Paying For College Strategies

Size: px
Start display at page:

Download "Paying For College Strategies"

Transcription

1 2014 Counselor Training Paying For College Strategies after all of the student s free money has been exhausted

2 OASFAA is a non-profit organization OASFAA has provided the information today as a free service to access staff and high school counselors You have permission to copy and distribute these materials to your students and families. Charges may not be assessed for the material or for the information presented. Permission must be granted for other use of this information or these materials. Contact the Outreach Chairperson listed on the OASFAA web site or outreach@oasfaa.org 2

3 Agenda Counseling Framework Federal Student Loans After Stafford or Gap Financing 3

4 How does America pay for college? Sources of Funds for College by Percentage Source: Sallie Mae How America Pays for College, 2009

5 There are only 3 Ways To Pay for College Before Savings from Summer Job Income protection allowance - $6,260 Gifts Holidays, birthdays Summer classes at CC after Senior Year Parents - planning opportunity 529 5

6 There are only 3 Ways To Pay for College During - Families are not in this alone! File the FAFSA to find out eligibility for Grants (federal and state) and Scholarships (from the school "outside ) Work study Summer classes, summer jobs Parents Tuition Payment Plans Tax credits (Consult your tax advisor) 6

7 There are only 3 Ways To Pay for College After Federal Student Loans Perkins Direct Subsidized and Unsubsidized Loans (aka Stafford) Parent PLUS versus Private Loans Other financing 7

8 Perkins Loans, Eligible students (priority to exceptional need) Undergraduate or graduate students Must file the FAFSA Annual and aggregate loan limits up to $5,500 annually for undergraduates (actual awards, if any, will vary between schools) $27,500 aggregate for undergraduates Interest rate: 5% (fixed) during repayment Interest subsidized during in-school and nine-month grace period Deferment and cancellation provisions available 8

9 Direct Loans, Direct Subsidized and Unsubsidized Loans are two separate, unique types of loans that are awarded separately. Subsidized Need based Interest is fixed at 3.86% for new undergraduate loans disbursed during *. Interest is subsidized while the student is in school and during deferment. Unsubsidized Not based on financial need Interest is fixed at 3.86% for all new loans disbursed during *. Interest accrues from time of disbursement of the funds. *Interest rates recalculated annually and are effective July 1st based on the 10-year Treasury note index plus 2.05%, capped at 8.25%

10 Direct Loans, Class Year Base Amount Additional Unsubsidized Amount Total Available to Borrow Freshman $3,500 $2,000 $5,500 Sophomore $4,500 $2,000 $6,500 Junior $5,500 $2,000 $7,500 Senior $5,500 $2,000 $7,500 Independent Students and Dependent Students whose parents have been denied the PLUS Loan are eligible for additional Unsubsidized Stafford Loans ($4,000 as Freshmen and Sophomores and $5,000 as Juniors and Seniors) 10

11 Direct Loans, Subsidized and Unsubsidized Loans 1.072% origination fee. Parent and Graduate PLUS 4.288% origination fee. 11

12 Direct Loans, FAFSA Follow instructions at school attending Entrance Counseling MPN Disbursement to student account Notification of servicer (instruct students to watch and save /snail mail) 12

13 IBR Income Based Repayment Available to federal loan borrowers experiencing financial hardship Borrower qualifies if annual monthly student loan payments exceed 15% of discretionary income If eligible for IBR, borrower s monthly payment will be determined by a formula that takes into account household size and adjusted gross income. Increases in income will impact the required monthly payment amount Unpaid balance may be forgiven after 25 years of scheduled monthly payments (taxable event)

14 Pay As You Earn Available to new Direct loan borrowers (except Parent PLUS) experiencing financial hardship No loan balance as of October 1, 2007, and Received a Direct loan on or after October 1, 2011 Borrower qualifies if annual monthly student loan payments exceed 10% of discretionary income Similar to IBR, borrower s monthly payment will be determined by a formula that takes into account family size and adjusted gross income. Increases in income will impact the required monthly payment amount Unpaid balance may be forgiven after 20 years of qualifying repayment (which is a taxable event) 14

