Loan Repayment and Forgiveness Programs
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- Edith Gibbs
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1 Loan Repayment and Forgiveness Programs
2 Loan Repayment Struggles Millions of students are senselessly defaulting on their debt while failing to take advantage of programs meant to protect them financially. The Atlantic, August 2013 Two out of five student loan borrowers or 41% are delinquent at some point in the first five years after entering repayment (Inst. of Higher Ed Policy, 2011) Borrowers cite unaffordable payments as the top reason for falling behind on loan payments
3 Objectives Review Loan Repayment Options Case examples Review Public Service Loan Forgiveness
4 Repayment Options
5 Standard, Graduated and Extended Repayment STANDARD -Pay off with the least amount of interest and Monthly payments stay the same GRADUATED -Provides lower payments initially and higher near the end of the term EXTENDED Extends payment up to 25 years and must have debt of $30,000; payments can be fixed or graduated.
6 Income-Based Repayment Direct and FFEL loan borrowers (excludes Parent PLUS) Payments will be capped at 15% of discretionary income If monthly payment amount is not enough to pay accrued interest on subsidized loan, ED will not charge the remaining interest for three consecutive years
7 Income-Based Repayment Remaining balance after 25 years of repayment will be forgiven Drawbacks Must reapply each year Could pay more interest over time May pay taxes on amount forgiven
8 Pay As You Earn Direct borrowers only (excludes Parent PLUS) Must meet new borrower definition No outstanding DL or FFEL balance as of 10/1/2007, or no outstanding balance on the date a borrower receives a new loan after 10/1/07; AND Receives a disbursement of a DL on/after 10/1/2011 OR Receives a Direct Consolidation loan based on application received on/after 10/1/2011
9 Pay As You Earn Payments will capped at 10% of discretionary income If monthly payment amount is not enough to pay accrued interest on subsidized loan, ED will not charge the remaining interest for three consecutive years Remaining balance after 20 years of repayment will be forgiven
10 Income-Contingent Repayment Direct borrowers only (excludes Parent PLUS loans unless included in a Direct Consolidation loan after 7/1/06) Borrowers do not have to demonstrate a partial financial hardship Remaining balance after 25 years of repayment will be forgiven
11 Income-Contingent Repayment Drawbacks Must reapply each year Could pay more interest over time Interest is capitalized during periods of negative amortization May pay taxes on amount forgiven
12 REPAYE Revised Pay As You Earn Differences are any Direct Loans vs. only new loans Married Students income is used even if filing separately. No Partial Economic Hardship Requirement. Borrowers with negative amortization, then only 50 percent of any unpaid interest will accrue on Unsub. & Sub. loans Began December 2015
13 REPAYE Revised Pay As You Earn Payments will capped at 10% of discretionary income Remaining Balance for Undergraduate Loans will be forgiven after 20 years of repayment. Remaining balance for Graduate Loans after 20 years of repayment will be forgiven
14 Choosing the Right Plan for Success
15 Meet Shane Borrower Shane Employment status Art Director Income $48,000 Loan debt $32,000 federal Which repayment option should Shane he consider?
16 Shane s Repayment Options Shane s repayment options Standard repayment $368 Graduated repayment $252 (years 1-2) Extended repayment $222 Extended graduated $184 (years 1-2)
17 Shane s Income Based Repayments Revised Pay As You Earn (REPAYE) $252 $494 $47, months Pay As You Earn (PAYE) $252 $368 $48, months
18 Shane s Repayment Options Total cost of Shane s $32,000 Federal loans Standard repayment $44,190 Graduated repayment $46,577 Extended repayment $66,630 Extended graduated repayment $71,758
19 Student Loans Totaling: $188,000 Repayment Plan First Monthly Payment Last Monthly Payment Total Amount Paid Standard $2,164 $2,164 $259,621 $0 Projected Loan Forgivenes s Repaymen t Period 120 months Graduated $1,248 $3,744 $279,368 $0 120 months Extended Fixed $1,305 $1,305 $391,457 $0 300 months Extended Graduated $1,065 $1,864 $424,016 $0 300 months
20 Loans totaling $188,000 IBR & PAYE & REPAYE Revised Pay As You Earn (REPAYE) $252 $1,031 $169,684 $248, months Pay As You Earn (PAYE) $252 $780 $114,156 $329, months Income- Based Repayment (IBR) $377 $1,546 $254,526 $253, months IBR for New Borrowers $252 $780 $114,156 $329, months
21 What is Public Service Loan Forgiveness? The Public Service Loan Forgiveness Program allows eligible borrowers to cancel the remaining balance of their Direct loans after serving full time at a public service organization for at least 10 years while making 120 qualifying monthly payments after October 1,
22 Qualified Employment Full-time employment in any position with a public service organization Not including staff of for-profit contractors working for public service organizations Full-time AmeriCorps or Peace Corps position 5
23 Definition of Full-time Employment For purposes of eligibility for PSLF, full-time employment is defined as: Working in qualifying employment in one or more jobs for the greater of: An annual average of at least 30 hours per week (or for a contractual or employment period of at least 8 months, an average of 30 hours per week); or Unless the employment is with two or more employers, the number of hours the employer considers full-time Employer-provided vacation or leave time is equivalent to hours worked in determining whether you meet the full-time employment requirement. This includes leave taken for a qualifying condition under the Family and Medical Leave Act of Note: When determining full-time public service employment at a not-for-profit organization you may not include time spent participating in religious instruction, worship services, or any form of proselytizing. 6
