Loan Exit Counseling Facts & Tips

AGENDA What are the different loan types? What are some common loan terms? 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?

Loan Types Federal Direct Loans: Subsidized, Unsubsidized, Parent PLUS, and Graduate PLUS Perkins Loans Institutional Loans Private Loans

Common Terms

Common Terms GRACE PERIOD . Deferment Forbearance. Default

Cancellation/Forgiveness 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.

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.

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) RePay (new plan starts Dec. 2015)

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 $627 $336 Time in Repayment 10 years 25 years Total Paid $44,498 $46,805 $60,325 $65,938

Borrower Case Study for Income-Driven 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 $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

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: www.myloancounseling.com Institutional Loans: www.myloancounseling.com Private Loans: Done through your lender

How to contact Financial Aid: Questions? How to contact Financial Aid: finaid@valpo.edu 219-464-5015 www.valpo.edu/financialaid