How To Get A Loan From A College
|
|
- Beverly Bennett
- 3 years ago
- Views:
Transcription
1 STUDENT LOANS: AFTER YOU BORROW
2 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 Capitalization The addition of unpaid interest to the principal balance. Then new interest is applied to the ENTIRE balance (principal plus capitalized interest)
3 Federal Subsidized Stafford Loan Self help and need-based Must be REPAID Must sign Master Promissory Note Must be at least half-time 4.66% starting July 1, Can change each year No interest to the student while in school Repay 6 months after no longer half-time. Interest begins immediately.
4 Federal Unsubsidized Stafford Loan Self help but is NOT need-based Must be REPAID Must sign Master Promissory Note Must be at least half-time 4.66% for unsubsidized loans (undergraduate) Fees and Repayment same as Subsidized Loan
5 Financial Aid Programs Unsubsidized Federal /Graduate/Professional Loans NOT need-based but student must file FAFSA Must be REPAID Must sign Master Promissory Note 6.21% Interest accrues Fees 4% Origination
6 Financial Aid Programs Federal Parent Loan (PLUS) and Graduates who have already borrowed maximum in federal direct loans. Must not have adverse credit history Parent borrows on behalf of student 7.21% Repayment begins 60 days after loan is disbursed Repayment can be deferred while student is enrolled at least half-time Interest continues to accrue Maximum: Cost of Attendance minus Other Financial Aid
7 Loan Limits For Dependent Students Grade Level Subsidized Amt Unsubsidized Amt Annual Limit 1 st Undergrad $3,500 $2,000 $5,500 2 nd Undergrad $4,500 $2,000 $6,500 3 rd & 4 th Undergrad $5,500 $2,000 $7,500 Aggregate limit for undergraduate dependent students is $31,000 with no more than $23,000 in Subsidized Loans. You cannot borrow more than your cost of attendance minus any other financial aid you'll get, so you may receive less than the annual maximum amounts.
8 Loan Limits - Independent Students and Dependent Students Whose Parents Are Denied PLUS Grade Level Subsidized Amt Unsubsidized Amt Annual Limit 1 st Undergrad $3,500 $6,000 $9,500 2 nd Undergrad $4,500 $6,000 $10,500 3 rd & 4 th Undergrad Graduate or Professional $5,500 $7,000 $12,500 Not eligible $20,500 $20,500 Aggregate limit for undergraduate students is $57,500 with no more than $23,000 in Subsidized Loans. Aggregate limit for graduate/professional students is $138,500 with no more than $65,000 in Subsidized Loans
9 Your Master Promissory Note (MPN) Contains your Rights and Responsibilities Is a binding legal document that you signed You indicated your commitment to repay your loans by signing the MPN Your MPN may have been used for only one year at a time or as a multi-year note Your MPN expires after 10 years or if you declare bankruptcy or for other reasons check with your lender Check with your loan servicer or your campus if you have questions about your MPN
10 Loan Disbursement Schools pay for direct costs (charged by the school, like tuition and fees, for example) first. Any loan funds in excess of direct costs are disbursed to the borrower. Schools use a variety of methods to disburse funds Checks Direct Deposit to student accounts Debit cards Check with the campus for more information
11 Private Loans Come from company or bank Have variable interest rates Can raise up to 19% May want to pay these loans off first if possible. Federal loans have more flexibility.
12 You Have to Repay Your Loan Even If You did not complete your education You are not employed You did not find employment in your field of study You feel the education you received did not meet your expectations
13 Repayment Begins Direct Stafford Loan 6-month grace period Begins the day after you stop attending on at least a half-time basis Each loan has only one 6-month grace period. Your loan servicer advises you of your first payment due date during your grace period. You are responsible for beginning repayment of your loan on time even if your loan servicer s communication fails to reach you.
