Do you Really need a student loan for school? Default Prevention Awareness Month
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1 Do you Really need a student loan for school? Default Prevention Awareness Month
2 What Is Default? Demand for full payment of your total student loan debt because you the borrower have gone 270 days without making a payment or communicating with your lender/servicer.
3 Steps to Prevent Default 1. Plan by adding semester charges and subtracting Financial Aid offered per term and only borrow what you need 2. Communicate with your Financial Aid office and your Lender when ever there is a change in your enrollment or some other live change ( ). 3. Keep track of what you borrow by going on the National Student Loan Database (NSLDS).
4 How Much Have You Borrowed Keep up with how much you have borrowed. Only borrow what you need. Go to the National Student Loan Data Base This site monitors federal student loans.
5 Thinking About Withdrawing Withdrawing from all your courses means that repayment of your student loans will come sooner. Grace period is six months after you withdraw, drop below halftime, or graduate before your first payment is due. If you are able to re-enroll for at least 6 credit hours before your grace period ends, your loan will be differed.
6 Help When You Cannot Pay Your Loans Deferment- Temporary suspension of payments of your student loan There are many types of Deferments for any life situation but the most common are: I. In school Deferment II. Unemployment Deferment III. Economic Hardship Deferment IV. Active Duty Military Deferment
7 Additional Loan Payment Help Forbearance is a temporary suspension of your student loan payments for any reason Always ask for a deferment first.
8 Estimate payment schedule based on 10 years Minimum payment will be at least $50.00
9 Consider Consolidation Loan consolidation allows you to combine one or more existing student loans into a single new loan. Consolidation may be the right option if you: Have multiple loans and/or multiple student loan servicers Have significant student loan debt Have more than one type of federal loan Have loans with variable interest rates and you want a fixed interest rate Are having trouble paying the minimum amount due on your multiple loans
10 Loan Consolidation The pros One servicer, one bill, one payment Managing one loan with one monthly payment is more convenient than managing multiple loans. Lower monthly payments Consolidation may make your monthly payments more affordable for you. Fixed interest rate The government calculates interest rates every July 1, and the rates can go as high as 8.25%. Consider consolidating to a fixed rate when interest rates are low. Loan forgiveness If you work full-time in a public service position and have FFELP (Federal Family Education Loan Program) Loans, a Direct Consolidation Loan is necessary to become eligible for Public Service Loan Forgiveness.
11 The cons Longer repayment schedule Consolidation may extend how long you have to pay off student loans, sometimes up to 30 years. More interest to pay You pay more interest if you make payments over a longer time. Loss of loan incentives When you combine multiple loans into one, you may lose any incentive programs on the individual loans that you combined.
12 Visit the Federal Direct Consolidation Loans Information Center Wait to consolidate until you are finished with school and out of your grace period.
13 Other Resources
14 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
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