federal Student Loan Repayment The Road to Zero Know your financial goals. Know what you owe. Know what time it is. Know your options. Select your plan. Manage your payments. AccessGroup.org Financial

### Servicing Direct Loans and Forgiveness Plans. Trevor Summers U.S. Department of Education

Servicing Direct Loans and Forgiveness Plans Trevor Summers U.S. Department of Education How do we help borrowers stay on the road to successful repayment? There may be rest stops, roadblocks or even detours

### Repaying your federal student loans

Repaying your federal student loans Many borrowers don t worry about their student loans until they graduate or leave school. But you should immediately notify your loan servicer and school in writing

### Income-Driven Repayment Plans for Federal Student Loans

Federal Student Aid Income-Driven Plans for Federal Student Loans What is an income-driven repayment plan? An income-driven repayment plan is a repayment plan that sets your monthly student loan payment

### Widener University School of Law. Exit Interview Counseling Presentation Managing your student loan repayment

Widener University School of Law Exit Interview Counseling Presentation Managing your student loan repayment Types Of Education Debt Three Types Federal Loans Stafford Subsidized/Unsubsidized Federal Direct

### Exit Counseling Guide for Direct Loan Borrowers

You borrowed Direct Subsidized Loans and/or Direct Unsubsidized Loans to help you finance your education. Repaying these loans is a serious responsibility. This guide explains some of the most important

### Comparison of Income-Driven Repayment Plans *

Comparison of Income-Driven Repayment Plans * ICR ORIGINAL IBR NEW BORROWER IBR PAY AS YOU EARN REPAYE Eligible Borrowers Direct Loan (FFEL borrowers may qualify through consolidation) Direct Loan and

### William D. Ford Federal Direct Loan Program Direct Subsidized Loan and Direct Unsubsidized Loan Borrower s Rights and Responsibilities Statement

Important Notice: This Borrower s Rights and Responsibilities Statement provides additional information about the terms and conditions of the loans you receive under the accompanying Master Promissory

### WiseBorrower Education Series

FEDERAL STUDENT LOANS: Repayment 101 How do I determine my loan repayment strategy? What repayment plans are available? What repayment tools will help me navigate tough financial times? What is the best

### The Ins and Outs of Student Loan Repayment: Understanding the options. The Ins and Outs of Student Loan Repayment

Industry Training : Understanding the options Thresa Tyus, Default Aversion Consultant Learning objectives You will learn to: Take inventory of your federal student loans Explore repayment plans available

### Session #10. Loan Repayment and Forgiveness Plans. Cynthia Battle, U.S. Department of Education Pamela Moran, U.S. Department of Education

Session #10 Loan Repayment and Forgiveness Plans Cynthia Battle, U.S. Department of Education Pamela Moran, U.S. Department of Education Agenda Direct Loan and FFEL Repayment Plans Other Repayment Strategies

### EXIT COUNSELING GUIDE FOR BORROWERS OF DIRECT LOANS AND FEDERAL FAMILY EDUCATION PROGRAM LOANS

EXIT COUNSELING GUIDE FOR BORROWERS OF DIRECT LOANS AND FEDERAL FAMILY EDUCATION PROGRAM LOANS U.S. Department of Education Arne Duncan Secretary Federal Student Aid James W. Runcie Chief Operating Officer

### Federal Stafford Loan Counseling Checklist

Student s Name (Please Print) Social Security Number You are receiving a Federal Stafford loan to help you cover the costs of your education. You must repay this loan. Before you receive your Stafford

### William D. Ford Federal Direct Loan Program Direct Subsidized Loan and Direct Unsubsidized Loan Borrower s Rights and Responsibilities Statement

Important Notice: This Borrower s Rights and Responsibilities Statement provides additional information about the terms and conditions of the loans you receive under the accompanying Master Promissory

### Strategies and Information as You Prepare to Repay Your Student Loans. John MacLaughlin Senior Client Relationship Manager

Strategies and Information as You Prepare to Repay Your Student Loans John MacLaughlin Senior Client Relationship Manager Agenda Your Student Loans Relative Cost of a Student Loan Loan Repayment Healthy

### fyi Federal loans: The smart way to borrow

Federal loans: The smart way to borrow If you don t receive enough free money to pay for college and you aren t able to cover your costs with savings or other resources, consider federal student loans.