14 Standard Repayment Schedule Minimum monthly payment is $50 amount of monthly payment depends on how much borrowed; payment required may be higher than the minimum Maximum standard repayment period is 10 years
15 Graduated Repayment Schedule Begins with lower payments Payments increase over time More interest will accrue over the life of the loan Principal balance decreases at a slower rate
16 Income-Driven Plans Eligible Borrowers Income Contingent Repayment: Direct Loan borrowers with eligible loans Income Based Repayment: Direct Loan and FFEL Program borrowers with eligible loans and Their payments would be lower on IBR relative to what would have been paid under the 10-year standard repayment plan (called partial financial hardship ) Pay As You Earn: Direct Loan borrowers with eligible loans Must be a new borrower on/after 10/1/2007 who received new loan on/after 10/1/2011 and Their payments would be lower on Pay As You Earn relative to what would have been paid under the 10-year standard repayment plan (called partial financial hardship ) 16
17 Income-Driven Plans Loan Forgiveness All three plans provide for forgiveness For Income Continent and Income Based, remaining balance forgiven after 25 years of qualifying repayment For Pay As You Earn, remaining balance forgiven after 20 years of qualifying repayment For all three plans, qualifying repayment includes: Payments under an income-driven plan Payments under the 10-year standard repayment plan (or any other repayment plan with a payment amount at least equal to the 10-year standard plan amount) or Economic hardship deferment According to the IRS, the forgiven amount is considered taxable income 17
18 Income-Driven Plan Example Billy Borrower: Is single with no dependents and lives in Florida Has an AGI of $35,000 and Has $50,000 in Direct Loan debt ($23,000 of which is subsidized), all of which has a 6.8% interest rate 18
19 ICR Example Borrower Under Income Contingent Repayment, Billy will * : Have an initial monthly payment of $ Have a final monthly payment of $ Make payments that cover all accruing interest, and therefore not have annual capitalization Pay off his loans in 164 months (13 years, 8 months), and therefore receive no forgiveness Pay a total of $78, on his $50,000 loan debt, compared to: $69, under the 10-year Standard Repayment Plan or $104, under the Extended Plan or Consolidation Standard Plan *Assumes a 5% increase in Billy s 19income each year and a 3% annual increase in the poverty guidelines.
20 IBR Example Borrower Under Income Based Repayment, Billy will * : Have an initial monthly payment of $ Have a final monthly payment of $ Receive $ in interest subsidy during the first three consecutive years of IBR repayment (because the payment will not cover all accruing interest on subsidized loans) Have a payment that is no longer based on his income (no longer have a partial financial hardship) in his 16 th year of IBR Pay off his loan at the beginning of his 21 st year of IBR (and therefore receive no loan forgiveness) Pay a total of $101, on his $50,000 loan debt, compared to: $69, under the 10-year Standard Repayment Plan or $104, under the Extended Plan or Consolidation Standard Plan *Assumes a 5% increase in Billy s income each year and a 3% annual increase in the poverty guidelines. 20
21 Pay As You Earn Example Borrower Under Pay As You Earn, Billy will * : Have an initial monthly payment of $ Have a final monthly payment of $ Receive $1, in interest subsidy, during all of the first three consecutive years of Pay As You Earn repayment (because the monthly payment will not cover all accruing interest on subsidized loans) Always have a payment that is based on his income (will always have a partial financial hardship) Receive forgiveness in the amount of $44, Pay a total of $70, on his $50,000 loan debt, compared to: $69, under the 10-year Standard Repayment Plan or $104, under the Extended Plan or Consolidation Standard Plan *Assumes a 5% increase in Billy s income each year and a 3% annual increase in the poverty guidelines. 21
22 Borrower Example - Recap ICR IBR Pay As You Earn Initial Payment $ $ $ Final Payment $ $ $ Time in Repayment 13 years, 8 months 20 years, 2 months 20 years Total Paid $78, $101, $70, Forgiveness $0 $0 $44, For comparison: 10-year Standard Payment $ $ Time in Repayment 10 years 25 years Total Paid $69, $104, Extended & Consolidation Standard 22
23 Federal Consolidation Loan Benefits Extended repayment of up to 30 years, based on your loan balance One monthly payment Can prepay or change repayment plans Fixed interest rate
24 Trouble Paying? Contact your Direct Loan Servicer! You may be able to reduce your monthly payments if you qualify for an alternate repayment schedule You may be able to temporarily postpone your payments if you qualify for a deferment or if you qualify for a forbearance
25 Deferment Time period when repayment is temporarily suspended A deferment period may be granted for: At least half-time enrollment at an eligible school Graduate fellowship Rehabilitation program Unemployment Economic hardship Military Service These deferments apply to loans made on or after July 1, If you have a loan made before that date, check your promissory note.
