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Federal Student Loan Repayment Plans and the Repayment Estimator

Federal Student Loan Repayment Plans and the Repayment Estimator. June 2016. Today’s Topics. Student Loan Basics Repayment Options and Repayment Estimator Postponing Payments, Default, and Discharge Federal Student Aid Resources. Student Loan Basics. Types of Loans and Loan Servicers.

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Federal Student Loan Repayment Plans and the Repayment Estimator

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  1. Federal Student Loan Repayment Plans and the Repayment Estimator June 2016

  2. Today’s Topics • Student Loan Basics • Repayment Options and Repayment Estimator • Postponing Payments, Default, and Discharge • Federal Student Aid Resources

  3. Student Loan Basics Types of Loans and Loan Servicers

  4. Identify Your Loans Access NSLDS using your FSA ID at nslds.ed.gov

  5. Federal Student Loan Programs

  6. Federal Student Loan Types

  7. Loan Servicers The following are loan servicers for federally held loans made through the Direct Loan and (FFEL) Programs: • CornerStone • ESA/Edfinancial • FedLoan Servicing (PHEAA) • Granite State – GSMR • Great Lakes Educational Loan Services, Inc. • MOHELA • Navient • Nelnet • OSLA Servicing • VSAC Federal Loans

  8. Repayment Options Repayment Plans and Consolidation 9

  9. Repayment Plans

  10. Repayment Plan Summary Billy Borrower has $40,000 in Direct Loan debt, which has a 6% interest rate. His income is $35,000, he is single, and he lives in Colorado. His income increases at a rate of 5% per year. *Income-Driven Repayment Plans

  11. Income-Driven Repayment Plans

  12. Eligible Borrowers

  13. Eligible Loan Type

  14. Income Sensitive Repayment Plan • Federal Family Education Loans (FFEL) • Low-income borrowers • Not applicable to those with Direct Loans • Payments increase or decrease based on income

  15. Consolidation: www.StudentLoans.gov • Interest rate is weighted average of consolidated loans • Interest rate is rounded to nearest higher 1/8 of 1%

  16. Loan Consolidation • One lender and one monthly payment • Flexible repayment options • Reduced monthly payments • Fixed interest rate • Loan Consolidation Information Call Center at 1-800-557-7392 Note: Private loans are ineligible for federal loan consolidation

  17. www.StudentLoans.gov/repay

  18. Repayment Estimator www.studentaid.gov/repay 19

  19. Estimate your student loan payments! StudentAid.gov/repayment-estimator

  20. Postponing Payment, Avoiding Default, Loan Discharge and Forgiveness

  21. Deferment & Forbearance Reasons

  22. Consequences of Default For most federal student loans, you will default if you have not made a payment in more than 270 days. 

  23. Getting Out of Default

  24. Discharge, Forgiveness, Cancellation

  25. www.studentaid.gov/repaymentchecklist

  26. Federal Student Aid Resources 28

  27. StudentAid.gov

  28. StudentLoans.gov Sign up for IBR, Pay As You Earn, ICR or REPAYE at StudentLoans.gov! 

  29. NSLDS.ed.gov

  30. Questions? • Contact your loan servicer. • If you do not know who you loan servicer is, visit NSLDS at nslds.ed.gov Federal Student Aid Information Center (FSAIC) 1-800-4-FEDAID (1-800-433-3243)

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