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

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1 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 Federal government Lenders of private loans Direct Servicers NSLDS Credit Reporting Experian Equifax TransUnion Ombudsman Types of s Federal Stafford Direct Subsidized Federal Stafford Direct Unsubsidized Alternative Private lenders Federal Graduate PLUS 3 4 National Student Data System Central database for student aid records Track loans from disbursement to payoff Total student loan indebtedness status & interest rate Servicer information Stafford Interest Rates Disbursed Stafford Subsidized Stafford Unsubsidized % 6.8% % 6.8% % 6.8% % 6.8% % 6.8% % 6.8% n/a 5.41% n/a 6.21% 5 6 1

2 The Grace Period One-time grace period Begins after you graduate, leave school or drop below half time (caution if you took a break from school) payments begin after grace period ends Direct s 6 months Perkins s 9 months Graduate PLUS s 6 months (if disbursed after 7/1/2008) Private s Varies Direct Repayment Options Standard Repayment Graduated Repayment Extended Repayment Income-Contingent Repayment Income-Based Repayment Pay as You Earn Repayment Plan 7 8 Standard Repayment Chart Fixed monthly payment $50 minimum payment 10-year repayment schedule Graduated Repayment Plan gradually increases over time must cover interest due 10-year repayment schedule ( + Interest) $10,000 $115 $13,810 $50,000 $575 $69,048 Beginning Ending ( + Interest) $10,000 $57 $135 $14,353 $50,000 $283 $677 $71,765 *A subsidized Stafford loan repaid at 6.80 percent interest, assuming the standard repayment plan of 10 years. 9 *A subsidized Stafford loan repaid at 6.80 percent interest, assuming the graduated repayment plan of 10 years. 10 Extended Repayment Plan s greater than $30,000 Standard or graduated repayment plans Repayment term not to exceed 25 years Years in Repayment ( + Interest $50,000 $ $104,111 *A subsidized Stafford loan repaid at 6.80 percent interest, assuming an extended standard repayment plan of 25 years. 11 Income-Contingent Repayment Plan based on income, household size and state of residence (often 20% of income) Forgiveness after 25 years (tax consequences) Gross Income Family Size ( + Interest) $10,000 $1,500 1 $63 $20,743 $50,000 $4,000 3 $495 $73,475 *A Stafford loan repaid at 6.80 percent interest based on borrower living in the continental U.S. This is an estimated repayment amount for the first year and total loan payment. 12 2

3 Income Based Repayment Plan Based on partial financial hardship Allows for negative amortization Unpaid interest on subsidized loans is subsidized for three years Unpaid interest and principle can be capitalized when IBR is terminated Remaining loan forgiven after 25 years Tax consequences 13 Income Based Repayment Plan based on percentage of total income AGI* 150% of Poverty Line Disposable Income Current * New ** $12,500 $25,000 $17,560 $7,440 $144 $94 $50,000 $25,000 $17,560 $7,440 $576 $94 See if you qualify at the following site: studentaid.ed.gov select repaying your loans *A subsidized Stafford loan repaid at 6.80 percent interest, assuming the standard repayment plan of 10 years. **Assumed AGI with one person in the household. 14 Pay As You Earn Repayment Plan Pay As You Earn Repayment Plan Base on partial financial hardship Maximum payment is 10% of discretionary income, the difference between your AGI and 150% of poverty. Remaining loan forgiven after 20 years Tax consequences based on percentage of total income AGI* 150% of Poverty Line Disposable Income Current * New ** $12,500 $25,000 $17,560 $7,440 $144 $62 $50,000 $25,000 $17,560 $7,440 $576 $62 See if you qualify at the following site: studentaid.ed.gov select repaying your loans 15 *A subsidized Stafford loan repaid at 6.80 percent interest, assuming the standard repayment plan of 10 years. **Assumed AGI with one person in the household. 16 Consolidation Combine loans into one single new loan You agree to new terms and conditions One monthly payment Lower payment/longer repayment period s begin at consolidation Caution with Perkins s Be informed Forgiveness Explore all options do more research Review Websites regulations change! Call to describe your individual situation Call to confirm your understanding of their information You are your own advocate 18 3

4 Forgiveness Work in public service profession Volunteer work Military service Teach or practice medicine in certain communities National Health Service Corps forgiveness resources Public Service Forgiveness (PSLF) Full-time eligible public service job Non-defaulted Direct s Other federal student loans consolidated into Direct Consolidation s beginning October 1, qualifying payments IBR, ICR, PAYE and Standard Repayment plans Forgiven amount not taxable 20 Apply for PSLF Track your employment record! Clearly identify your employer(s) Position/title Supervisor s name/telephone number Show employer meets the definition Dates of employment Full-time employee Keep complete loan payment records Cancellation In extreme circumstances: Total and permanent disability Inability to complete course of study due to school closure False certification by school Death Avoid Delinquency & Default Pay on time A payment received one day late is considered delinquent Must pay, even if you don t get a bill Delinquent payments are reported to the credit bureaus Always call your servicer for help Deferment Postponement of payments Not automatic You must apply & receive approval from lender Primary reasons In-school Unemployment Economic hardship Military service

5 Forbearance Temporary reduction or postponement of payments Not automatic You must apply and receive approval from lender Primary reasons Poor health Residency program Financial hardship Interest will continue to accrue 25 Consequences of Default Full amount of loan is due Including collection costs Subject to federal and state offsets Wages and tax refund may be garnished Credit will be tarnished Loss of deferment and forbearance options Loss of eligibility for future financial aid May lose eligibility for certain federal or state jobs May lose professional license 26 Your Rights Receive a copy of your signed MPN Receive a disclosure statement Prepay all or part of your loan without penalty Deferments & forbearance, if eligible Written notice if your loan is sold Proof of discharge after repaying loan in full Your Responsibilities Repay your loan(s) Make on-time, monthly payments Read correspondence from servicer Notify servicer of changes within 10 days School & enrollment status Name, address & telephone number Ask your servicer for help Who to Pay Check NSLDS to see what federal loans you have: Federal Direct Stafford s One of many Federal Servicers Federal Perkins s Servicer designated by college Smith College s Campus Partners Private s The Lender 29 Financial Planning Develop good money strategies Create a post-ssw spending plan Keep copies of all documents in one place Compare salaries Compare repayment options Consider repaying loans early Find a roommate Do you really need a car? Find money saving tips on WFI website Reacquaint yourself with your parents (or your kids) 30 5

6 Executive Summary Celebrate! (Any Questions?) Make sure Servicer(s) has good contact information for you. Must make payments, even if you don t get a bill Make payments on time (consider automatic debit). Contact Servicer if you need help

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