26 Forbearance You are unable to make your scheduled payments but you do not qualify for a deferment Forbearance allows you to Reduce the amount of your payment Temporarily stop payments Most forbearance is discretionary it is up to your lender to decide to grant forbearance.
27 Forbearance You are still responsible for the interest that accrues during forbearance. Try to pay it. Capitalized interest is added to the principal balance and increases your total outstanding debt and possibly your monthly payments
28 Loan Cancellation Direct Stafford Loan Your death You become totally and permanently disabled Your school fails to pay a refund if you withdraw Your school closes and you are unable to complete your program of study as a result Your loan was falsely certified as a result of identity theft Your school falsely certified or fraudulently completed a loan application in your name without your approval
29 Loan Forgiveness Teacher Loan Forgiveness Direct Stafford Loans First loan was made on or after October 1, 1998 You teach in a qualifying low-income school for 5 consecutive years
30 Loan Forgiveness Public Sector Employee Forgiveness Direct Stafford & Direct Grad PLUS Loans You made 120 monthly payments on eligible loans after October 1, 2007 You are employed in a public-service job at the time of forgiveness and have been employed in a publicservice job during the 120 month period
31 PSLF Qualifying Employment Each of the 120 payments must have been made during a period of qualifying employment Qualifying employment includes any job at: A government organization A not-for-profit, 501(c)(3) organization or Any other not-for-profit organization that is not a labor union or partisan political organization and that provides public services in the following categories: Emergency management, military service, public safety, law enforcement, public interest legal services, early childhood education, public service for individuals with disabilities, public health, public education, public library services, school library services, or other schoolbased services Borrower can work at multiple organizations while making the required120 payments 31
32 Loan Forgiveness Direct Stafford Loan Service in Areas of National Need For each school, academic or calendar year of full time employment in an area of national need that you complete on or after August 14, 2008 Up to $2,000 of your outstanding loan balance will be forgiven Maximum of $10,000 can be forgiven Cannot receive forgiveness for more than 5 years of service This program is subject to federal funding and availability
33 Use NSLDS National Student Loan Data System (NSLDS) Use NSLDS to monitor all of your federal student loan debt Use NSLDS to identify who is servicing your loan You ll need your federal student aid PIN to access. Any private or alternative loans you have borrowed will not be listed on NSLDS.
34 Use NSLDS Federal Direct Loan Servicers include FedLoan Servicing (AES/PHEAA) Great Lakes Educational Loan Services, Inc. Nelnet Sallie Mae Some additional non-profit servicers
35 Delinquency and Default When you fail to make your payment on time, you are delinquent in meeting your obligation When you fail to make your payments for 270 days, you will be in default on your student loan There are serious consequences to defaulting on your student loan obligation
36 Consequences of Default Damaged credit rating Referral to a collection agency Collection costs are added to your debt Garnishment of your wages Federal or state tax refunds, Social Security benefits, etc. can be withheld Civil lawsuit filed against you (court costs and legal fees) Loss of deferment and forbearance entitlements Loss of repayment option flexibility Loss of eligibility for further financial aid Suspension of professional license
37 PLEASE BE ALERT TO LOAN PAYMENT SCAMS! 37
38 Questions and More Information CFNC ( ) Visit CFNC.org Laura Misner Mappingyourfuture.org Studentaid.ed.gov
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
More informationThe 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
More informationSTUDENT 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
More informationGrace 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
More informationRepaying 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
More informationSTUDENT 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
More information1/26/2014. 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
More informationMANAGING 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
More informationSTUDENT 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
More informationLOAN 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
More informationSTUDENT LOAN DEBT MANAGEMENT
STUDENT LOAN DEBT MANAGEMENT For Social Work & Public Health Professionals Looking Ahead Your investment in your education at the Brown School at Washington University is an asset which will serve you
More informationThe 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
More informationWilliam 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
More informationUnderstanding 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
More informationDirect 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.
