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Manage Your Student Loans. Sandi Nowakowski, Loan Manager Office of Student Financial Aid 608-262-4987 [email protected] Graduate & Professional Students. Office of Student Financial Aid, Federal Direct & Private Loans

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Manage your student loans

Manage Your Student Loans

Sandi Nowakowski, Loan Manager

Office of Student Financial Aid

608-262-4987

[email protected]

Graduate & Professional Students

  • Office of Student Financial Aid, Federal Direct & Private Loans

    Individual Repayment Counseling offered by appointment (phone or in-person)

    608-262-4987, [email protected]


Tackling your debt

  • Identify what you owe.

  • How do I repay?

    • Consolidation

    • Repayment Plans

    • Forgiveness

  • What if I need help?

    • Forbearance

    • Deferment

    • Discharge

Tackling Your Debt

  • Office of Student Financial Aid, Federal Direct & Private Loans

    Individual Repayment Counseling offered by appointment (phone or in-person)

    608-262-4987, [email protected]


Identify your loan debt

  • Federal Family Education Loan Program(FFELP)

    • Stafford Subsidized Loan

    • Stafford Unsubsidized Loan

    • FFEL Consolidation Loan

  • Federal Direct Lending(DL)

    • Direct Subsidized Loan

    • Direct Unsubsidized Loan

    • Direct Subsidized Consolidated Loan

    • Direct Unsubsidized Consolidation Loan

  • Federal Perkins Loan

  • Graduate PLUS Loan (FFELP or DL)

Identify Your Loan Debt

  • Office of Student Financial Aid, Federal Direct & Private Loans

    Individual Repayment Counseling offered by appointment (phone or in-person)

    608-262-4987, [email protected]


  • Chose a lender, payments go to servicer.

    • No new loans originated after 2010.

  • Subsidized Stafford Loan

    • Fixed interest

    • Didn’t accrue interest while you were in school.

    • Didn’t accrue interest during the grace period.

  • Unsubsidized Stafford Loan

    • Fixed interest

    • Accrued interest once the loan was disbursed.

  • FFEL Consolidated Loan

    • Loans paid into one consolidation loan.

    • All borrower benefits adjusted.

    • Fixed interest based on consolidated weighted average.

Federal Family Education Loan ProgramFFELP

  • Office of Student Financial Aid, Federal Direct & Private Loans

    Individual Repayment Counseling offered by appointment (phone or in-person)

    608-262-4987, [email protected]


  • Department of Education is the lender, payments go to the servicer.

  • Federal Direct Subsidized Loan

    • Fixed 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 Loan

    • Fixed interest accrued once the loan was disbursed.

  • Direct Consolidated Subsidized or Unsubsidized Loan

    • Loans 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.

William D. Ford Federal Direct Loans

Direct Loans (DL)

  • Office of Student Financial Aid, Federal Direct & Private Loans

    Individual Repayment Counseling offered by appointment (phone or in-person)

    608-262-4987, [email protected]


Federal perkins federal plus

  • Federal Perkins Loan servicer.

    • Didn’t accrue interest while enrolled ½ 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)

    • Could be FFEL (prior to 2010) or DL

    • Payment goes to servicer.

    • Payment begins 60 days after the student drops below half-time enrollment

Federal Perkins & Federal PLUS

  • Office of Student Financial Aid, Federal Direct & Private Loans

    Individual Repayment Counseling offered by appointment (phone or in-person)

    608-262-4987, [email protected]


Evaluate your loans

1. servicer.Log onto www.nslds.ed.gov the National Student Loan Data System

Evaluate Your Loans

  • Office of Student Financial Aid, Federal Direct & Private Loans

    Individual Repayment Counseling offered by appointment (phone or in-person)

    608-262-4987, [email protected]


2. servicer. Identify your loan types.

