loan repayment workshop april 8

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LOAN REPAYMENT WORKSHOP Sponsored by Graduate College and Office of Scholarships & Financial Aid

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Loan repayment workshop

Sponsored by

Graduate CollegeandOffice of Scholarships & Financial Aid

GradSENSE.ORG2

By DegreeEnter your degree type, field of study, and preferred careerResults Show:Median debt of studentsStarting, median, and expert salary levels in desired career

Add It UpEnter daily spending decisionsResults Show:Amount saved when you graduateAmount saved when you retire

Job TipsExplore salaries by occupation (beginner, intermediate, advanced)Job offer evaluation (cost of living, salary, benefits, etc)Negotiating a job offer (salary discussions)

Repayment of LoansWhat will it take to cover monthly payments?your degree type, field of study, and preferred career

Accessing your loan informationDirect Lending Subsidized, Unsubsidized, Graduate PLUS3

Accessing your loan informationDirect Lending Subsidized, Unsubsidized, Graduate PLUS4

www.nslds.ed.gov/nslds_SA

Accessing your loan informationDirect Lending Subsidized, Unsubsidized, Graduate PLUS5

Accessing your loan informationDirect Lending Subsidized, Unsubsidized, Graduate PLUS6

Accessing your loan informationPerkins Loan or Private Alternative Student loans7

For NAU Perkins Loans: www.ecsi.net

For Perkins Loans borrowed through other colleges/universities:Contact the specific college or university

For Private Alternative Student Loans:Contact the specific lender

Repayment Plans8

www.studentaid.ed.gov

Repayment Plans9

Repayment Plans10

Repayment Plans11

Repayment Plans12

Direct consolidation Loan13

When considering consolidating your federal loans:

Borrower benefits offered with original loan

Interest rate on a Direct Consolidation Loan

Timeline for repayment

Deferment14

Period during which repayment of principal and interest is temporarily delayed.

EligibilityStudy in an approved graduate fellowshipStudy in an approved rehabilitation program for disabled studentsDuring a period of unemployment or inability to find full-time employmentActive military dutyDuring the13 months following active military duty if you are a member of the National Guard or other reserve components of the U.S. Military and were called to active duty while enrolled at least half-time or within 6 months after half-time enrollment

Request submitted to loan servicer for Direct Loans. For Perkins Loans, contact the school you were attending when you received the loan.

Forbearance15If you can't make your scheduled loan payments, but don't qualify for a deferment, your loan servicer may be able to grant you a forbearance.

Discretionary Financial hardship or illness

Mandatory - If you meet the eligibility criteria, your lender is required to grant forbearanceYou are serving in a medical or dental internship or residency program, and you meet specific requirements.

The total amount you owe each month for all the student loans you received is 20 percent or more of your total monthly gross income (additional conditions apply).

The total amount you owe each month for all the student loans you received is 20 percent or more of your total monthly gross income (additional conditions apply).

You are serving in a national service position for which you received a national service award.You are performing teaching service that would qualify for teacher loan forgiveness.You qualify for partial repayment of your loans under the U.S. Department of Defense Student Loan Repayment Program.You are a member of the National Guard and have been activated by a governor, but you are not eligible for a military deferment.

Forbearance16Mandatory - If you meet the eligibility criteria, your lender is required to grant forbearance (cont.)

You are serving in a national service position for which you received a national service award.

You are performing teaching service that would qualify for teacher loan forgiveness.

You qualify for partial repayment of your loans under the U.S. Department of Defense Student Loan Repayment Program.

You are a member of the National Guard and have been activated by a governor, but you are not eligible for a military deferment.

Useful websites17

www.gradsense.org

www.studentaid.ed.gov

www.studentloans.gov

www.nslds.ed.gov/nslds_SA

For NAU Perkins Loans: www.ecsi.net