More informationStudent 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
More informationTypes of Title IV Loans - Loan Modification Options
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
More informationStudent 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
More informationEXIT 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
More informationUpon 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
More informationWidener 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
More informationFAQ 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.
More informationLoan Repayment 101: What Happens Now? Presented by: Student Financial Aid Services Student Union Building (SUB) University of Idaho
Loan Repayment 101: What Happens Now? Presented by: Student Financial Aid Services Student Union Building (SUB) University of Idaho What We Will Cover Loan Terminology: Loan, Grace Period, Master Promissory
More informationFederal 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
More informationENTRANCE 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
More informationWilliam 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
More informationSTUDENT 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
More informationEXIT 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
More informationStudent 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
More informationWilliam 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
More informationFederal 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
More informationStudent 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
More informationRepaying 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
More informationComparison 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
More information8/4/2015. 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
More informationEXIT 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
More information2014 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
More informationThe 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
More informationLoan 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
More informationHow To Get Out Of A Subgratame Loan With A Credit Card
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
More informationEXIT 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
More informationRepayment Strategies For Students - Which One to Use?
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
More informationStudent 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
More informationLoan 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
More informationManaging 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
More informationStudent Loans Bankruptcy and Student Loans: NUTS & BOLTS The Options (pressing your plea Prov 6:1-5) Federal loan
Student Loans Bankruptcy and Student Loans: Must prove undue hardship Must initiate an adversary hearing, a separate lawsuit within the bankruptcy where the undue hardship is illustrated. Most can t afford
More informationGetting 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
More informationSpecial Direct Consolidation Loan Initiative Q&A
Introduction The U.S. Department of Education (the Department) is offering a Special Direct Consolidation Loan initiative to eligible borrowers that began January 2012. This is a short-term consolidation
More informationWilliam D. Ford Federal Direct Loan Program Direct PLUS 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 Federal Direct PLUS
More informationQuick Reference Guide to Your Federal Student Loans
to Your Federal Student Loans Believe it or not the information contained in this quick Reference guide just may come in handy one day. IGrad recommends that you store it in a safe place so that you can
More informationFederal 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
More information41% 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
More informationServicing 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
More informationRepayment of Your Student Loan Debt
Repayment of Your Student Loan Debt your dream, your plan, your future Florida Department of Education (FDOE) Office of Student Financial Assistance (OSFA) Repayment of Your Student Loan Debt Table of
More informationIncome-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
More informationHelping 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
More informationEXIT 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
More informationFederal Direct Loan Terms and Conditions
Federal Direct Loan Terms and Conditions GOVERNING LAW The terms of this Master Promissory Note (MPN) will be interpreted in accordance with the Higher Education Act of 1965, as amended (the HEA) (20 U.S.C.
More informationSTUDENT 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
More informationStrategies 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
More informationUnderstand federal loan programs and types. Know where and how to find your loan history. Understand how interest accrues and is calculated
Understand federal loan programs and types Know where and how to find your loan history Understand how interest accrues and is calculated Know what repayment options are available Understand borrower benefits
More informationloan exit counseling
loan exit counseling Today s Agenda Types of loans Managing your loans Loan Forgiveness/Cancellation Debt Management Strategies and Financial Resources know your loans Types of Loans Federal Direct Loans
More informationExit 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
More informationPerkins Entrance Counseling
Student Name: SSN: Please read the following information at the end of each topic you will find a set of questions to answer. You must answer all questions before signing the form on the last page. Topic
More informationOh no! Student Loans 5/16/2016. LSS Financial Counseling HOCMN ADVISORS CONFERENCE May 13, 2016
Shannon Doyle Certified Financial Counselor 888-577-2227 www.conqueryourdebt.org LSS Financial Counseling HOCMN ADVISORS CONFERENCE May 13, 2016 Oh no! Student Loans WHAT YOU NEED TO KNOW ABOUT STUDENT
More informationEXIT 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
More informationWilliam D. Ford Federal Direct Loan Program Direct PLUS Loans Borrower s Rights and Responsibilities Statement
William D. Ford Federal Direct Loan Program Direct PLUS Loans Borrower s Rights and Responsibilities Statement Important Notice: This Borrower s Rights and Responsibilities Statement provides additional
More informationDirect loan Information. Federal Direct Student Loans A simple and flexible way to finance your education. Welcome!