15 Public Service Loan Forgiveness 120 qualifying payments on Direct Loans while on qualified repayment plans while working at a qualified employer. Borrower must also be employed by a qualifying organization at the time that the borrower applies for and receives PSLF According to the IRS, the forgiven amount is not treated as taxable income Source: Slide 39, FSA Conference 213, Pay As You Earn & Other Income-Driven Repayment Plans

16 Public Service Loan Forgiveness Qualifed employer: Any government organization 501(c)3 not-for-profit organization Other not-for-profit organizations providing specific qualifying services Borrower can work at multiple organizations Does not matter what the borrower s job duties are Source: Slide 43, FSA Conference 213, Pay As You Earn & Other Income-Driven Repayment Plans

17 Public Service Loan Forgiveness Qualified Repayment Plans 10 year standard ICR IBR Pay As You Earn Others>= 10-Year Standard (Any other Direct Loan Repayment Plan, but only payments that are at least equal to the standard payment) Source: Slide 41, FSA Conference 213, Pay As You Earn & Other Income-Driven Repayment Plans

18 IBR and PSLF FAQ s Federal Student Aid Public Service Loan Forgiveness Frequently Asked Questions ublic-service-loan-forgiveness.pdf Income-Based Repayment Program Questions and Answers ublic-service-loan-forgiveness.pdf

19 Student Loan Calculators Department of Education IBRinfo.org

20 After Stafford or Gap Counseling Parent PLUS Home Equity Line of Credit Retirement Plan Loans Roth IRA 401(k) Private Student Loans Importance of Providing Planning Framework 20

21 Parent PLUS Loans Parent PLUS Loans to parents of dependent students. Loan limits are up to the cost of education less any financial aid received. Interest rate is 6.41% fixed* for Repayment begins within 60 days of full disbursement. Payments may be deferred while the student is in school. FAFSA completion is required. *Interest rates recalculated annually and are effective July 1st based on the 10-year Treasury note index plus 4.60%, capped at 10.50% 21

22 Private Loans Private Loans (sometimes called Alternative Loans) are credit based loans from a bank or credit union. More thorough underwriting process than PLUS to include debt to income and credit score analysis Students often require a cosigner Rates and fees, if any, are set based on the credit worthiness of borrower and/or cosigner 22

23 Education Financial Planning Best Practices Develop a 4 year plan Families often focus just on the upcoming semester Connect your plan to expected future income and future student loan payments 23

24 Questions? Thank you for attending! John Brown: Jeff Johnston: 24

How To Pay Off A Federal Student Loan

How To Pay Off A Federal Student Loan Federal Student Aid Income-Driven Plans for Federal Student Loans What is an income-driven repayment plan? An income-driven repayment plan is a repayment plan that sets your monthly student loan payment

More information

$mart Docs September 25, 2014

$mart Docs September 25, 2014 $mart Docs September 25, 2014 What are they? How do I qualify? How are my payments calculated? Why should I repay my loans under one of these plans? When do I apply? Examples Resources An income-driven

More information

FAQs for Federal Direct Loan

FAQs for Federal Direct Loan FAQs for Federal Direct Loan 1) Why did IIT choose to move to the Federal Direct Loan Program? The Federal Direct Loan Program provides a stable source of student loan funding because the U.S. Department

More information

Oh no! Student Loans 5/16/2016. LSS Financial Counseling HOCMN ADVISORS CONFERENCE May 13, 2016

Oh 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 information

Getting a Grip on Your Student Loans

Getting 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 information

FAQ s on Direct Lending

FAQ 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 information

OASFAA Counselor Workshops: Financial Updates and Training. OASFAA Counselor Workshops, December, 2014 Presented by OASFAA

OASFAA Counselor Workshops: Financial Updates and Training. OASFAA Counselor Workshops, December, 2014 Presented by OASFAA OASFAA Counselor Workshops: Financial Updates and Training OASFAA Counselor Workshops, December, 2014 Presented by OASFAA About OASFAA & this presentation OASFAA is a non-profit organization comprised

More information

Student Financial Services Educational Loan Borrowing

Student Financial Services Educational Loan Borrowing Student Financial Services Educational Loan Borrowing 2 nd Special Interest Session 2012-2013 NSO Federal Student Direct Loan Application for federal student direct loans is done by submitting a Free Application

