Student Loan Repayment

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Student Loan Repayment

• Youve Graduated Now what?

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Next step

• Are You . . .
• Going to grad school
• Starting a career
• Taking time off (NO!!)
• Unsure
• You Must . . .
• Consult loan paperwork
• Contact your lender(s)
• Provide updated address/phone /email
• Know your options

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Graduate School

• Federal Stafford Loans
• Loans deferred
• Must be enrolled at least half-time
• Interest will accrue on unsubsidized loans
• Wabash College Loan
• Loans deferred
• Interest will accrue
• Contact Wabash w/proof of enrollment
• Private Loans
• Contact your lender/s for options

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Career

• Federal Stafford Loan
• 6 month grace period
• Identify Loan Servicer
• Get loan information
• www.nslds.ed.gov
• Repayment Options
• Standard
• Extended
• Graduated
• Income Based
• Loan Consolidation
• Complete shortly before repayment is to begin
• Private Loans
• Contact lender/s for consolidation/repmt options

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• Pay fixed amount per month
• 10 year term
• Repaid in shortest time

STANDARD REPAYMENT
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• Graduated monthly payment amount
• Up to 25 year term
• Must have gt30k in outstanding FFEL or DL

EXTENDED REPAYMENT
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• Payments start low and increase every 2 yrs
• Up to 10 year term

GRADUATED REPAYMENT
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Loan Consolidation

• Available for federal loans
• Through Direct Loan
• Check with lender for private loan options
• Apply online, by phone, or paper application

www.nslds.ed.gov
http//loanconsolidation.ed.gov
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Public ServiceTeachers
Loan Forgiveness
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• Contact your loan servicer immediately
• Deferment
• Reenrollment in school
• Unemployment
• Economic Hardship
• Forbearance
• Financial Difficulty
• If not eligible for deferment
• Switch repayment plan

Postponing Repayment
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Important Web Addresses www.dl.ed.gov studentaid
.ed.gov www.salliemae.com www.finaid.org (loan
forgiveness information)
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QUESTIONS??