Helping Borrowers Understand Loan Repayment
|
|
- Shon Whitehead
- 5 years ago
- Views:
Transcription
1 NYSFAAA 44 On Track for Excellence Helping Borrowers Understand Loan Repayment Gina Soliz Director of Financial Aid Syracuse University College of Law Today s Topic How to educate prospective, current and graduating students about budgeting & creating successful loan repayment strategies Today s Topic Overview of repayment plans Standard Extended Graduated IBR ICR A 1
2 The lifecycle of a student s relationship with the FA Office Prospective Students How to finance higher education Talking w/admits Current Students How to budget How to forecast debt Graduates Exit Interviews 6 months after graduation Life changes (2, 5, 10 years out?) Prospective Students Tours appointment with Admissions and Financial Aid Pre Law Advisors make sure they have the correct information Visitor Days/Open Houses everything is out in the open Current Students One on one appointments Videos/Testimonials FA Focus Group Workshops LMFAO Law students managing financial aid opportunities 2
3 LMFAO Students: can you define any of the following acronyms? IBR PSLF NSLDS DL FAFSA OMG LOL LMFAO Good Habits vs. Reality What We Know We Should Do What We Actually Do Get 8 hours of sleep each night Sleep for a few hours or fall asleep watching TV, or reading, or at our desk LMFAO Good Habits vs. Reality What We Know We Should Do What We Actually Do Eat healthy food Eat burgers and drink beer 3
4 LMFAO Good Habits vs. Reality What We Know We Should Do What We Actually Do Brew our own coffee at home Go out to a coffee shop LMFAO Good Habits vs. Reality What We Know We Should Do What We Actually Do Stick to a budget, live within our means, save money! Spend what we have (sometimes more than what we have!) LMFAO Good Habits vs. Reality What We Know We Should Do What We Actually Do Write out a spending plan and stick to a budget Feel overwhelmed, lose track of how we spend our money 4
5 From LMFAO: Why are you here today? You want to understand the jargon and acronyms. You taken out student loans and want to know more about them. You realize that what you don t know can hurt you! You could use some advice regarding your finances. Free cookies! From LMFAO: How Can You Cut Back? Prioritize. Don t buy Starbucks! Cook at home. Alumni New graduates Six months out Blasts from the past! Do recent alumni contact the office or use the Financial Aid Office as a resource after graduation? Do you hear from graduates long after they have earned their degree? 5
6 The Basics Servicers (who) FFEL vs. DL (what) NSLDS (where) Timing of repayment (when) Repayment options (how) What: Federal Student Loans Federal Family Educational Loans (FFEL) Loans borrowed through a lender (ex. Citibank, Wells Fargo, Chase, Access Group, Sallie Mae) Please note: The FFEL program ended 6/30/10 Direct Loans (DL) Loans borrowed directly from the federal government (studentloans.gov) All colleges and universities mandated to use the DL program beginning 7/1/ Where to find a summary: Loans Type of Loan Please click on the number in first column to see details Loan Amount Loan Date Disbursed Amount Outstanding Principal Outstanding Interest DIRECT STAFFORD SUBSIDIZED $8,500 08/15/2011 $8,500 $8,500 $0 DIRECT STAFFORD UNSUBSIDIZED $12,000 $12,000 $12,000 $340 08/15/2011 DIRECT PLUS GRADUATE $18,000 $18,000 $18,000 $593 08/15/2011 STAFFORD UNSUBSIDIZED $12,000 $12,000 08/07/2009 $12,000 $1,632 FFEL PLUS GRADUATE $15,000 08/07/2009 $15,000 $15,000 $2,550 Total STAFFORD/DIRECT $17,000 $0 SUBSIDIZED Total STAFFORD/DIRECT $24,000 $1,972 UNSUBSIDIZED Total FFEL/DIRECT GRADUATE $33,000 $3,143 Total All Loans $74,000 $5,115 6
7 The name of each loan servicer and its contact information will display under the loan details. Borrowers may have several different agencies servicing each loan. Servicer/Lender/Guaranty Agency Information Contact Type Contact Current Guaranty Agency DEPT OF ED/NELNET 121 S 13TH ST SUITE 201 LINCOLN NE nelnetcustomersolutions@nelnet.com Who is repaid: Servicers List of servicer websites, addresses, and phone numbers on IFAP p?lsc=2 ACS, Aspire, Corner Stone, EdFinancial, Granite State, PHEAA, Great Lakes, MOHELA, NelNet, Sallie Mae, etc. etc. When Does Repayment Begin? Federal Subsidized & Unsubsidized Loans Law school loans have 6 month grace period following graduation Loans borrowed prior to law school have a 6 month grace if they never entered into a prior repayment status Federal Graduate PLUS Loan Loans borrowed after 7/1/08 have a 6 month Post Enrollment Deferment 7