### Student Loans Terms To Know

Student Loans Terms To Know Borrower The borrower in most cases is the student. The loan is made in the borrower s name and he/she is responsible for paying back the loan(s) including principal plus any

### EXIT COUNSELING GUIDE FOR BORROWERS OF DIRECT LOANS AND FEDERAL FAMILY EDUCATION PROGRAM LOANS

EXIT COUNSELING GUIDE FOR BORROWERS OF DIRECT LOANS AND FEDERAL FAMILY EDUCATION PROGRAM LOANS U.S. Department of Education Arne Duncan Secretary Federal Student Aid James W. Runcie Chief Operating Officer

### Getting a Grip on Your Student Loans

Getting a Grip on Your Student Loans Today s Plan Sometimes there are too many choices How to figure out your best strategy to minimize the cost of your debt Which loans are which and why it matters How

### Repaying Student Loans

Repaying Student Loans If you are daunted by the prospect of having to make student loans payments for the next ten or so years, you are not alone. Student loan debt can be fairly large, and the monthly

### Repaying Your Student Loan. Florida Coastal School of Law

Repaying Your Student Loan Florida Coastal School of Law Workshop Objectives At the end of the workshop you will understand: What options are available during repayment What education-related tax incentives

### Public Service Loan Forgiveness. Info Organized by Jotham Busfield & Quiana Scott-Ferguson

Public Service Loan Forgiveness Info Organized by Jotham Busfield & Quiana Scott-Ferguson What is Public Loan Forgiveness? The College Cost Reduction and Access Act of 2007 established a new public service

### Strategies and Information as You Prepare to Repay Your Student Loans

Strategies and Information as You Prepare to Repay Your Student Loans Rob Smith Senior Client Relationship Manager Navient May 2015 EDS-14-10605 1214 As the nation's leading loan management, servicing

### A p r i l 2 0 1 1. P r e s e n t e d B y :

P r e s e n t e d B y : H e a t h e r H a m i l t o n, D i r e c t o r o f G r a d u a t e F i n a n c i a l A i d J e n n i f e r V a n B r e d e r o d e, A s s i s t a n t D i r e c t o r o f G r a d

### Teacher Education Assistance for College and Higher Education Grant (TEACH Grant)

Teacher Education Assistance for College and Higher Education Grant (TEACH Grant) Exit Counseling Guide December 18, 2008 1 Overview What is the TEACH Grant Program? The U.S. Department of Education s

### Exit Counseling. The Ohio State University School of Health Sciences. presented to. Understanding Federal Student Loan Repayment Options

Exit Counseling presented to The Ohio State University School of Health Sciences Understanding Federal Student Loan Repayment Options Exit Counseling Agenda Important Facts Locating Your Federal Student

### Teacher Education Assistance for College and Higher Education Grant (TEACH Grant)

Teacher Education Assistance for College and Higher Education Grant (TEACH Grant) Initial and Subsequent Counseling Guide June 2015 1 Table of Contents Overview... 3 Agreement to Serve (ATS)... 4 TEACH

### Federal Student Loan Repayment Plans. Financial Aid Office

Federal Student Loan Repayment Plans Michelle Cornell Tim Marten Agenda Income-Driven Repayment Plans Overview Pay As You Earn Plan Income-Based Repayment Plan Income-Contingent Repayment Plan Income Sensitive

### Repaying Student Loans

Repaying Student Loans It is not unusual for college tuition to cost \$30,000 or more a year. Some students are able to pay for it with savings or get grants or scholarships. However, many have to turn

