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AGENDA• What types of loans do I have?
• Where can I find my loans and who is my loan servicer?
• What are my Federal Direct Loan repayment options?
• How do I complete Exit Counseling for my Loans?
Grace Period
A six-month period after you graduate, leaveschool, or drop below half-time enrollment during which you are not required to make payments on subsidized and unsubsidized loans. The repayment period begins at the end of the grace period.
Deferment• A period in which repayment of the principal
balance is temporarily postponed if you meet certain requirements.
Forbearance• Allows you to postpone or reduce your monthly
payment amount for a limited time
• You are responsible for paying the interest that accrues during the forbearance on all loan types, including subsidized loans.
Default
Failure to repay a loan according to the terms agreed to in the promissory note. You will be in default if you have not made a payment in more than 270 days. You may experience serious legal consequences if you default.
Consolidation
• May help make repayment more manageable by combining several federal loans into one monthly payment at one fixed interest rate.
www.studentloans.gov
Cancellation/Forgiveness
Check out www.ibrinfo.org for loan forgiveness options like:• Teacher Loan Forgiveness Program• Public Service Loan Forgiveness• Others
Your loan servicer should also be able to provide information.
Loan Types
1. Federal Direct Loans: Subsidized, Unsubsidized, Parent PLUS, and Graduate PLUS
2. Perkins Loans
3. Institutional Loans
4. Private Loans
Where Can I Locate My Federal Loans?
• All federal loans (subsidized, unsubsidized, PLUS and Perkins) can be located at NSLDS: National Student Loan Data System.– Tells you who is servicing your loans– Tells you when repayment begins– Tells you your interest rate– Tells you what payment plan you are on
WWW.NSLDS.ED.GOV
Where Can I Locate My Institutional Loans?
• Institutional Loans through Valparaiso University can be located with University Accounting Services (third party Valpo uses to service your loans)
–https://www.uaservice.com/–Phone: 800-999-6227
Where Can I Locate My Private Loans?
• You will need to know who you borrowed private loans from and contact them
regarding repayment options.• Your private loans are included on the
cumulative loan report found in your exit packet.
What Are My Repayment Options for Federal Direct Loans?
• Standard (10 years)• Graduated (10 years)• Graduated/Extended • Extended (up to 25 years)• Income Contingent (up to 25 years)• Income Based Repayment (up to 25 years)*• Pay as You Earn (up to 20 years)
www.StudentLoans.gov
Borrower Case Study for Non-Income-Driven Repayment Plans
Amount borrowed: $35,449
Standard Graduated Extended Fixed
Extended Graduated
Initial Payment
$371 $209 $201 $139
Final Payment
$371 $627 $201 $336
Time in Repayment
10 years 10 years 25 years 25 years
Total Paid $44,498 $46,805 $60,325 $65,938
Borrower Case Study for Income-Driven Repayment Plans
Single, family of oneAGI: $35,000Amount borrowed: $35,449
Pay as Earn IBR ICR
Initial Payment $146 $219 $265
Final Payment $371 $371 $329
Time in Repayment
18 years and 3 months
13 years 13.5 years
Total Paid $57,042 $49,009 $48,602
Forgiven Amount
$0 $0 $0
COMPLETE EXIT COUNSELING!
Federal Direct Loans• On-line tutorial that takes between 20-30 minutes• Is required when you withdraw, graduate, or drop
below half-time attendance (even if you plan to transfer to another school)
• Helps you understand your rights and responsibilities as a student loan borrower
• Provides useful tips and information to help you manage your loans
• Complete on-line at www.StudentLoans.gov
Exit Counseling for Other Loans
• Perkins Loan: https://www.uasexit.com/
• Institutional Loans: https://www.uasexit.com/
• Private Loans: Done through your lender
Questions?
Ways to contact Financial Aid:
219-464-5015
www.valpo.edu/financialaid