3. Identify the amount of each loan

  • Principal

  • Interest accrued

+

Principal

Interest

= Amount Owed

  • Office of Student Financial Aid, Federal Direct & Private Loans

    Individual Repayment Counseling offered by appointment (phone or in-person)

    608-262-4987, [email protected]


4. servicer. 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 Loans

    Individual Repayment Counseling offered by appointment (phone or in-person)

    608-262-4987, [email protected]


How do i repay

  • Complete Exit Counseling at www.studentloans.gov (FFFEL & DL) and www.ecsi.net (Perkins

    • Federal 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 servicer’s website or over the phone.

  • How do I repay?

    • Office of Student Financial Aid, Federal Direct & Private Loans

      Individual Repayment Counseling offered by appointment (phone or in-person)

      608-262-4987, [email protected]


    Direct loan consolidation

    • Should I consolidate? servicer.

      • Done attending school and grace periods have ended?

      • Have a mixture of FFEL or DL loans and multiple servicers?

      • Have loans in default?

    • Complete consolidation at www.studentloans.gov

      • Application & MPN required

      • Approximately 3 month processing time

      • *Choose which loans you want to consolidate

      • *All your federal loan debt is provided in the application for you

      • Setup interim consolidation processing repayment plan or forbearance

    • Consolidation Outcome

      • Weighted average determines interest rate of DL Consolidation loan

      • Creates a new DL Subsidized and DL Unsubsidized Consolidation Loan(s)

      • One servicer, access to DL borrower benefits

    Direct Loan Consolidation

    • Office of Student Financial Aid, Federal Direct & Private Loans

      Individual Repayment Counseling offered by appointment (phone or in-person)

      608-262-4987, [email protected]


    Repayments
    Repayments servicer.

    • Office of Student Financial Aid, Federal Direct & Private Loans

      Individual Repayment Counseling offered by appointment (phone or in-person)

      608-262-4987, [email protected]


    Repayments1
    Repayments servicer.

    • Office of Student Financial Aid, Federal Direct & Private Loans

      Individual Repayment Counseling offered by appointment (phone or in-person)

      608-262-4987, [email protected]


    Repayments2
    Repayments servicer.

    • Office of Student Financial Aid, Federal Direct & Private Loans

      Individual Repayment Counseling offered by appointment (phone or in-person)

      608-262-4987, [email protected]


    Repayments3
    Repayments servicer.

    • Office of Student Financial Aid, Federal Direct & Private Loans

      Individual Repayment Counseling offered by appointment (phone or in-person)

      608-262-4987, [email protected]


    Loan forgiveness

    Public Service Forgiveness servicer.

    • Work full-time for 10 years

    • state, federal, or non-profit

    • 120 monthly consecutive on-time payments

    • IBR, ICR, Standard repayment plan

      Teacher Loan Forgiveness

    • Teach Full-time for 5 academic years

    • Qualifying elementary and secondary schools

    • Up to $17,500 in principal and interest

    • FFEL and/or DL loans.

    Loan Forgiveness

    • For more information on Loan Repayment go to www.finaid.wisc.edu/direct-loans.htmand click on “Student Loan Repayment” under the “Federal Direct Loan Servicers” heading.

    • Office of Student Financial Aid, Federal Direct & Private Loans

      Individual Repayment Counseling offered by appointment (phone or in-person)

      608-262-4987, [email protected]


    What if i need help

    Environment of support servicer.

    • Stay in contact with your servicer.

    • Repayment plans are fluid.

    • Contact our office if you need advice.

      Partial Financial Hardship Deferment

    • Reduction in income

    • Contact servicer

    • Billing postponed

    • Interest frozen on Sub and Perkins

      Forbearance

    • Contact servicer

    • Billing postponed

    • Interest still accrues

    What if I need help?

    • Office of Student Financial Aid, Federal Direct & Private Loans

      Individual Repayment Counseling offered by appointment (phone or in-person)

      608-262-4987, [email protected]


    Questions

    Questions? servicer.

    Sandi Nowakowski, Loan Manager

    Office of Student Financial Aid

    608-262-9068

    [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]


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