8 How do I Successfully Repay? Standard Repayment on Federal Loans is 10 years Extended Repayment prolongs payments over 25 years (must have more than $30,000 in federal student loan debt). Graduated Repayment 10 years payments start low and increase in one or more increment over time. Comparing Payment Plans Loan Balance When Entering Repayment= $136,500 ($25,500 Subsidized, $36,000 Unsubsidized, $25,000 FFELP Grad PLUS, $50,000 DL Grad PLUS) Projected Monthly Payment Projected # of Payments Projected Total Interest Paid Projected Total Amt Paid Est. remaining balance at end of repayment period Standard $1, $58,056 $194,556 $0 Extended $1, $166,498 $302,998 $0 Graduated IBR * (household size = 1, hh AGI = $50,000) $855 (24 months) $1,896 (96 months) 120 $66,042 $202,542 $0 $416 (initial) $1,001 (max)* 300 $200,493 $195,562 $190,131 IBR * $166 (initial) (household size = 1, $430 (max)* 300 hh AGI = $30,000) $83,643 $83,643 $305,240 *assumes no change in hh size, 3.5% annual increase in yearly income, 3% increase in govt. poverty guideline Repayment Plans (cont.) Income Based Repayment caps the monthly payment amount based on your income and family size. May offer the lowest monthly loan repayment All federal student loans are eligible for IBR (including Federal Stafford and Federal Graduate PLUS loans) Borrowers in any employment type or situation may apply 8
9 IBR Can Be Confusing!! Income Based Repayment caps the monthly payment amount based on your income and family size capped at the Standard 10 year repayment amount. After 25 years, borrowers may receive loan forgiveness (currently, the IRS views IBR loan forgiveness as a taxable event) Income Based Repayment (IBR) may offer borrowers the lowest monthly loan repayment All federal student loans are eligible for payments under the IBR calculation (including Federal Stafford and Federal Graduate PLUS loans). Parent PLUS Loans are not eligible (nor are Federal Consolidation Loans that include a Parent PLUS). Borrowers in any employment type or situation may apply Borrower can choose to exclude spouse s income (however, tax returns would be filed as married filing separately ) Payments could change annually (annual income and family size verification is required) Payments are applied to the interest first and principal last (negative amortization may occur) Interest is capitalized when the borrower stops participating in IBR (this will occur if the borrower no longer demonstrates partial financial hardship) AGI Income Based Repayment Monthly Payment HH Size = 1 Monthly Payment HH Size = 2 Monthly Payment HH Size = 3 $0 $0 $0 $0 $10,000 $0 $0 $0 $20,000 $41 $0 $0 $30,000 $166 $91 $17 $40,000 $291 $216 $142 $50,000 $416 $341 $267 $60,000 $541 $466 $392 $70,000 $666 $591 $517 $80,000 $791 $716 $642 Income Based Repayment (IBR) examples (based upon 2012 poverty guidelines) assumes borrower resides in 48 contiguous states IBR (continued) ADVANTAGES: You are paying based on what you earn, the government will pay your unpaid accrued interest on your Subsidized Loans for up to three consecutive years from the date you began repaying your loan under IBR, 25 year cancellation, Public Service Loan Forgiveness (if 10 years of payments are made while working in a qualifying job). DISADVANTAGES: A borrower could pay more over the life of the loan (usually, the more quickly you pay off a debt, the less you pay overall), you may have to pay taxes on the amount that is cancelled. 9
10 Federal Direct Unsubsidized Loan Repayment Example An average law student borrows $61,500 in Federal Direct Unsubsidized Loan ($20,500/year for 3 years) Assuming the borrower does not pay interest while in school, the debt upon graduation will be $68, year standard monthly payment will be $784/month 25 year extended monthly payment will be $473/month Federal Direct Grad PLUS Example An average law student borrows $84,000 in Federal Direct Unsubsidized Loan ($28,000/year for 3 years) Assuming the borrower does not pay interest while in school, the debt upon graduation will be $94, year standard monthly payment will be $1,142/month 25 year extended monthly payment will be $733/month Grand Total $162,600 ($20,500/yr Unsub and $28,000/yr Grad PLUS) 10 year standard monthly payment = $1,926 Total paid over 120 months is $231, year extended monthly payment = $1,206 Total paid over 300 months is $358,734 10
11 Direct Loan Repayment Examples Total Loan Debt (Grad PLUS $28,000/yr) Interest Rate 10 year repayment plan 25 year repayment plan Unsubsidized $68, % $784/month $473/month Graduate PLUS $94, % $1,142/month $723/month TOTAL $162,600 $1,926/month $1,196/month Revised Debt (Grad PLUS $20,000/yr) Interest Rate 10 year repayment plan 25 year repayment plan Unsubsidized $68, % $784/month $473/month Graduate PLUS $67, % $815/month $517/month TOTAL $135,600 $1,599/month $990/month Total monthly savings: $327/month $206/month Total saved over life of loan: over $39,000 nearly $62,000 How Can I Reduce My Borrowing? Decrease your spending Increase your gift aid Go to the Outside Scholarships section of our webpage From LMFAO: If $20,000 were to come to you unexpectedly, what would your first impulse be? Shoe shopping Back pack around the world Pay down my student loans What is your money personality? 11