More information

How To Get A Loan From A College

How To Get A Loan From A College STUDENT LOANS: AFTER YOU BORROW 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

More information

Managing Your Student Loans 101. Basic Understanding of the Repayment Process

Managing 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 information

Financial Solutions For Families

Financial Solutions For Families COLLEGE LITERACY ACADEMY A Family Guide On Paying For College Financial Solutions For Families Understanding How To Pay For College (Second Edition) Copyright 2010, 2011 By: Educational Literacy Center

More information

9/21/2009. Post questions anytime. Public Service Loan Forgiveness. Income Based Repayment. Getting Your Student Loans Forgiven

9/21/2009. Post questions anytime. Public Service Loan Forgiveness. Income Based Repayment. Getting Your Student Loans Forgiven Getting Your Student Loans Forgiven Public Service Loan Forgiveness and Income-Based Repayment Heather Jarvis, Presenter Post questions anytime College Cost Reduction and Access Act Public Service Loan

More information

Income-Driven Repayment Plans: Frequently Asked Questions

Income-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 information

Loan Counseling Presentation

Loan Counseling Presentation Loan Counseling Presentation Financing Options Federal Stafford Loans In Student s name Subsidized Unsubsidized Federal Parent Loans for Undergraduate Students (PLUS) In Parent s name Maximum Annual Loan

More information

Federal Direct Stafford Loan Request Form for 2015-16

Federal Direct Stafford Loan Request Form for 2015-16 Federal Direct Stafford Loan Request Form for 2015-16 Name: G#: Address: City: State: ZIP: Phone: Email: Stafford Loan Requirements and Acknowledgements We strongly recommend that you borrow loans conservatively

More information

Federal Student Loan Repayment Plans. Financial Aid Office

Federal 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 information

What you need to know to confidently and effectively repay your student loans.

What you need to know to confidently and effectively repay your student loans. What you need to know to confidently and effectively repay your student loans. Monday, April 19, 2010 The only man who sticks closer to you in adversity than a friend is a creditor. -Unknown Standard repayment

More information

The 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 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 information

Widener 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 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 information

Income-Driven Repayment Comparison

Income-Driven Repayment Comparison -Driven Repayment Comparison Criteria -Based Repayment (IBR) -Based Repayment (IBR) for New Borrowers* -Contingent Repayment (ICR) Pay As You Earn (PAYE) Revised Pay As You Earn (REPAYE)** Eligible Borrowers

More information

How To Get Out Of A Subgratame Loan With A Credit Card

How 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 information

Federal Student Loan Repayment

Federal 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 information

Direct 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! 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 information

Comparison of Income-Driven Repayment Plans *

Comparison 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 information

Types of Title IV Loans - Loan Modification Options

Types 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 information

Public Service Loan Forgiveness. Fall 2013

Public Service Loan Forgiveness. Fall 2013 Public Service Loan Forgiveness Fall 2013 Today s Plan Public Service Loan Forgiveness overview Ideas for minimizing the cost of your debt Qualifying employment Which loans are which and why it matters

More information

Private Loan Guide. Apply for free, federal and state financial aid programs:

Private 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 information

Financial Planning and LRAP

Financial Planning and LRAP Financial Planning and LRAP Overview IBR / PAYE (The White House Initiative) and PSLF Review your student loan options What you need to know about your student loan service provider Exit counseling for

More information

COLLEGE LOANS - 2014 Facts About College Loans. By Gary E. Carpenter, CPA, CCA Copyright 2014

COLLEGE LOANS - 2014 Facts About College Loans. By Gary E. Carpenter, CPA, CCA Copyright 2014 COLLEGE LOANS - 2014 Facts About College Loans By Gary E. Carpenter, CPA, CCA Copyright 2014 Gary E. Carpenter, CPA Biography Gary Carpenter is a Certified Public Accountant (CPA) and a Certified College

More information

William D. Ford Federal Direct Loan Program Direct Subsidized Loan and Direct Unsubsidized Loan Borrower s Rights and Responsibilities Statement

