Preparing for Loan Repayment. Practice Management February 24, 2014

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1 Preparing for Loan Repayment Practice Management February 24, 2014

2 Know what you owe!

3 NSLDS Direct Stafford Subsidized Direct Stafford Unsubsidized Direct Plus HPSL Institutional loans (Fishel, Arakelian, Nevitt, Kellog, Pfritch) Private Loans (MedCap, Citibank, Discover, Chase, R&R Loan)

4 Know who you owe!

5 Department of Education For questions regarding Loan Repayment, Deferment or Forbearance, contact your loan servicer: Nelnet Great Lakes Educational Loan Services, Inc. Sallie Mae FedLoan Servicing (PHEAA) MOHELA ESA/Edfinancial CornerStone Aspire Resources Inc Granite State - GSMR OSLA Servicing VSAC Federal Loans

6 NSDLS video

7 Federal Student Loan Database National Student Loan Data System (NSLDS) Information about Direct, Stafford, Grad PLUS, Federal Consolidation and Perkins Loans is stored in the NSLDS Toll-free telephone: 800-4FED - AID Web site: You can access NSLDS with your SSN, first 2 letters of your last name, birth date and Dept. of Ed. PIN

8 Borrower Path to NSLDS 1. Go to: Next

9 Borrower Path to NSLDS 2. Enter: *Social Security number *First two letter of the last name *Date of Birth *FAFSA PIN (Personal Identification Number)

10 Borrower View of NSLDS Loan Menu Click the number boxes to see loan detail

11 Borrower View of NSLDS Loan Detail Servicer Information Displays here

12 Know your options!

13 Repayment Plans FFELP and Direct Loans Standard (Fixed) Repayment Graduated Repayment Extended Repayment Income-Sensitive Repayment (FFELP); Income-Contingent Repayment (Direct) Income-Based Repayment Federal Loan Consolidation -- You can change plans if you qualify for the new plan

14 Standard Repayment Monthly payment is fixed the same minimum payment is due each month (your monthly payment typically changes only if your loan has a variable interest rate and that interest rate changes) Maximum repayment period is 10 years on Federal Stafford/Federal PLUS Loans Results in lowest amount of total interest paid Requires the highest initial monthly payment Your loan holder/servicer will place you on this repayment plan unless you choose one of the other available repayment plans and notify your loan holder/servicer of that choice.

15 Additional Payments: Target loans with highest interest Applied to higher rate loans Making additional payments will reduce the repayment term Results in lowest amount of total interest paid Must contact servicer to arrange for additional payment to be applied to higher rate loans

16 Extended Repayment Payments over 25 year repayment period Lower monthly payment than Standard or Graduated Plans with 10-year repayment schedules More total interest paid

17 Income-Based Repayment (IBR) Adjusted annually based on: o o o o Household Adjusted Gross Income (AGI) Household Size HHS Poverty Guidelines State of Residence Payment is 15% of disposable income if experiencing Partial Financial Hardship Negative amortization allowed Maximum repayment period is 25 years

18 Pay AS You Earn: Adjusted annually based on: o o o o Household Adjusted Gross Income (AGI) Household Size HHS Poverty Guidelines State of Residence Payment is 10% of disposable income if experiencing Partial Financial Hardship Must be a new borrower on/after 10/1/2007 who received a loan on/after 10/1/2011 Negative amortization allowed Maximum repayment period is 20 years

19 Public Service Loan Forgiveness DIRECT Loan Forgiveness Program You will qualify for loan forgiveness of your Federal DIRECT Loans if you Federal DIRECT Loans are not in default, and Worked full-time for a total of 120 months in a qualifying public service position on or after October 1, 2007, and Made 120 qualifying loan payments on your Federal DIRECT Loans during the period of qualifying public service employment. Qualifying payment made after October 1, 2007.

20 Consolidation is Paying off one or more eligible federal education loans by borrowing a new federal education loan All federal student loans are eligible for federal loan consolidation Currently only available from Federal Direct Loan Program at: loanconsolidation.ed.gov

21 Postponing Payments during Dental Residency Two ways to postpone payments on federal loans: o Deferment o Forbearance

22 Postponing Payments during Dental Residency: Deferment Deferment for dental residents: o In-School Deferment should be available for dental residents as long as the resident program is affiliated with an institution of higher education that can certify enrollment on at least half-time basis o Dental residents at residency programs NOT affiliated with an institution of higher education are not eligible for the In-School Deferment o Other Deferment categories include Military, Peace Corps, Unemployment, and Economic Hardship (though dental residents rarely qualify for the latter) o Contact your loan servicer for detail.

23 Postponing Payments during Dental Residency: Forbearance Forbearance for dental residents: o Multiple kinds, including Mandatory Internship Residency Forbearance for dental interns and residents (must be granted by loan servicer on Stafford, Grad PLUS, and Federal Consolidation loans assuming can prove internship/residency status. o Contact your loan servicer for details

24 Resources:

25 Dental Loan Organizer and Calculator

26 Due March 14, 2014 Print a pdf of Loan Summary to

27 Questions?

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