12 From LMFAO: What is your money personality? Amasser: If you tend to be a money amasser, you are happiest when you have large amounts of money at your disposal to spend, to save, and/or to invest Avoider: If you tend to be a money avoider, you probably have a hard time balancing your checkbook, paying your bills promptly, and doing your taxes until the very last minute. You may avoid making a budget or keeping any kind of financial record. You won't know how much money you have, how much you owe, or how much you spend From LMFAO: What is your money personality? Hoarder: If you tend to be a hoarder, you like to save money. You also like to prioritize your financial goals. You probably have a budget and may enjoy the processes of making up a budget and reviewing it periodically Money Monk: If you are a money monk, you think that money is dirty, that it is bad, and that if you have too much of it, it will corrupt you. In general, you believe that "money is the root of all evil." From LMFAO: What is your money personality? Spender: If you are a spender, you enjoy using your money to buy yourself goods and services for your immediate pleasure. You probably get satisfaction from spending money on gifts for others. The odds are that you have a hard time saving money and prioritizing the things you'd like in your life. 12
13 Successful Loan Repayment To be successful develop a short term plan now (an in school budget) and develop a long term loan repayment plan (keeping in mind career objectives and job market fluctuations) Legal Job Market Employment prospects and salaries for new law graduates have been affected by the economy. Class of 2010 graduates reported salary ranges from $32,000 (public interest law) to $160,000 (large firm practice). Average starting salary for all employment types was $67,400 Estimate Your Salary after Graduation Annual Salary $70,000 Monthly Salary Net Monthly Income $70,000 $5,833 $3,908 $70,000 $5,833 $3,908 $70,000 $5,833 $3,908 Annual Salary $30,000 Monthly Salary Net Monthly Income $30,000 $2,500 $1,675 $30,000 $2,500 $1,675 $30,000 $2,500 $1,675 Student Loan Payment ($162,600 debt) $1,926 (10 year plan) $1,196 (25 year plan) $666 (IBR) Student Loan Payment ($162,600debt) $1,926 (10 year plan) $1,196 (25 year plan) $166 (IBR) Monthly Disposable Income $1,982 $2,712 $3,242 Monthly Disposable Income $251 $479 $1,509 13
14 Borrowing Less = Repaying Less! Think carefully about your future financial and personal goals and what you might have to give up once you re working in order to pay back the debt you incurred as a student. Other Talking Points Public Service Loan Forgiveness Deferments & Forbearances Mandatory Exit Counseling Federal Direct Consolidation Loans ICR A Loan Repayment Strategy Know how much is owed and to whom Understand terms & conditions of your loans Define your financial goals Develop an affordable budget Select a repayment plan Be aware of loan forgiveness programs Keep good financial records 14
15 Contact Me Gina M. Soliz Syracuse University College of Law 15
Class of 2014 Loan Repayment Information Session
Class of 2014 Loan Repayment Information Session Presented by: Gina Soliz, Director of Financial Aid Emily Zipprich, Financial Aid Coordinator Spring 2014 What we ll cover today Summarize the types of
More information1. Career goals and repayment objectives 2. What you borrowed and when your loans come due 3. Repayment options, including consolidation and service
1. Career goals and repayment objectives 2. What you borrowed and when your loans come due 3. Repayment options, including consolidation and service programs 4. Rights and Responsibilities, resources,
More informationTen Things You Should Know About Student Loans
Ten Things You Should Know About Student Loans 1: BORROW ONLY WHAT YOU NEED 4: UNDERSTAND YOUR LOANS There are several different kinds of loans. Here are some key factors to be aware of: 7: MAKE PAYMENTS
More informationTHE ROAD TO ZERO. A Strategic Approach to Student Loan Repayment. Financial education resources from a nonprofit you can trust. AccessLex.
THE ROAD TO ZERO A Strategic Approach to Student Loan Repayment Financial education resources from a nonprofit you can trust. AccessLex.org 1 GET STARTED. 3 KNOW WHAT YOU OWE. 4 KNOW YOUR OPTIONS. 6 Debt-Driven
More informationOffice of Student Financial Management. Kasia Palm, Director of Student Financial Management
Office of Student Financial Management Kasia Palm, Director of Student Financial Management We advise prospective, current, and former Denver Law students on: General financial aid questions We do not
More informationAbout Salt Money Management Student Loan Repayment
About Salt Money Management Student Loan Repayment Michele Almeida Senior Associate Director of SFS Jane Aube Loan Programs & Compliance Specialist Kim Downs-Burns AVP Student Financial Services American
More informationIncome-Driven Repayment Plans
Income-Driven Repayment Plans Agenda Income-Driven Repayment Plans Overview Income-Based Repayment Plan (IBR) Income-Contingent Repayment Plan (ICR) Pay As You Earn Plan (PAYE) Revised Pay As You Earn
More informationTAKE CHARGE OF LOAN REPAYMENT!