William 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 information

Understanding Your Financial Assistance Award 2014 2015

Understanding Your Financial Assistance Award 2014 2015 Understanding Your Financial Assistance Award 2014 2015 Washington University in St. Louis Student Financial Services By Mail Student Financial Services One Brookings Drive, Campus Box 1041 St. Louis,

More information

Student Loans and Debt Management Spring 2015

Student Loans and Debt Management Spring 2015 Student Loans and Debt Management Spring 2015 Exit Interview MSU CHM and COM Diane Batten batten@msu.edu Judi Marks marksjud@msu.edu Christy Cotton cottonc4@msu.edu Disclaimer: All information and estimates

More information

STUDENT LOAN FORGIVENESS AND REPAYMENT: WHAT YOU NEED TO KNOW

STUDENT 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 information

STUDENT LOAN DEBT MANAGEMENT

STUDENT 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 information

Income-Based Repayment Program Questions and Answers (Q&As)

Income-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 information

Student 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 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 information

Student loan terms to know

Student 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 information

Student Loans and Debt Management

Student Loans and Debt Management Student Loans and Debt Management Exit Interview Presenter s name Presenter s title Spring 2015 Disclaimer: All information and estimates are based on AAMC interpretation of federal regulations as of January

More information

How To Borrow Money At St Johns Law School

How To Borrow Money At St Johns Law School St. John s University i i i Financing Your Legal Education 2015-16 Content The financial aid process Available financial aid programs What is the Cost of Attendance What are the student loan limits How

More information

Planning & Paying for College: Overview

Planning & Paying for College: Overview CHARTERBANK - Student Checking 4.0 Planning & Paying for College Above: Student Checking 4.0 - Debit Card Design Planning & Paying for College: Overview Many factors go in to planning and paying for college.

More information

Federal Loan Repayment Options

Federal 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 information

Income-Driven Repayment Comparison

Income-Driven Repayment Comparison Income-Driven Repayment Comparison Criteria Income-Based Repayment (IBR) Income-Contingent Repayment (ICR) Pay As You Earn New Borrower Requirement? No, except where indicated* No Yes* Loans Eligible and

More information

How To Get A Direct Subsidized Loan

How To Get A Direct Subsidized Loan STUDENT LOANS Financial Literacy Forum December 2013 WHAT KINDS OF DIRECT LOANS ARE AVAILABLE? Subsidized Direct Subsidized Stafford Loans are available to undergraduate students with financial need. Interest

More information

Public Service Loan Forgiveness. Info Organized by Jotham Busfield & Quiana Scott-Ferguson

Public Service Loan Forgiveness. Info Organized by Jotham Busfield & Quiana Scott-Ferguson Public Service Loan Forgiveness Info Organized by Jotham Busfield & Quiana Scott-Ferguson What is Public Loan Forgiveness? The College Cost Reduction and Access Act of 2007 established a new public service

More information

STUDENT LOANS THE INS, THE OUTS, AND EVERYTHING IN BETWEEN

STUDENT LOANS THE INS, THE OUTS, AND EVERYTHING IN BETWEEN STUDENT LOANS THE INS, THE OUTS, AND EVERYTHING IN BETWEEN Perry Diehm, Director of Financial Aid MidAmerica Nazarene University Katie Lewis, Account Manager Commerce Bank Pop Quiz! How America Pays for

More information

Private Education Loan Preferred Lender List

Private Education Loan Preferred Lender List Private Education Loan Preferred Lender List The following is Corinthian College, Inc. s ( CCI ) preferred lender list for private education loans. Borrowers who are interested in obtaining private education

More information

The Ins and Outs of Student Loan Repayment: Understanding the Options

The 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 information

NAVIGATING LOAN REPAYMENT

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 information

Direct Loan Basics. Susan Young Director, Financial Aid Bob Jones University

Direct Loan Basics. Susan Young Director, Financial Aid Bob Jones University Direct Loan Basics Susan Young Director, Financial Aid Bob Jones University Agenda Types Eligibility Rates, Fees and Loan Limits Counseling Repayment Types of Direct Loans Subsidized, Unsubsidized, PLUS

