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

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

2 Exit Counseling Agenda Important Facts Locating Your Federal Student Loans Repayment Plan Options Life Beyond School Federal Tax Benefits Resources 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 2

3 The Master Promissory Note (MPN) An official, legal and binding document The promise to repay federal student loans borrowed Valid for 10 years May need to sign a new MPN when: Transferring schools May request to sign a new MPN at any time 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 3

4 Repayment Required Even if Employment is not found upon completion Unhappy with services purchased from the school Did not receive the services purchased from the school Did not complete the program Program took longer to complete than anticipated 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 4

5 Locating Your Federal Student Loans National Student Loan Data System Tools and Resources Exit Counseling Consolidation Financial Aid History 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 5

6 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 6

7 How much have they borrowed Example Debt Class of 2013 End of Grace 12/1/2012 PUBLIC End of 3-Year Residency 7/1/2015 End of Grace 12/1/2012 PRIVATE Total student loan borrowing $168,000 $205,000 End of 3-Year Residency 7/1/2015 Est. capitalized interest 20, , , , Est. total debt at repayment 188, , , , Est. monthly loan payment - 10 yrs 2, , , , Est. monthly loan payment - 25 yrs 1, , , , Assumptions: - Sub. Stafford Loan borrowed = $25,500 - Unsub. Stafford Loan borrowed = $136,500 (public); - Unsub. Stafford Loan borrowed = $145,000 AND GradPlus = $19,500 (private) - Fixed monthly 6.8% Stafford interest rate - Fixed monthly 7.9% GradPlus interest rate Source: AAMC Medical Student Education: Debt, Costs, and Loan Repayment Fact Card (Oct 2012) 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 7

8 Looking Ahead What happens after graduation? Does loan have a GRACE period? YES (e.g., Stafford, Perkins) NO (e.g., Grad PLUS*, Consolidation) Repayment begins after grace period: 6 months Stafford 9 months Perkins Repayment resumes after graduation Start making payments Postpone payments Start making payments Postpone payments *For Grad PLUS loans taken out after July 1, 2008, an in-school deferment is automatically placed on these loans for the first 6 months after graduation. For Grad PLUS loans taken out prior to July 1, 2008, the borrower must request a discretionary forbearance to set repayment to begin 6 months after graduation Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 8

9 Deferment Types In-school (at least half-time) Education-related Graduate fellowship program (full-time) Rehabilitation training program (full-time) Unemployment Economic hardship Military Post-active duty Post-enrollment (Grad PLUS only) 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 9

10 Forbearance Responsible for all accrued interest Must request forbearance Must provide all requested documentation Mandatory forbearance may be available 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 10

11 Mandatory Forbearance During Medical/Dental Residency Temporary suspension of loan payments Interest accrues can be capitalized at end of approved forbearance period Available during entire residency May qualify during GME fellowship Must be requested from loan holder Must be renewed on annual basis 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 11

12 What are your options during residency? Start making payments What is your goal? What can you afford to pay each month? Postpone repayment Mandatory forbearance likely the only option Which plan is best for you? Income-Based Repayment (IBR) or Income-Contingent/Pay as You Earn (PAYE) plans most affordable 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 12

13 Develop a Budget During Residency 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 13

14 Monthly Income Gross $4,000 Net Income after taxes $2,800 Student loan payment $ 400 Credit card payment $ 200 Discretionary Income $2, Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 14

15 Monthly Expenses Housing $800 Transportation $400 Food $300 Entertainment $150 Clothes $150 Health & Insurance $150 Savings $100 Personal and Family Care $ 50 Other $??? Total Expenses $2, Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 15

16 Are you under or over budget? Discretionary Income $2,200 - Total Expenses $2,100 = Under or over budget? 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 16

17 REPAYMENT PLAN OPTIONS 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 17

18 Repayment Plan Options Standard Graduated Extended Income- Sensitive Income- Contingent Income- Contingent/Pay As You Earn Income-Based Repayment 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 18

19 Standard (Level) Ten years, same payment each month May be assigned by loan holder should IBR, ICR or PAYE applications not be complete Monthly payments higher than with other plans, but total repayment costs are lower 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 19

20 Graduated Payments start lower and increase by designated amounts at designated times Ten year repayment term, some loan holders offer interest-only payments for two or three years Initial lower payments may result in higher overall repayment costs when compared with Standard 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 20