1 TAKE CHARGE OF LOAN REPAYMENT! Strategies for Managing Your Debt Successfully Spring 2013 Jeffrey Hanson Education Services University of San Diego School of Law Your Action Plan 4 Steps 2 1. Take stock
More informationSign in & click on Complete Counseling Select Exit Counseling
www.studentloans.gov Sign in & click on Complete Counseling Select Exit Counseling Required Withdraw Graduate Enrollment drops below half-time Transfer to another school This counseling session covers
More informationStudent Loan Repayment. Health Sciences Financial Aid Office May 17 th, 2018
Student Loan Repayment Health Sciences Financial Aid Office May 17 th, 2018 TOPICS KNOW YOUR LOAN PORTFOLIO HOW TO POSTPONE PAYMENTS REPAYMENT PLANS OTHER CONSIDERATIONS CREDIT QUESTIONS KNOW YOUR LOAN
More informationMeet The Speakers. Sasha Grabenstetter, AFC Consumer Economics Educator University of Illinois Extension
Welcome to 1 Meet The Speakers Sasha Grabenstetter, AFC Consumer Economics Educator University of Illinois Extension Andrea Pellegrini Assistant Director Student Money Management Center 2 Where are you
More informationATSU-KCOM SENIOR LOAN EXIT INTERVIEW CLASS OF 2015
ATSU-KCOM SENIOR LOAN EXIT INTERVIEW CLASS OF 2015 Special Thanks to Paul S. Garrard of PGPresents, LLC, who shared these slides with Osteo Financial Aid Directors! SUMMARY AND TO-DO LIST Self assessment
More informationUnderstanding and Managing your Student Loans and Repayment
Understanding and Managing your Student Loans and Financial Literacy Programs University of Colorado Denver Presenter: M. Lesa Briggs Financial Literacy & Wellness After this presentation, you will be
More informationManaging Debt, Delinquency, And Default
Managing Debt, Delinquency, And Default Speaker: Christie Smith Date: October 18, 2018 Agenda 2 Understanding Student Loan Debt Preventing Delinquency and Default Keys to Successful Loan Repayment Tools
More informationFederal Loan Borrowers REPAYMENT INFORMATION & STRATEGIES
Federal Loan Borrowers REPAYMENT INFORMATION & STRATEGIES Types of federal loans Direct Unsubsidized Loan (Direct Stafford Unsubsidized, William D. Ford Federal Direct Loan) Direct GradPLUS Loan (Direct
More informationWelcome to Student Loan Repayment Strategies
Welcome to Student Loan Repayment Strategies Kathy Sweedler Consumer Economics Educator University of Illinois Extension sweedler@illinois.edu 1 Make Plan: Take Action Where are you now? Evaluate repayment
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 informationDrowning in Debt? How government and nonprofit employees can earn public service loan forgiveness
Drowning in Debt? How government and nonprofit employees can earn public service loan forgiveness Isaac Bowers ibowers@equaljusticeworks.org www.equaljusticeworks.org Today s Agenda Resources for Managing
More information9/19/2013 BORROWERS HAVE MORE OPTIONS OBJECTIVES COUNSELING BORROWERS ON PAY AS YOU EARN AND INCOME-DRIVEN PLANS
COUNSELING BORROWERS ON PAY AS YOU EARN AND INCOME-DRIVEN PLANS BORROWERS HAVE MORE OPTIONS We know many recent graduates are worried about repaying their student loans as our economy continues to recover,
More informationStudent Loan Ombudsman Caucus
Student Loan Ombudsman Caucus Repayment Plans Selecting the right repayment plan is important in the successful management of your student loan. You can change repayment plans contact your lender/servicer
More informationExit Counseling M I D D L E B U R Y I N S T I T U T E O F I N T E R N A T I O N A L S T U D I E S S T U D E N T F I N A N C I A L SERVICES
Exit Counseling SPRING 2018 M I D D L E B U R Y I N S T I T U T E O F I N T E R N A T I O N A L S T U D I E S S T U D E N T F I N A N C I A L SERVICES Agenda Loan types and interest rates Grace periods
More informationStudent Loan Repayment Workshop. Amanda Seitz Direct Loan Coordinator - Student Financial Services
Student Loan Repayment Workshop Amanda Seitz Direct Loan Coordinator - Student Financial Services Amanda.seitz@purchase.edu (914) 251-6080 Types of Student Loans Subsidized Direct Loan fixed interest loan
More informationExit Counseling M I D D L E B U R Y I N S T I T U T E O F I N T E R N A T I O N A L S T U D I E S S T U D E N T F I N A N C I A L SERVICES
Exit Counseling FALL 2017 M I D D L E B U R Y I N S T I T U T E O F I N T E R N A T I O N A L S T U D I E S S T U D E N T F I N A N C I A L SERVICES Agenda Loan types and interest rates Grace periods Repaying
More informationUnderstanding Loan Repayment Plans and Alternative Repayment
Understanding Loan Repayment Plans and Alternative Repayment Session Outline Grace Periods Direct Loan and FFEL Repayment Plans Emphasis on Income Driven Plans Other Repayment Strategies Default Management
More informationTAKE CHARGE OF LOAN REPAYMENT!
1 TAKE CHARGE OF LOAN REPAYMENT! Strategies for Managing Your Debt Successfully Spring 2014 Jeffrey Hanson Education Services University of Wisconsin Law School Federal student loans are unique 2 q Flexible
More informationBetween 2004 and 2014, the total student debt in the US tripled from $364 billion in 2004 to $1.16 trillion in 2014.
1 Statistic s from the Federal Reserve Bank of New York February 2015 Between 2004 and 2014, the total student debt in the US tripled from $364 billion in 2004 to $1.16 trillion in 2014. Our research indicates
More informationHow are you feeling about your student loan debt? 2017 Association of American Medical Colleges. All rights reserved. aamc.org/first/graduating-edm
How are you feeling about your student loan debt? 2017 Association of American Medical Colleges. All rights reserved. aamc.org/first/graduating-edm Student Loan Repayment Strategies Julie Gilbert Sr. Education
More informationWhat is an income-driven repayment plan?