More information

Student 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 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 information

EXIT 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 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 information

FINANCIAL AID for Junior Parents: The Basics. April 22, 2015

FINANCIAL AID for Junior Parents: The Basics. April 22, 2015 FINANCIAL AID for Junior Parents: The Basics April 22, 2015 What is Financial Aid? Cost of Attendance (COA) - Expected Family Contribution (EFC) Student s Financial Need (eligibility) Financial Aid --

More information

Elena Sakopoulos, Young Invincibles. ASDA National Leadership Conference - October 30, 2015

Elena Sakopoulos, Young Invincibles. ASDA National Leadership Conference - October 30, 2015 + Elena Sakopoulos, Young Invincibles ASDA National Leadership Conference - October 30, 2015 + Agenda Intros Student debt overview Types of loans Student debt definitions Ways to repay your loans Budgeting

More information

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

8/4/2015. 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 information

Vicky L. Cagle Director of Student Financial Services Vanderbilt University School of Medicine. November 2, 2012

Vicky L. Cagle Director of Student Financial Services Vanderbilt University School of Medicine. November 2, 2012 Vicky L. Cagle Director of Student Financial Services Vanderbilt University School of Medicine November 2, 2012 q What type of loans do you have? q What are grace, deferment and forbearance? q What repayment

More information

Your Financial Aid Package and Guide

Your Financial Aid Package and Guide Your Financial Aid Package and Guide 3 SAINT MICHAEL S COLLEGE smcvt.edu What You Need to Know The Office of Student Financial Services at Saint Michael s College has created this guide to explain the

More information

Financial Aid Award Notification Guide 2014-2015

Financial Aid Award Notification Guide 2014-2015 Financial Aid Award Notification Guide 2014-2015 A college education is one of the best investments anyone can make, and finding a way to afford it is an important concern for nearly every student. At

More information

How to Understand your Student Loans

How to Understand your Student Loans How to Understand your Student Loans How do my student loans work? (edited from Bill Pratt s Extra Credit: The 7 Things Every College Student Needs to Know about Credit, Debt, & Ca$h) 1. Borrow all federal

More information

Helping 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 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 information

Answers To Your College Loan Questions

Answers To Your College Loan Questions Answers To Your College Loan Questions 23625 Commerce Park, Suite 200 Beachwood, OH 44122 866-207-5545 2015-2016 Beachwood, OH 44122 866-207-5545 Contents Federal Direct Student and Parent Loan Interest

More information

Student 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 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 information

Checklist Analyze your client s circumstances Inventory the federal loans Inventory the private loans

Checklist Analyze your client s circumstances Inventory the federal loans Inventory the private loans 37 million Americans have student loans Comprehensive Student Loan Training Series August 2014 1 trillion dollars in outstanding student loan debt: $1,000,000,000,000 Private Student $150 billion is outstanding

More information

Repaying Your Student Loan. Florida Coastal School of Law

Repaying 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 information

Private student loans. What s up with interest rates? askheatherjarvis.com/ philly2015

Private student loans. What s up with interest rates? askheatherjarvis.com/ philly2015 askheatherjarvis.com/ philly2015 Should I: Consolidate any federal loans? Why or why not? Which loans? Anticipate any taxable loan forgiveness? Choose a repayment plan tied to income? Choose the married

More information

Income Based Repayment General Information

Income Based Repayment General Information Prepared by Federal Student Aid U.S. Department of Education January 5, 2010 The Questions & Answers (Q&As) that follow provide information about the Income Based Repayment (IBR) Plan that is available

More information

How To Get A Lower Student Loan Payment

How To Get A Lower Student Loan Payment 1 Take Control of Your Future What You Should Know About Educational Debt 2012 Equal Justice Works 1730 M Street, NW, Suite 1010 Washington, DC 20036 (202) 466-3686 www.equaljusticeworks.org Equal Justice

More information

Paying Back Federal Student Loans

Paying Back Federal Student Loans Paying Back Federal Student When it comes to paying back federal student loans, you have 7 different repayment options. Five repayment options are available to everyone and two additional alternatives

More information

Financial Aid Information for Students Needing to Complete The 72 Hour Requirement for Pharmacy School++

