Download - Student Loan Repayment
You’ve Graduated – Now what?
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
• 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 LoansContact your lender/s for
options
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
• Pay fixed amount per month
• 10 year term
•Repaid in shortest time
STANDARD REPAYMEN
T
•Graduated monthly payment amount
• Up to 25 year term
• Must have >$30k in outstanding FFEL or DL
EXTENDED REPAYMEN
T
•Payments start low and increase every 2 yrs
• Up to 10 year term
GRADUATED
REPAYMENT
•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
Loan Forgivenes
s
• 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
Important Web Addresses
www.dl.ed.gov
studentaid.ed.gov
www.salliemae.com
www.finaid.org(loan forgiveness
information)