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 at an amount that
More informationPlease Check In and Pick Up Your Folder. Exit Counseling Folder
Exit Counseling Please Check In and Pick Up Your Folder Exit Counseling Folder Personalized federal student loan balances Letter from our office and bookmark Loan Servicer information Loan Tips and Resources
More informationDirect Loan: Post-Graduation
Direct Loan: Post-Graduation Direct Loan Repayment Glossary: Before we begin Principal: The actual dollar figure of the amount borrowed Interest: Periodic fee charged to borrower; usually a percentage
More informationThe Oh Crap! Moment. Repayment Strategies for Borrowers on the Edge by Access Group, Inc. All rights reserved.
The Oh Crap! Moment Repayment Strategies for Borrowers on the Edge 2008 by Access Group, Inc. All rights reserved. Student Loan Repayment Flexible, But Complex! Managing Loan Repayment An Example from
More informationDEBT MANAGEMENT FOR JUILLIARD GRADUATES. Presented by the Office of Financial Aid
DEBT MANAGEMENT FOR JUILLIARD GRADUATES Presented by the Office of Financial Aid Broad Strokes Terms and Legislation Explained TERMS TO KNOW Servicer An organization that monitors loans while borrowers
More informationSTUDENT LOAN REPAYMENT. Leslie Tobakos Registrar, Financial Aid & Admissions Manager Cranbrook Academy of Art
STUDENT LOAN REPAYMENT Leslie Tobakos Registrar, Financial Aid & Admissions Manager Cranbrook Academy of Art In this world nothing can be said to be certain, except death and taxes. Benjamin Franklin,
More informationNavigating Your Student Loan Repayment. Spring, 2016
Navigating Your Student Loan Repayment Spring, 2016 Overview Determining Your Loan Portfolio Understanding Loan Types Debt Management Considerations Repayment Plans Strategies for Repayment Other Resources
More informationSign in using your FSA ID & click on Complete Counseling Select Exit Counseling
Please Check In www.studentloans.gov Sign in using your FSA ID & click on Complete Counseling Select Exit Counseling Required Withdraw Graduate Enrollment drops below half-time Transfer to another school
More informationLRAP & FINANCIAL PLANNING
LRAP & FINANCIAL PLANNING Berkeley Law: Financial Aid Office March 11, 2014 COLLEGE COST REDUCTION & ACCESS ACT AND PSLF OVERVIEW Public Service Loan Forgiveness (PSLF) Income Based Repayment (IBR) Pay
More informationHow are you feeling about your student loan debt? 2017 Association of American Medical Colleges. All rights reserved. aamc.org/first/graduating-edm
How are you feeling about your student loan debt? 2017 Association of American Medical Colleges. All rights reserved. aamc.org/first/graduating-edm Student Loan Repayment Strategies Julie Gilbert Sr. Education
More informationRepayment Plans 2.0: Strategies and Insights to Help Borrowers Succeed
Repayment Plans 2.0: Strategies and Insights to Help Borrowers Succeed Latest Report Class of 2015 average student loan debt $30,100 44% of college grads in their 20s are employed in low-wage jobs Many
More informationRepayment Plans 2.0: Strategies and Insights to Help Borrowers Succeed OASFAA - April 2016
Repayment Plans 2.0: Strategies and Insights to Help Borrowers Succeed OASFAA - April 2016 Latest Report Class of 2014 average student loan debt $28,950 2014 unemployment rate for college graduates 7.2%
More informationNavigating Student Loan Repayment
Navigating Student Loan Repayment Objectives The goal of this presentation is to prepare you for student loan repayment, to encourage healthy financial habits, and to connect you with resources to help
More informationLOAN REPAYMENT STRATEGIES
LOAN REPAYMENT STRATEGIES Be Ready! Develop a Plan! Fall 2017 Jeffrey Hanson Education Services Boston University School of Law You have CHOICES Decisions to be made 2 Should you pay the interest on your
More informationStudent Loan Exit Counseling Graduate/Professional
Student Loan Exit Counseling Graduate/Professional To successfully manage loan repayment... Understand the basic terms and conditions of your loans. Know how much you have to repay, when and to whom. Define
More informationIBR and ICR Options to help borrowers manage repayment
IBR and ICR Options to help borrowers manage repayment Course outline Similarities of IBR and ICR plans Overview of IBR plan Overview of ICR plan Summary Upcoming changes Resources 1 Staggering growth
More informationSUNY Downstate. Medical Students guide to student loans. The Financial Aid Office 2017
SUNY Downstate Medical Students guide to student loans The Financial Aid Office 2017 Quick thoughts about repayment 1) Be organized and pay attention to the details of your loans. 2) Set a monthly budget
More informationTitle IV Loans: Understanding The Basics
Title IV Loans: Understanding The Basics Objectives Review Title IV loans and their basic terms Review some changes to Title IV loans RMASFAA Conference 2012, Omaha, NE Just the Basics: entrance/exit counseling,