Financial Aid Information for Students Needing to Complete The 72 Hour Requirement for Pharmacy School++ 1 Financial Aid Information for Students Needing to Complete The 72 Hour Requirement for Pharmacy School++ Your Financial Aid Status Any student who has not completed the 72 hour requirement in undergraduate

More information

S.I.N. Budgeting and Loans 101 Know Before You Owe. Holly Wright and Julie Pavlish Program Manager and Program Assistant

S.I.N. Budgeting and Loans 101 Know Before You Owe. Holly Wright and Julie Pavlish Program Manager and Program Assistant S.I.N. Budgeting and Loans 101 Know Before You Owe Holly Wright and Julie Pavlish Program Manager and Program Assistant Federal Student Aid Personal Finance Budgets Credit Reports Savings Account Reaching

More information

SENIOR LOAN EXIT INTERVIEW DENTAL HYGIENE CLASS OF 2015. Repayment Strategies for Managing Your Student Loans

SENIOR LOAN EXIT INTERVIEW DENTAL HYGIENE CLASS OF 2015. Repayment Strategies for Managing Your Student Loans SENIOR LOAN EXIT INTERVIEW DENTAL HYGIENE CLASS OF 2015 Repayment Strategies for Managing Your Student Loans Considerations Multiple ways to effectively handle your student loan debt Constantly evaluate

More information

Direct Loans 2015-2016

Direct Loans 2015-2016 Direct Loans 2015-2016 All students who complete a valid FAFSA are offered Direct Loans as part of their Financial Aid package. The purpose of this document is to explain how Direct loans work and answer

More information

STUDENT LOAN CRISIS!

STUDENT LOAN CRISIS! STUDENT LOAN CRISIS! Over 1.2 Trillion In Student Loan Debt There is an estimated $1.2 trillion in student loan debt in the United States and that number is continuing to grow by the minute! 1 in 4 Americans

More information

University of California, Davis, School of Law 400 Mrak Hall Drive Davis, CA 95616 Phone: 530.752.6573 email: financialaid@law.ucdavis.

University of California, Davis, School of Law 400 Mrak Hall Drive Davis, CA 95616 Phone: 530.752.6573 email: financialaid@law.ucdavis. Page 1 of 6 Program Description The UC Davis Loan Repayment Assistance Program (LRAP) is to provide financial support to recent graduates employed in the public or nonprofit sectors where salaries are

More information

Student Loan Forgiveness. Presented by: Ashley Norwood Presented to: American Student Assistance Date: March 20, 2013

Student Loan Forgiveness. Presented by: Ashley Norwood Presented to: American Student Assistance Date: March 20, 2013 Student Loan Forgiveness Presented by: Ashley Norwood Presented to: American Student Assistance Date: March 20, 2013 Agenda Teacher Loan Forgiveness (TLF) Public Service Loan Forgiveness (PSLF) Income-driven

More information

Deep Dive: Student Loans Repayment Plans for Federal Student Loans

Deep Dive: Student Loans Repayment Plans for Federal Student Loans Deep Dive: Student Loans Repayment Plans for Federal Student Loans Education Writers Association - 2015 National Seminar Costs & Benefits: Covering the Economics of Education April 23, 2015 Chicago, IL

More information

Understanding Repayment Plans with New IBR Changes

Understanding 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 information

tudent oans Federal Stafford, PLUS and Grad Plus For Loan Period July 1, 2008-June 30, 2009

tudent oans Federal Stafford, PLUS and Grad Plus For Loan Period July 1, 2008-June 30, 2009 Your guide to tudent oans Federal Stafford, PLUS and Grad Plus For Loan Period July 1, 2008-June 30, 2009 Lender Code: 833506 orrower enefits * 0% Origination Fee for Stafford Loans Allegiance Credit Union

More information

Summer Financial Aid Information and Application

Summer Financial Aid Information and Application Summer Financial Aid Information and Application Read through the following information to help answer questions regarding your application for summer financial aid. What steps do I need to complete in

More information

Financial 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 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 information