Direct loan Information Federal Direct Student Loans A simple and flexible way to finance your education. Welcome! Beginning Spring Semester 2012, Ogeechee Technical College will be participating in the
More informationStudent 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
More informationDon 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
More informationFDLP and FFELP Fact Sheet Provided by the National Council of Higher Education Loan Programs (NCHELP) Program Regulations Committee
STAFFORD AND PLUS LOANS Interest Rate 1. [34 CFR 685.202; HEA 428(d)] [34 CFR 682.202; HEA 428(d); 438(g)] The interest rate is fixed at 6.8% for Stafford loans first disbursed on or after July 1, 2006,
More informationA 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
More informationRepayment Overview. A guide to repaying your federal student loans
Repayment Overview A guide to repaying your federal student loans Table of Contents A guide to repaying your federal student loans...2 Learning about available repayment plans...4 Standard Repayment Plan...4
More informationloan exit counseling
loan exit counseling Today s Agenda Types of loans Managing your loans Loan Forgiveness/Cancellation Debt Management Resources know your loans Types of Loans Federal Stafford Loan Federal PLUS (Graduate
More informationfyi 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.
More informationPrivate Loan Guide. Apply for free, federal and state financial aid programs:
Private Loan Guide Private loan basics Private student loans are non-federal loans. You should only borrow private loans to fund your education as a last resort. Do all of the following before you consider
More informationStrategies 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
More informationFinancial 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
More informationManaging Your Student Loan Payments. May 2015 Graduates
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
More informationStudent 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
More informationTAKE CHARGE OF LOAN REPAYMENT!
1 TAKE CHARGE OF LOAN REPAYMENT! Strategies for Managing Your Debt Successfully Fall 2013 Jeffrey Hanson Education Services Boston University School of Law Your Action Plan 5 Steps 2 1. Take stock of your
More informationFederal Direct Exit Loan Counseling
Federal Direct Exit Loan Counseling Student Financial Services Fall 2012 What is Exit Counseling and Why are You Here? Exit counseling is a way for students to understand their rights and responsibilities.
More informationSession #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
More informationhttps://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
More informationENTRANCE 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,
More informationloan exit counseling
loan exit counseling Agenda Types of loans Managing your loans Loan Forgiveness/Cancellation Debt Management Strategies and Financial Resources Types of Loans Federal Loans Direct Subsidized Direct Unsubsidized
More informationFederal Student Aid Glossary (edited. Original at: http://studentaid.ed.gov/glossary) Academic Year This is the amount of the academic work you must
Federal Student Aid Glossary (edited. Original at: http://studentaid.ed.gov/glossary) Academic Year This is the amount of the academic work you must complete each year, and the time period in which you
More informationStudent Loans Repayment Strategies. Ana Nastich Health Sciences Financial Aid
Student Loans Repayment Strategies Ana Nastich Health Sciences Financial Aid topics KNOW YOUR LOAN PORTFOLIO HOW TO POSTPONE PAYMENTS REPAYMENT PLANS OTHER CONSIDERATIONS CREDIT & BUDGETING QUESTIONS KNOW
More informationStudent 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
More informationCOUNSELING GUIDE FOR DIRECT LOAN BORROWERS
Entrance COUNSELING GUIDE FOR DIRECT LOAN BORROWERS U.S. Department of Education Arne Duncan Secretary Federal Student Aid James W. Runcie Chief Operating Officer December 2013 Revised: July 2014 Online
More informationENTRANCE 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,
More informationPHASE 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
More informationENTRANCE 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
More informationGuidelines and Requirements in Applying for a Federal Direct Stafford Student Loan
2014-2015 Guidelines and Requirements in Applying for a Federal Direct Stafford Student Loan Entrance Counseling On Line: Go directly to www.studentloans.gov and use your PIN to sign in. If you need assistance
More informationFederal 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
More informationIncome-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
More informationWilliam D. Ford Federal Direct Loan Program Direct PLUS 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 Federal Direct PLUS
More informationTeacher 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
More informationPrinciples 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
More information