More informationSENIOR LOAN EXIT INTERVIEW DENTAL SCHOOL CLASS OF Repayment Strategies for Managing Your Student Loans
SENIOR LOAN EXIT INTERVIEW DENTAL SCHOOL CLASS OF 2014 Repayment Strategies for Managing Your Student Loans Considerations Dental school graduates have great track record for repayment Multiple ways to
More informationDrowning in Debt? How to Take Control of Your Future and Manage Your Educational Debt
Drowning in Debt? How to Take Control of Your Future and Manage Your Educational Debt Today s Agenda Resources for managing educational debt Know Your Loans Entering Repayment Broad Federal Relief Programs
More information2/26/2015 SENIOR LOAN EXIT INTERVIEW DENTAL HYGIENE CLASS OF Repayment Strategies for Managing Your Student Loans
SENIOR LOAN EXIT INTERVIEW DENTAL HYGIENE CLASS OF 2015 Repayment Strategies for Managing Your Student Loans 1 Considerations Multiple ways to effectively handle your student loan debt Constantly evaluate
More informationLOAN REPAYMENT AND DEFAULT PREVENTION. Financial Aid and Scholarship Office
LOAN REPAYMENT AND DEFAULT PREVENTION Financial Aid and Scholarship Office 1 TOPICS TO BE COVERED Exit Counseling Loan Consolidation Repayment Options Deferment and Forbearance Discharge and Forgiveness
More informationEntrance Counseling Pacific McGeorge Law School. Maximizing Your Investment in a Law School Education
Entrance Counseling Pacific McGeorge Law School Maximizing Your Investment in a Law School Education What Will You Learn Today? Objectives General information about federal student loans Understand your
More informationCOLLEGE COST REDUCTION AND ACCESS ACT
TOPICS CCRAA: College Cost Reduction and Access Act ACA: Affordable Care Act Income Driven Repayment Plans: IBR: Income Based Repayment (Versions 1 & 2) PAYE: Pay As You Earn REPAYE: Revised Pay As You
More informationStudent Loans and Debt Management
Student Loans and Debt Management Exit Interview Presenter s name Presenter s title Spring 2013 Disclaimer: All information and estimates are based on AAMC interpretation of federal regulations as of January
More informationFinancial Aid Student Loan Guide
Financial Aid Student Loan Guide 2017-2018 LA City College Loan Philosophy As low-cost public institutions with limited entrance requirements, we are concerned about our students and believe that it is
More informationIDR & PSLF UNDER TRUMP PROPOSED CHANGES
TOPICS IDR & PSLF Under Trump Proposed Changes CCRAA: College Cost Reduction and Access Act ACA: Affordable Care Act Income Driven Repayment Plans: IBR: Income Based Repayment (Versions 1 & 2) PAYE: Pay
More informationPacket Materials. Student Signs/Submits Loan Survey 1 Copy of Disbursements Page
2015-2016 Double-Check Your Packets Packet Materials Student Keeps Repayment Calculator Chart Repayment Brochures Blue Loan Booklet 1 Copy of Disbursements Page Copy of PowerPoint Student Signs/Submits
More informationManaging Student Loans During Residency
FIRST for Medical Education Financial Information, Resources, Services, and Tools Managing Student Loans During Residency Nicole Knight Spring 2010 NOTE: All information and estimates are based on AAMC
More informationBE $MART! BE $TRATEGIC!
BE $MART! BE $TRATEGIC! Borrow the Minimum You Need in Law School Fall 2013 Jeffrey Hanson Education Services University of Georgia School of Law 2 What are your goals? To succeed in achieving your goals
More informationTOPICS: Overview of the Office of Student Finance. Financial Aid Process Student Loans Repayment Options Budgeting Q & A
TOPICS: Overview of the Office of Student Finance Financial Aid Student Accounts Financial Aid Process Student Loans Repayment Options Budgeting Q & A Contact Information Located on the 10 th floor: Suite
More information2/22/2015 SENIOR LOAN EXIT INTERVIEW DENTAL SCHOOL CLASS OF Repayment Strategies for Managing Your Student Loans
SENIOR LOAN EXIT INTERVIEW DENTAL SCHOOL CLASS OF 2015 Repayment Strategies for Managing Your Student Loans 1 Considerations Dental school graduates have great track record for repayment Multiple ways
More informationThis form is for use by Vermont Student Assistance Corporation customers only. If your loans are not serviced by VSAC please contact your servicer
This form is for use by Vermont Student Assistance Corporation customers only. If your loans are not serviced by VSAC please contact your servicer directly for the appropriate application. This page intentionally
More informationATSU-SOMA SENIOR LOAN EXIT INTERVIEW CLASS OF 2017
ATSU-SOMA SENIOR LOAN EXIT INTERVIEW CLASS OF 2017 Presented by ATSU Financial Aid Federal Stafford* Federal Grad PLUS* Federal Perkins* *Reported on NSLDS at www.nslds.ed.gov FEDERAL STAFFORD LOANS Unsubsidized
More informationLoan Repayment- The Buck Starts Where? Dana Kelly Nelnet Loan Servicing
