Download Grad Finale Exit Counseling PPT

Loan Exit Counseling
Facts & Tips
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?
Common Terms
Grace Period
A six-month period after you graduate, leave
school, 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-IncomeDriven 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
10 years
Repayment
10 years
25 years
25 years
Total Paid
$46,805
$60,325
$65,938
$44,498
Borrower Case Study for IncomeDriven Repayment Plans
Single, family of one
AGI: $35,000
Amount 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:
[email protected]
219-464-5015
www.valpo.edu/financialaid