### 9/21/2009. Post questions anytime. Public Service Loan Forgiveness. Income Based Repayment. Getting Your Student Loans Forgiven

Getting Your Student Loans Forgiven Public Service Loan Forgiveness and Income-Based Repayment Heather Jarvis, Presenter Post questions anytime College Cost Reduction and Access Act Public Service Loan

### 1/26/2014. Learning objectives. Taking inventory. The Ins and Outs of Student Loan Repayment: Understanding Your Options

Thresa Tyus TG Default Aversion Consultant The Ins and Outs of Student Loan Repayment: Understanding Your Options Learning objectives You will learn about: Taking inventory of your federal student loans

### Direct Loan Exit Counseling

Direct Loan Exit Counseling Understanding your student loan rights and responsibilities is critical to successful repayment! This guide will help you understand Federal Stafford Loans and Direct Loans.

### EXIT COUNSELING GUIDE

EXIT COUNSELING GUIDE For Federal Student Loan Borrowers Contents Intro 1 Exit Counseling Federal Student Loan Programs Getting Started 1 Types of Federal Student Loans Loan Terminology Repaying Your

### Income-Based (IBR) / Pay As You Earn / Income-Contingent (ICR) Repayment Plan Request OMB No. 1845-0102 Form Approved

IBR/PAYE/ICR SECTION 1: BORROWER IDENTIFICATION Please enter or correct the following information. Check this box if any of your information has changed. SSN - - Name Address City, State, Zip Code Telephone

### Chapter 6 Loan Consolidation

Loan Consolidation in Detail CHAPTER 6 These fact sheets for borrowers cover the provisions for Federal Consolidation Loans made through private lenders in the FFEL program. For information about consolidating

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

Loan Exit 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

### Student Loan Exit Counseling Workshop. Presented by: Student Financial Aid Services Student Union Building (SUB) University of Idaho Spring 2013

Student Loan Exit Counseling Workshop Presented by: Student Financial Aid Services Student Union Building (SUB) University of Idaho Spring 2013 What We Will Cover Recent loan changes Loan terminology Loan

### ENTRANCE COUNSELING GUIDE

ENTRANCE COUNSELING GUIDE For Direct Loan Borrowers ENTRANCE COUNSELING GUIDE For Direct Loan Borrowers CONTENTS TYPES OF DIRECT LOANS Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans,

### PHASE 3: Unable to Make Payments

1 PHASE 3: Unable to Make Payments Information included in Phase 3: I. Options Available II. Delinquency and Default III. Getting Out of Default 2 I. Options Available If you are having trouble making

### Income-Driven Repayment Comparison

-Driven Repayment Comparison Criteria -Based Repayment (IBR) -Based Repayment (IBR) for New Borrowers* -Contingent Repayment (ICR) Pay As You Earn (PAYE) Revised Pay As You Earn (REPAYE)** Eligible Borrowers

### LOAN REPAYMENT AND DEFAULT PREVENTION. Student Financial Aid Office

LOAN REPAYMENT AND DEFAULT PREVENTION Student Financial Aid Office 1 TOPICS TO BE COVERED Exit Counseling Loan Consolidation Repayment Options Deferment and Forbearance Discharge and Forgiveness Default

### Entrance Counseling Guide for Direct Loan Borrowers

You are borrowing Direct Subsidized Loans and/or Direct Unsubsidized Loans to help you finance your education. Repaying these loans is a serious responsibility. This guide explains some of the most important

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

Loan Exit 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

### Repayment Strategies: What You Need To Know

Repayment Strategies: What You Need To Know Objectives Provide information about your loan repayment options (including Consolidation) Provide resources to assist in determining the best option for you

### Student Loan Repayment Strategies for Medical Students. Presented by Sergio Gonzalez

Student Loan Repayment Strategies for Medical Students Presented by Sergio Gonzalez Managing Your Student Loan Debt Know your loan portfolio loan types and relative cost Know your grace, deferment and