Loan Repayment- The Buck Starts Where? Dana Kelly Nelnet Loan Servicing Agenda Exit Counseling What s New? Repayment Plans not Based on Income Income-Driven Repayment Plans Highlights and Examples Public
More informationStudent Loan Repayment Assistance Information Session ***** Office of Student Finance Spring 2017
Student Loan Repayment Assistance Information Session ***** Office of Student Finance Spring 2017 Topics CCRAA: College Cost Reduction and Access Act ACA: Affordable Care Act Income Driven Repayment Plans:
More informationPrivate Loan Guide. Apply for free, federal and state financial aid programs:
Private loan basics Private student loans are non-federal loans. Private Loan Guide You should only borrow private loans to fund your education as a last resort. Do all of the following before you consider
More informationStudent Loan Exit Counseling. Spring 2017
Student Loan Exit Counseling Spring 2017 Today s Topics Loan Programs Rights and Responsibilities Repayment Plans Deferments/Forbearance Cancellation/Forgiveness Default Managing Your Money and Your Credit
More informationStudent Loan Repayment Strategy Session. Fernando Gomez Financial Aid
Student Loan Repayment Strategy Session Fernando Gomez Financial Aid AGENDA Your Federal Loan Portfolio Repayment Plans After Graduation Other Considerations Questions & Answers Your Federal/Private Student
More information10/17/2016. Haverford HS College Financial Aid Programs. Paying for College 10/10 Loans & Repayment 10/17 Saving For College 10/24
Presented By Fred Amrein Haverford HS College Financial Aid Programs Paying for College 10/10 Loans & Repayment 10/17 Saving For College 10/24 Amrein Financial is an independent, fee only Registered Investment
More informationStudent Loan Terms to Know
Definitions of terms related to federal student loans and the Nelnet repayment process Accrue The act of interest accumulating on the borrower s principal balance Adjusted Gross Income (AGI) The adjusted
More informationSpring Budget Appeal Graduates Budget Appeal Form is available at: Request Graduate Plus Loan at:
Budget Appeal Spring 2010 2009 10 Graduates Budget Appeal Form is available at: http://www.law.berkeley.edu/193.htm Request Graduate Plus Loan at: financial aid@law.berkeley.edu UC Bar Study Loan Spring
More informationRepayment Plans. October Kim Wells U.S. Department of Education 1. Agenda. Standard Plan. Default repayment plan Loans eligible for inclusion
Repayment Plans U.S. Department of Education Agenda Standard Plan Extended Plan Graduated Plan Income-Driven Plans Resources 2 Standard Plan Default repayment plan Loans eligible for inclusion Direct Subsidized
More informationObjectives. Objectives. Loans 101. Purpose and types of Federal loans. Life cycle of a Federal loan. Repayment options. Delinquency and default
Loans 101 Becky Davis and Debbie Murphy Ascendium Education Solutions Objectives 1 2 3 Purpose and types of Federal loans Life cycle of a Federal loan Repayment options 2019 ILASFAA Annual Conference 2
More informationFollow the below directions to print and mail your application and income documentation:
IDR Request Servicer Mailing Information Follow the below directions to print and mail your application and income documentation: 1. View your completed application (below). Note: Responses to all applicable
More informationRepayment Strategies for Dental School Graduates
SENIOR LOAN EXIT INTERVIEW DENTAL SCHOOL CLASS OF 2018 Repayment Strategies for Dental School Graduates Considerations Dental school graduates have a great track record for repayment Use free resources
More informationGet Your Bearings. Loan Repayment. Keirsten Connors, Loan Office Manager. Get Your Bearings Brown Financial Literacy
Loan Repayment Keirsten Connors, Loan Office Manager Today s Topics Your Loans & Servicers Find your loans Where & when to repay Your Options Repayment Plans Postpone Repayment Cancellation & Forgiveness
More informationWelcome to Graduate Financial Aid & Student Accounts Orientation! We hope that through this quick course, you will feel comfortable about your
Welcome to Graduate Financial Aid & Student Accounts Orientation! We hope that through this quick course, you will feel comfortable about your financial experience at SPU and know of resources that are
More informationFinancial Fitness: MONEY Matters
Financial Fitness: MONEY Matters Financial Literacy and Education University of Colorado Denver Spring 2015 Presenter: M. Lesa Briggs After this presentation, you will be able to: Evaluate your student
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 informationATSU-ATHLETIC TRAINING SENIOR LOAN EXIT INTERVIEW CLASS OF 2017
ATSU-ATHLETIC TRAINING SENIOR LOAN EXIT INTERVIEW CLASS OF 2017 Presented by ATSU Financial Aid Federal Stafford* Federal Grad PLUS* Federal Perkins* *Reported on NSLDS at www.nslds.ed.gov FEDERAL STAFFORD
More information1040 Form: The standard Internal Revenue Service (IRS) form that individuals use. to file their annual income tax returns.