24 Definition of Public Service Organization A federal, state, local, or Tribal government organization, agency, or entity (includes most public schools, colleges and universities); A public child or family service agency; A non-profit organization under section 501(c)(3) of the Internal Revenue Code that is exempt from taxation under section 501(a) of the Internal Revenue Code (includes most not-for-profit private schools, colleges, and universities); A Tribal college or university; or A private non-profit organization (that is not a labor union or a partisan political organization) that provides a specific public service. 7
25 Eligible Loans Direct Subsidized Loans Direct Unsubsidized Loans Direct PLUS Loans (for parents and graduate or professional students) Direct Consolidation Loans Special Direct Consolidation Loans Other federal loans eligible if consolidated into a Direct Consolidation Loan, including: FFEL Subsidized/Unsubsidized Stafford Loans FFEL PLUS Loans for parents and graduate or professional students FFEL Consolidation Loans (excluding joint spousal consolidation loans) Federal Perkins Loans Title VII Health Professions and Nursing Loans 8
26 Eligible Repayment Plans Income-Based Repayment (IBR) Plan not available on Direct PLUS Loans for parents or Direct Consolidation Loans that paid a PLUS Loan for a parent Income-Contingent Repayment (ICR) Plan not available on Direct PLUS Loans for parents or Direct PLUS Consolidation Loans Pay As You Earn Repayment Plan not available on Direct PLUS Loans for parents or Direct Consolidation Loans that paid a PLUS Loan for a parent Standard Repayment Plan with a 10-year repayment period Any other Direct Loan Program Repayment Plan with payments that are at least equal to the monthly payment amount that would have been required under the Standard Repayment Plan with a 10-year repayment period 9
27 Qualifying Payments Must have been made after October 1, 2007 Must be on-time (no later than 15 days after the scheduled due date) Must be made each month (satisfying the monthly installment amount that was due for that month) Must be made when the loan is not in a default status 10
28 Forgiveness Eligibility for forgiveness of an outstanding balance on an eligible Direct Loan occurs if the borrower: Is not in default Makes 120 separate, full monthly payments (after 10/1/07), within 15 days of due date Makes payments under one or more PSLF-specified repayment plans Is full-time employee of public service organization while making required payments and at time forgiveness is requested and granted 11
29 Examples Eligible Loan Debt - $31,000 (6.8% interest rate/unsubsidized) Starting AGI - $25,000 (AGI increasing 4% annually, Poverty Level Change Rate 3%) Family Size = 1 Pay As You Earn Repayment Plan Income Based Repayment Plan (IBR) Income Contingent Repayment Plan (ICR) Standard Repayment Plan First Monthly Payment $68.71 $ $ $ Maximum Monthly Payment $ $ $ $ Total Interest Paid $10, $16, $18, $11, Total Principal Paid $0.00 $0.00 $9, $31, Total Amount Paid $10, $16, $28, $42, Remaining Principal Balance and Unpaid Interest $41, $35, $21, $0.00 PSLF Total Loan Forgiveness $41, $35, $21, $
30 Examples Eligible Loan Debt - $75,000 (6.8% interest rate/unsubsidized) Starting AGI - $50,000 (AGI increasing 4% annually, Poverty Level Change Rate 3%) Family Size = 1 Pay As You Earn Repayment Plan Income Based Repayment Plan (IBR) Income Contingent Repayment Plan (ICR) Standard Repayment Plan First Monthly Payment $ $ $ $ Maximum Monthly Payment $ $ $ $ Total Interest Paid $40, $48, $36, $28, Total Principal Paid $0.00 $12, $51, $75, Total Amount Paid $40, $61, $88, $103, Remaining Principal Balance and Unpaid Interest $85, $62, $23, $0.00 PSLF Total Loan Forgiveness $85, $62, $23, $
31 Borrow Process Flow View the PSLF Borrower Communication Timeline Borrower receives form packet, which is standard with all servicers, and includes a cover letter, Employment Certification Form and instructions. Borrower submits Employment Certification Form. Employer is approved public service organization. Borrower receives approval notification. Eligible loans are transferred to FedLoan Servicing, if applicable. Borrower receives notification of qualifying payments made with all prior servicers. The borrower will be reminded annually, via , to submit a new ECF if employed with a qualifying public service organization since the last ECF was submitted. 15
32 Payment Tracking for Eligible Borrowers 17
33 Identifying Qualifying Employers Check with the employer regarding their classification (government, non-profit, etc.) Depending on employer type, public websites are available: Government Tribal College/University Non-Profit 501(c)(3) Private Non-Profit Organizations/Private-Foundations Contact FedLoan Servicing if unsure 18
34 Partnering with Schools Borrower Toolkits for outreach to current and past student borrowers Reporting Available Customized communications showing the number of borrowers for your institution who have submitted an Employment Certification Form Student detail information through the FedLoan Servicing School Portal Training resources and personalized support Presentation available for download, Take 5 video overview Sector-based, personalized support 22
35 School and Borrower Resources PSLF Fact Sheet and Q&As: Borrower Information and Employment Certification Form from FedLoan Servicing: PSLF Borrower Toolkits: PSLF Fact Sheet for Financial Aid Professionals: IBR, ICR and Pay As You Earn Calculators: CFPB Public Service Toolkit: CFPB Action Guide for Employees: 26
36 Thank You for Attending! Mike Doman Region Director, Great Lakes, Sun Ow Sales Marketing Associate, Great Lakes,
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