21 Extended Up to 25 years, same payment each month Graduated version of Extended plan may be available Lower payments over extended time may result in much higher overall repayment costs when compared with Standard Loan balance must exceed $30,000, but cannot combine FFEL and DL loans to reach $30,000 Must be a new borrower as of October 7, Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 21

22 Income related Repayment Plans Characteristics: Monthly payments are tied, at least in part, to income Borrower must apply and provide required documentation each year Initial and/or subsequent lower payments may result in higher overall repayment costs when compared with Standard 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 22

23 Income-Sensitive Plan Federal Family Education Loans (FFEL) only Monthly payments based on income and federal student loan debt Payments adjusted annually once recertification is confirmed At a minimum, payment must cover monthly accrued interest 120-month repayment term 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 23

24 Income-Contingent Repayment Federal Direct Loans (DL) only Monthly payments based on annual income, family size and total federal student loan debt Borrower authorizes IRS to inform Department of Education of annual income Caps payments at 20% of disposable income 25-year repayment terms Remaining balance forgiven and taxable 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 24

25 Income-Based Repayment Designed for borrowers who meet a partial financial hardship Often meaning high indebtedness and low to moderate incomes Only applicable to Stafford, Grad PLUS and Federal Consolidation Does not apply to Perkins or other campus-based loans Caps payments at 15% of disposable income 25-year repayment terms Remaining balance forgiven and taxable 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 25

26 Income-Contingent/Pay as You Earn (PAYE) Federal Direct Loans (DL) only Additional Income-contingent plan Eligibility requirements New borrower on or after October 1, 2007 who also had a federal student loan disbursement made on or after October 1, 2011 Monthly payments based on Federal Direct Loan amount, AGI and family size Caps payments at 10% of disposable income 20-year repayment terms Remaining balance forgiven and taxable 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 26

27 Income-Based Repayment & Income-Contingent/PAYE Designed for highly indebted borrowers with low to moderate incomes Stafford, Grad PLUS, Consolidation Annual application Threshold called Partial Financial Hardship (PFH) required 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 27

28 IBR/PAYE and Married Couples Spousal income counted, if joint return filed Spousal educational debt counted in determination of IBR eligibility Use IBR/PAYE calculators to determine impact of filing jointly on eligibility and subsequent payment * Stafford, Grad PLUS, Consolidation

29 IBR Plan: Est. PFH Monthly Payment in 2012 AGI Monthly Payment HH Size = 1 Monthly Payment HH Size = 2 $0 $0 $0 $10,000 $0 $0 $20,000 $41 $0 $30,000 $166 $91 $40,000 $291 $216 $50,000 $416 $341 $60,000 $541 $466 $70,000 $666 $591 $80,000 $791 $716 $90,000 $916 $841 $100,000 $1,041 $966 Assumes borrower resides in one of the 48 contiguous states 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 29

30 IBR Approx. Maximum AGI Needed to Qualify for IBR at Specified Debt (2012 Poverty Guidelines) Debt AGI $5,000 $21,358 $10,000 $25,961 $15,000 $30,565 $20,000 $35,168 $25,000 $39,771 $30,000 $44,374 $35,000 $48,977 $40,000 $53,581 $45,000 $58,184 $50,000 $62,787 $55,000 $67,390 $60,000 $71,993 Debt AGI $65,000 $76,597 $70,000 $81,200 $75,000 $85,803 $80,000 $90,406 $85,000 $95,009 $90,000 $99,613 $95,000 $104,216 $100,000 $108,819 $105,000 $113,422 $110,000 $118,025 $115,000 $122,629 $120,000 $127,232 $125,000 $131,835 Assumptions: Interest rate = 6.8% Household size of 1, residing the 48 contiguous states 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 30

31 IBR Approx. Maximum AGI Needed to Qualify for IBR at Specified Debt (2012 Poverty Guidelines) Debt AGI $130,000 $136,438 $135,000 $141,041 $140,000 $145,645 $145,000 $150,248 $150,000 $154,851 $155,000 $159,455 $160,000 $164,058 $165,000 $168,661 $170,000 $173,265 $175,000 $177,868 Debt AGI $180,000 $182,471 $185,000 $187,074 $190,000 $191,677 $195,000 $196,281 $200,000 $200,884 $205,000 $205,487 $210,000 $210,090 $215,000 $214,693 $220,000 $219,297 $225,000 $223,900 Assumptions: Interest rate = 6.8% Household size of 1, residing the 48 contiguous states 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 31