1040 Form: The standard Internal Revenue Service (IRS) form that individuals use to file their annual income tax returns. 1040A Form: A simplified version of the 1040 form for individual income tax. To
More informationThat means the average cost for just one four-year degree will be $132,000
With the cost of tuition constantly going up these days, it is a rarity that I speak to a recent graduate who is not in student loan debt of some kind. In fact, the most recent statistics show that over
More informationIncome Based Repayment Plan Implementation Guide Overview and Q&As
Income Based Repayment Plan Implementation Guide Overview and Q&As Version 2.0 December 2009 Developed by the Team FFELP IBR Workgroup This Guide was developed in order to provide the FFELP community with
More informationIncome Driven Repayment Plans
Income Driven Repayment Plans Adapted from FSA Presentation Income-Driven Plans - Overview Three main plans Income-Contingent Repayment Plan (ICR) 1994 Direct Loan Program only More information available
More informationSTATE OF NEW JERSEY STUDENT LOAN GUIDE
STATE OF NEW JERSEY STUDENT LOAN GUIDE New Jersey Higher Education Student Assistance Authority The Student Loan Guide provides general student loan information to assist students and their families in
More informationStudent Loans Question & Answer Session
Student Loans Question & Answer Session Presented by Veterans Services and Financial Aid Today s Speaker: Gloria Salinas Congratulations on your Achievement! Take note of your official last day of attendance
More informationPUBLIC SERVICE LOAN FORGIVENESS
PUBLIC SERVICE LOAN FORGIVENESS Presented by: Scott Harrison, Assistant Director Student Financial Services (SFS) PSLF Program Basics The remaining balance on your qualified Direct Loans is forgiven and
More informationI OWE HOW MUCH? Student Loan Repayment
I OWE HOW MUCH? Student Loan Repayment National Student Loan Data System (NSLDS) Centralized national database Stores information on federal grants and loans Shows how many loans you have taken out and
More informationStudent Loan Exit Counseling Graduate/Professional
Student Loan Exit Counseling Graduate/Professional School of Education & Social Policy McCormick School of Engineering Kellogg School of Management Bienen School of Music School of Professional Studies
More informationWhat Is Direct Loan Exit Counseling?
What Is Direct Loan Exit Counseling? Before you graduate, or if you drop below less-than-half-time enrollment, you must complete a Direct Loan (Stafford) Exit Counseling session. You can complete the entire
More informationCONTRA COSTA COLLEGE OFFICE OF FINANCIAL ASSISTANCE
CONTRA COSTA COLLEGE OFFICE OF FINANCIAL ASSISTANCE Default Management: A Plan for Student Success Written by: Default Management Team Monica Rodriguez, Financial Aid Supervisor Barbara Rance, Financial
More informationKasia Parecki, Director of Student Financial Management University of Denver, Sturm College of Law
Kasia Parecki, Director of Student Financial Management University of Denver, Sturm College of Law College Cost Reduction and Access Act (CCRAA) of 2007 Creates Income-Based Repayment (IBR) plan for federal
More informationThis presentation is for discussion purposes only.
This presentation is for discussion purposes only. Robyn Hughes School Ombudsman Navient 2 Agenda Student loan cycle What to communicate to borrowers For your students: 10 things to do before you make
More informationPost-Loan (Exit) Counseling Supplement:
Post-Loan (Exit) Counseling Supplement: Prepared by: Dr. Deb Figart Director, Stockton Center for Economic & Financial Literacy Deb.Figart@stockton.edu Why this Presentation? The federal online, required
More informationPUBLIC SERVICE LOAN REPAYMENT STRATEGIES
1 PUBLIC SERVICE LOAN REPAYMENT STRATEGIES Spring 2014 Jeffrey Hanson Education Services University of California Hastings College of the Law Good News! 2 Borrowers now have: Loan forgiveness options Income-defined
More information3/20/2013 INCOME DRIVEN REPAYMENT PLANS. Overview. Income-Driven Plans Eligible Borrowers. Dana Kelly National Trainer Nelnet Partner Solutions
INCOME DRIVEN REPAYMENT PLANS Dana Kelly National Trainer Nelnet Partner Solutions Overview Three main plans Income-Contingent Repayment Plan (ICR) 1994 Direct Loan Program only More information available
More informationPUBLIC SERVICE LOAN REPAYMENT STRATEGIES
1 PUBLIC SERVICE LOAN REPAYMENT STRATEGIES Spring 2014 Jeffrey Hanson Education Services University of California Hastings College of the Law Good News! 2 Borrowers now have: Loan forgiveness options Income-defined
More informationFederal Student Aid. Direct Loan. Entrance Counseling Guide
2018 Federal Student Aid Direct Loan Entrance Counseling Guide U.S. Department of Education Betsy DeVos Secretary Federal Student Aid James Manning Acting Chief Operating Officer Federal Student Aid, an
More informationUncovering the Truth about Repayment Plans. Laura Kowalski, TG Ed Brandt, Xerox Education Services, LLC Kristi Davis, Edfinancial
Uncovering the Truth about Repayment Plans Laura Kowalski, TG Ed Brandt, Xerox Education Services, LLC Kristi Davis, Edfinancial Agenda Preparing borrowers for repayment Overview of repayment plans Income-driven
More informationPublic Service Loan Forgiveness & Beyond: The Changing Landscape of Educational Debt Relief
Public Service Loan Forgiveness & Beyond: The Changing Landscape of Educational Debt Relief Heather Jarvis, AskHeatherJarvis.com, Wilmington, NC. Radhika Singh Miller, Equal Justice Works, Washington,
More informationFinancial Aid Basics 2.0: The College Years
Financial Aid Basics 2.0: The College Years 2 Objectives o Students will understand recent and upcoming changes to the FAFSA, including FSA IDs and Prior-Prior-Year. o Students will review financial aid
More informationClass of 2018! Congratulations! University of Louisville School of Medicine. From the SOM Financial Aid Office. aamc.org/first
From the SOM Financial Aid Office Congratulations! University of Louisville School of Medicine Class of 2018! 1 Student Loans and Repayment Strategies Prepared for the Graduating Class of 2018 Leslie R.
More information