### Principles of Loan Repayment

Borrowing a Student Loan Prior to July 1, 2010, there were two federal student loan programs that made Stafford, PLUS, and Consolidation loans - the Federal Direct Loan Program (Direct) and The Federal

### 2012-2013 Federal Direct Student Loan Workshop. Berkeley City College 2050 Center St Berkeley, Ca 94704

2012-2013 Federal Direct Student Loan Workshop Berkeley City College 2050 Center St Berkeley, Ca 94704 Financial Aid Office Hours and Contact Information Office Hours: Monday & Tuesday: 8:30 am - 4:30

### Federal Student Loan. Forgiveness. Federal Loan Repayment and Repayment and. Forgiveness

Federal Student Loan Federal Loan Repayment and Repayment and Forgiveness Forgiveness Agenda Finding Your Federal Loans Repayment Plans Consolidation Public Service Loan Forgiveness Deferment & Forbearance

### \$mart Docs September 25, 2014

\$mart Docs September 25, 2014 What are they? How do I qualify? How are my payments calculated? Why should I repay my loans under one of these plans? When do I apply? Examples Resources An income-driven

### Don t get discouraged if you are in default on your federal student loan.

visited on Page 1 of 7 Menu Home» How to Repay Your Loans» Understanding Default» Getting out of Default Don t get discouraged if you are in default on your federal student loan. Options for getting out

### Federal Student Aid Public Service Loan Forgiveness Program

Federal Student Aid Public Service Loan Forgiveness Program Questions and Answers (Q&As) for Federal Student Loan Borrowers The following questions and answers (Q&As) provide federal student loan borrowers

### Financial Aid and Loan Repayment for Graduate Students. Nick Bromley Counselor GVSU Financial Aid Office

Financial Aid and Loan Repayment for Graduate Students Nick Bromley Counselor GVSU Financial Aid Office Financial Aid for Graduate Students Financial Aid is Scholarships Grants Loans Employment funds that

### Income-Driven Repayment Comparison

Income-Driven Repayment Comparison Criteria Income-Based Repayment (IBR) Income-Contingent Repayment (ICR) Pay As You Earn New Borrower Requirement? No, except where indicated* No Yes* Loans Eligible and

### Federal Student Aid Public Service Loan Forgiveness Program

Federal Student Aid Public Service Loan Forgiveness Program Questions and Answers (Q&As) for Federal Student Loan Borrowers The following questions and answers (Q&As) provide federal student loan borrowers

### https://youtu.be/rfrdgmzy-ri

https://youtu.be/rfrdgmzy-ri Federal Loan Exit December 2015 Jess Christensen Assistant Director of Financial Aid jchriste@cord.edu 218-299-3010 Types of Direct Student Loans Subsidized Federal Direct

Managing Your Student Loan Payments 1 May 2015 Graduates 1. Bar Exam Expenses 2. Locating Your Loans / Account Numbers 3. Student Loan Repayment Plans 4. Loan Consolidation Should You? When? 5. Examples

### Student loan terms to know

Definition of words related to federal student loans and the Nelnet payment process. Accrue The act of interest accumulating on the borrower s principle balance. Aggregate Loan Limit The maximum total

### 2014 Exit Counseling / Student Loan Repayment Information. May 7, 2014 University of Maryland, Baltimore County

2014 Exit Counseling / Student Loan Repayment Information May 7, 2014 University of Maryland, Baltimore County First. If you are graduating: Congratulations! Know your loans Know the type(s) of loan (Stafford

### ENTRANCE COUNSELING GUIDE

ENTRANCE COUNSELING GUIDE For Direct Loan SM Borrowers ENTRANCE COUNSELING GUIDE For Direct Loan SM Borrowers CONTENTS TYPES OF DIRECT LOANS...1 Direct Subsidized Loans, Direct Unsubsidized Loans, Direct