32 Comparing Payment Plans Loan Debt = $206,000 (Direct) Household AGI = $50,000a; $100,000b; $200,000c Example Case Standard Graduated Extended ICR IBR Monthly Payment $2,371 $1,628 (yrs 1-2) $1,979 (yrs 3-4) $2,406 (yrs 5-6) $2,925 (yrs 7-8) $3,556 (yrs 9-10) $1,430 (fixed) OR $1,167 (yrs 1-2) (increases every 2 yrs) $2,042 (yr 25) $653 a (yr 1) $1,486 b (yr 1) $3,153 c (yr 1) $422 a (yr 1) $1,047 b (yr 1) $2,297 c (yr 1) Maximum Payment Period 10 yrs 10 yrs 25 yrs 25 yrs 25 yrs Total Paid $284,478 $299,844 $428,937 or $464,613 n/a n/a Assumptions: TOTAL DEBT (includes accrued interest thru Grace Period): Sub = $34,000; Unsub = $172,000 Interest rate: Sub/Unsub = 6.8% No payment incentives For ICR: Household (HH) AGI = $50,000a, 100,000b and 200,000c in year 1; HH size = 1 For IBR: Household (HH) AGI = $50,000a, 100,000b and 200,000c in year 1 (2010 Poverty Guideline for HH size of 1 = $10,830) 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 32

33 IBR/PAYE, what will it cost to repay? Sample Student Debt Portfolio Student loan debt at repayment $156,600 Family size (married/filing jointly) 2 AGI $150,000 Estimated monthly PAYE loan payment Estimated monthly IBR loan payment Estimated monthly loan payment Extended 25-year fixed Repayment Plan Assumptions: $61,500 DL Stafford Loan interest rate = 6.8% $95,100 DL Grad PLUS Loan interest rate = 7.9% $1,061 $1,591 $1, Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 33

34 IBR/PAYE, what will it cost to repay? Sample Student Debt Portfolio Student loan debt at repayment $228,700 Family size 1 AGI $230,000 Estimated monthly PAYE loan payment Estimated monthly IBR loan payment Estimated monthly loan payment Extended 25-year fixed Repayment Plan Assumptions: $61,500 DL Stafford Loan interest rate = 6.8% $167,200 DL Grad PLUS Loan interest rate = 7.9% $1,777 $2,666 $1, Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 34

35 IBR/PAYE, what will it cost to repay? Sample Student Debt Portfolio Student loan debt at repayment spouse has $75,000 in loan debt $228,700 Family size 2 AGI $230,000 Estimated monthly PAYE loan payment Estimated monthly IBR loan payment Estimated monthly loan payment Extended 25-year fixed Repayment Plan Assumptions: $61,500 DL Stafford Loan interest rate = 6.8% $167,200 DL Grad PLUS Loan interest rate = 7.9% $1,301 $1,951 $1, Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 35

36 Public Service Loan Forgiveness Overview Loan forgiveness program for public service employment Direct Loan Program only not available in FFELP IBR or PAYE can lower monthly payment amount Eligibility based on employer and employment status Full time employment at a 501(c)(3) organization that is exempt from taxation under section 501(a) of the Internal Revenue Code of 1986, or Government (federal, state, local, tribal) agency Forgiveness after 120 qualifying payments 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 36

37 Public Service Loan Forgiveness Overview Continued Steps to participate Refinance any FFELP loans in the Federal Direct Loan Program at: loanconsolidation.ed.gov Select either IBR or PAYE payment plan Start making payments Keep good records regarding public service employment history 120 months do NOT have to be consecutive Any amount forgiven is not treated as taxable income 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 37

38 Public Service Loan Forgiveness Designed to help borrowers by forgiving a portion of their balance in exchange for public service All borrowers eligible borrowers nothing to do with specialty Borrower requirements 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 38

39 Public Service Loan Forgiveness Overview Continued Decisions about PSLF during residency Decisions about PSLF may be made towards end of residency or fellowship Currently an entitlement program Learn from your colleagues What other residents are saying about PSLF 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 39

