student loan repayment

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Student Loan Repayment Vera Abing, Senior Advisor Office of Student Financial Aid 608-262-4987 [email protected] Office of Student Financial Aid, Federal Direct & Private Loans Individual Repayment Counseling offered by appointment (phone or in-person) 608-262-4987, [email protected] Undergraduate & Graduate Students

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Student Loan Repayment. Vera Abing, Senior Advisor Office of Student Financial Aid 608-262-4987 [email protected] Undergraduate & Graduate Students. Office of Student Financial Aid, Federal Direct & Private Loans - PowerPoint PPT Presentation

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Student Loan RepaymentVera Abing, Senior AdvisorOffice of Student Financial [email protected]

Office of Student Financial Aid, Federal Direct & Private LoansIndividual Repayment Counseling offered by appointment (phone or in-person)608-262-4987, [email protected] & Graduate StudentsIdentify Your Loan DebtFederal Family Education Loan Program(FFELP)Stafford Subsidized LoanStafford Unsubsidized LoanFFEL Consolidation Loan

Federal Direct Lending(DL)Direct Subsidized LoanDirect Unsubsidized LoanDirect Subsidized Consolidated LoanDirect Unsubsidized Consolidation Loan

Federal Perkins Loan

Graduate PLUS Loan (FFELP or DL)

Office of Student Financial Aid, Federal Direct & Private LoansIndividual Repayment Counseling offered by appointment (phone or in-person)608-262-4987, [email protected] a lender, payments go to servicer.No new loans originated after 2010.

Subsidized Stafford LoanFixed interest Didnt accrue interest while you were in school.Didnt accrue interest during the grace period.

Unsubsidized Stafford LoanFixed interestAccrued interest once the loan was disbursed.

FFEL Consolidated LoanLoans paid into one consolidation loan. All borrower benefits adjusted. Fixed interest based on consolidated weighted average.

Office of Student Financial Aid, Federal Direct & Private LoansIndividual Repayment Counseling offered by appointment (phone or in-person)608-262-4987, [email protected] Family Education Loan ProgramFFELPDepartment of Education is the lender, payments go to the servicer.

Federal Direct Subsidized LoanFixed interest did not accrue while you were in school.Interest started accruing during grace period for loans going into repayment from 7/1/12 through 6/30/14.

Federal Direct Unsubsidized LoanFixed interest accrued once the loan was disbursed.

Direct Consolidated Subsidized or Unsubsidized LoanLoans are paid into one consolidation loan. All borrower benefits are adjusted. Fixed Interest is the weighted average of the loans consolidated.Accrues interest while the student is in school. Avoid consolidating until done with school.

Office of Student Financial Aid, Federal Direct & Private LoansIndividual Repayment Counseling offered by appointment (phone or in-person)608-262-4987, [email protected] D. Ford Federal Direct LoansDirect Loans (DL)

Federal Perkins & Federal PLUSFederal Perkins LoanDidnt accrue interest while enrolled time or higher.Lender is the school, payments go to the school.Can be consolidated with Sub and Unsub.Make payments at www.ECSI.net for UW-Madison Perkins loans

Graduate PLUS Loan (FFEL or DL)Parent borrower (responsible for payment).Could be FFEL (prior to 2010) or DLPayment goes to servicer.Does not reflect on the student.

Office of Student Financial Aid, Federal Direct & Private LoansIndividual Repayment Counseling offered by appointment (phone or in-person)608-262-4987, [email protected]

Evaluate Your Loans1. Log onto www.nslds.ed.gov the National Student Loan Data System

Office of Student Financial Aid, Federal Direct & Private LoansIndividual Repayment Counseling offered by appointment (phone or in-person)608-262-4987, [email protected] Identify your loan types.3. Identify the amount of each loanPrincipalInterest accrued

Office of Student Financial Aid, Federal Direct & Private LoansIndividual Repayment Counseling offered by appointment (phone or in-person)608-262-4987, [email protected]

4. Identify who your servicers are and their websites.5. Identify what your interest rates are.6. Do you have private loans? Check your free credit report (Experian, Equifax, TransUnion) www.annualcreditreport.com

Office of Student Financial Aid, Federal Direct & Private LoansIndividual Repayment Counseling offered by appointment (phone or in-person)608-262-4987, [email protected] do I repay?Determine each loan amount and when your grace periods end.Subsidized and Unsubsidized loans - 6 monthsFederal Perkins - 9 monthsFederal PLUS has no grace period

Complete Exit Counseling at www.studentloans.gov (FFFEL & DL) and www.ecsi.net (PerkinsFederal Perkins loan repayment can also be setup at www.ECSI.net

Create an action plan & payment priority.How long will it take you to repay and what are your career/life goals?What is the most expensive loan you owe and how quickly can it be paid?Graduate School Plans? Be aware about the elimination of graduate professional subsidy.

Setup your payment plan(s) and auto-debiting (0.25% interest reduction).Repayment plan and Auto-debit can be setup on the servicers website or over the phone.

Office of Student Financial Aid, Federal Direct & Private LoansIndividual Repayment Counseling offered by appointment (phone or in-person)608-262-4987, [email protected] Loan ConsolidationShould I consolidate?Done attending school and grace periods have ended?Have a mixture of FFEL or DL loans and multiple servicers?Have loans in default?

Office of Student Financial Aid, Federal Direct & Private LoansIndividual Repayment Counseling offered by appointment (phone or in-person)608-262-4987, [email protected] consolidation at www.studentloans.gov Application & MPN requiredApproximately 3 month processing time*Choose which loans you want to consolidate*All your federal loan debt is provided in the application for youSetup interim consolidation processing repayment plan or forbearance

Consolidation OutcomeWeighted average determines interest rate of DL Consolidation loanCreates a new DL Subsidized and DL Unsubsidized Consolidation Loan(s)One servicer, access to DL borrower benefitsRepayments

Office of Student Financial Aid, Federal Direct & Private LoansIndividual Repayment Counseling offered by appointment (phone or in-person)608-262-4987, [email protected]

Repayments

Office of Student Financial Aid, Federal Direct & Private LoansIndividual Repayment Counseling offered by appointment (phone or in-person)608-262-4987, [email protected]

Repayments

Office of Student Financial Aid, Federal Direct & Private LoansIndividual Repayment Counseling offered by appointment (phone or in-person)608-262-4987, [email protected]

Repayments

Office of Student Financial Aid, Federal Direct & Private LoansIndividual Repayment Counseling offered by appointment (phone or in-person)608-262-4987, [email protected]

Loan ForgivenessPublic Service ForgivenessWork full-time for 10 years state, federal, or non-profit120 monthly consecutive on-time payments IBR, ICR, Standard repayment plan

Teacher Loan ForgivenessTeach Full-time for 5 academic years Qualifying elementary and secondary schoolsUp to $17,500 in principal and interest FFEL and/or DL loans.

Office of Student Financial Aid, Federal Direct & Private LoansIndividual Repayment Counseling offered by appointment (phone or in-person)608-262-4987, [email protected] more information on Loan Repayment go to www.finaid.wisc.edu/direct-loans.htm and click on Student Loan Repayment under the Federal Direct Loan Servicers heading.

What if I need help?Environment of supportStay in contact with your servicer.Repayment plans are fluid.Contact our office if you need advice.

Partial Financial Hardship DefermentReduction in incomeContact servicerBilling postponedInterest frozen on Sub and Perkins

ForbearanceContact servicerBilling postponed Interest still accrues

Office of Student Financial Aid, Federal Direct & Private LoansIndividual Repayment Counseling offered by appointment (phone or in-person)608-262-4987, [email protected]