The VSAC no-nonsense guide to education loans VSAC

The VSAC no-nonsense guide to education loans VSAC The VSAC no-nonsense guide to education loans VSAC for families of undergraduate students Fall 2014 The straight scoop on undergraduate education loans from VSAC, your trusted college planning advisor

More information

Quick Reference Guide to Your Federal Student Loans

Quick 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 information

St. John s University. Financing Your Legal Education 2016-17

St. John s University. Financing Your Legal Education 2016-17 St. John s University i i i Financing Your Legal Education 2016-17 Content The financial aid process Available financial aid programs What is the Cost of Attendance What are the student loan limits How

More information

EXIT 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 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 information

Financial Aid Procedures for New Students and Parents. Welcome Class of 2019

Financial Aid Procedures for New Students and Parents. Welcome Class of 2019 Financial Aid Procedures for New Students and Parents Welcome Class of 2019 General Information for full time Undergraduate Students If you have not already done so, return one signed copy of your Financial

More information

Direct Loan Exit Counseling

Direct 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 information

Understand 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 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 information

41% Loan Repayment Strategies: Understanding Forgiveness, Forbearance, and Deferment 9/15/2014. Objectives

41% 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 information

STUDENT LOAN REPAYMENT

STUDENT 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 information

Loans: Understanding the Basics. NeASFAA Support Professionals Workshop November 1, 2013 Mahoney State Park

Loans: Understanding the Basics. NeASFAA Support Professionals Workshop November 1, 2013 Mahoney State Park Loans: Understanding the Basics NeASFAA Support Professionals Workshop November 1, 2013 Mahoney State Park Objectives Discuss the types of loans and their of their basic terms Review some of the changes

More information

ENTRANCE COUNSELING GUIDE

ENTRANCE 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 information

Financing Your Scripps College Education

Financing Your Scripps College Education 2014-2015 Financing Your Scripps College Education The following information is intended to introduce families to the options available for financing their students college education. More details are

More information

Counseling Courier. Financial Aid

Counseling Courier. Financial Aid Financial Aid As you continue to hear back from colleges and universities and evaluate your options, we wanted you to have some additional information on how to help finance this investment. This information

More information

Types of student loans.

Types of student loans. Types of student loans. Events like losing a job, getting sick and having financial trouble can create many challenges. In such situations, before you borrow, make sure you know the basic types of student

More information

FEDERAL STUDENT LOANS. Education Could Do More to Help Ensure Borrowers Are Aware of Repayment and Forgiveness Options

FEDERAL STUDENT LOANS. Education Could Do More to Help Ensure Borrowers Are Aware of Repayment and Forgiveness Options United States Government Accountability Office Report to Congressional Requesters August 2015 FEDERAL STUDENT LOANS Education Could Do More to Help Ensure Borrowers Are Aware of Repayment and Forgiveness

More information

Managing Your Student Loan Payments. May 2015 Graduates

Managing 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 information

Student Financial Resources and Scholarships (SFRS) 2014-15 Student Loan Automatic Packaging Q & A

Student Financial Resources and Scholarships (SFRS) 2014-15 Student Loan Automatic Packaging Q & A Student Financial Resources and Scholarships (SFRS) 2014-15 Student Loan Automatic Packaging Q & A What is Student Loan Automatic Packaging? Student Loan Automatic Packaging is the process of predetermining

More information

FEDERAL DIRECT SUBSIDIZED/UNSUBSIDIZED LOAN FOR STUDENTS

FEDERAL DIRECT SUBSIDIZED/UNSUBSIDIZED LOAN FOR STUDENTS 2015-16 INSTRUCTIONS AND REQUEST FORM FEDERAL DIRECT SUBSIDIZED/UNSUBSIDIZED LOAN FOR STUDENTS Your Financial Aid Notification for the 2015-16 academic year indicates your eligibility for the Federal Direct

More information

Federal Student Aid Pay As You Earn Repayment Plan for the Direct Loan Program

Federal Student Aid Pay As You Earn Repayment Plan for the Direct Loan Program Federal Student Aid Pay As You Earn Repayment Plan for the Direct Loan Program StudentAid.gov What is Pay As You Earn? Pay As You Earn is a repayment plan for eligible Direct Loans that is designed to

More information