40 Public Service Loan Forgiveness Overview Continued Effective for qualifying DIRECT Loan payments made on or after October 1, 2007 Loans eligible for forgiveness are limited to: Federal DIRECT Stafford Loans Federal DIRECT PLUS Loans Federal DIRECT Consolidation Loans 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 40

41 Public Service Loan Forgiveness Qualifying Employment In general, it s full-time employment in: 501(c)(3) organization that is exempt from taxation under section 501(a) of the Internal Revenue Code of 1986, or Government (federal, state, local, tribal) agency Full-time employment is defined as greater of: 30 hours/week, or Employer s definition of full-time 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 41

42 Public Service Loan Forgiveness Qualifying Payment Requirements You must be working full-time in an eligible public service position, AND Make qualifying payments on your Federal DIRECT Loans using: Income-Based Repayment (IBR), or Income-Contingent/PAYE Repayment (PAYE), or Standard 10-year Fixed Repayment plan, or Other plan, but monthly payment must be at least equal to amount required using Standard 10-year Fixed Repayment plan 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 42

43 Public Service Loan Forgiveness Sample Scenario Direct Loan Debt = $168,000 PGY1AGI = $48,000; Post PGY3 = $200,000 Eligible DIRECT Loan debt $168,000 Estimated monthly payment during residency $ Principal balance after 3 year residency $210,912 Total repayment period (including residency) 10 years Monthly payment after residency (seven years) $2,210-2,270 Total amount paid after 10 years $317,497 Total amount forgiven after 10 years $93,858 Calculations made using IBR calculator at: AAMC MEDLOANS Calculator

44 Public Service Loan Forgiveness Sample Scenario Direct Loan Debt = $205,000 PGY1AGI = $48,000; Post PGY3 = $200,000 Eligible DIRECT Loan debt $205,000 Estimated monthly payment during residency $ Principal balance after 3 year residency $260,305 Total repayment period (including residency) 10 years Monthly payment after residency (seven years) $2,256-2,770 Total amount paid after 10 years $392,760 Total amount forgiven after 10 years $131,741 Calculations made using IBR calculator at: AAMC MEDLOANS Calculator

45 LIFE BEYOND SCHOOL 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 45

46 Life After School Stay in touch Student Loan Ombudsman Options for Deferment & Forbearance Impact of Unpaid Interest Federal Student Loan Consolidation Student loan default 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 46

47 Stay in Touch Contact your loan holder about: Payment challenges Name, address (physical and electronic), phone number and social security number changes Changing payment plan selection Selecting a different payment date Questions about the overall repayment process 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 47

48 Student Loan Ombudsman Need assistance with unresolved federal student loan related issues? Fill out the Ombudsman Assistance Request here: Or call: Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 48

49 Federal Loan Refinancing Option Federal Student Loan Consolidation Not a repayment option Combines designated federal student loans into one new loan Interest rate fixed Maximum fixed rate of 8.25% 120 to 360-month repayment term Longer terms means increased interest paid Can prepay Can change federal approved repayment plans annually 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 49

50 Federal Loan Refinancing Option Federal Student Loan Consolidation To reduce monthly loan payment Increases monthly cash flow, but increases total cost of debt To have single statement billing Increases convenience To take advantage of fixed interest rate To take advantage of Public Service Loan Forgiveness 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 50

51 Federal Loan Refinancing Option Federal Student Loan Consolidation May lose federal student loan benefits Forgiveness options Grace period Some deferment options Some loan cancellation options Lender benefits vary 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 51

52 Default Student loan default occurs when the federal student loan becomes 360 days delinquent Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 52

53 Default Student Loan Default Borrower Consequences Lose Federal and state tax refunds Professional license Portion of payment through wage garnishment Future federal financial aid eligibility Other federal payments Loan repayment options Loan forgiveness program options Loan deferment and forbearance options 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 53

54 Federal Tax Benefits Federal credits and deductions currently available May be able to claim federal student loan interest payments Check out Search for education tax benefits or Publication 970 Visit with a qualified tax advisor 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 54

55 Resources Find out what you owe Click on Exit Counseling for more information Learn more about eligibility & repayment options. Repayment calculators available here. Education tax information: Publication Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 55

56 Questions? 2013 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia. 56

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