Student Loan Repayment You’re Graduating. Now what?

Next step Are You . . . Going to grad school Starting a career Taking time off (NO!!) Unsure You Must . . . Consult loan paperwork/NSLDS Contact your loan servicer/s Provide updated address/phone #/email Know your options

Graduate School Wabash College Loan Federal Stafford Loans Loans deferred Must be enrolled at least half-time Interest will accrue on unsubsidized loans Wabash College Loan Interest will accrue Contact Wabash w/proof of enrollment Private Loans Contact your lender/s for options

Career Federal Stafford Loan Private Loans 6 month grace period Identify Loan Servicer/s Get loan information www.nslds.ed.gov Repayment Options http://studentaid.ed.gov/repay-loans Standard Extended Graduated Income Based Loan Consolidation Complete shortly before repayment is to begin Private Loans Contact lender/s for consolidation/repmt options

STANDARD REPAYMENT Pay fixed amount per month 10 year term Repaid in shortest time STANDARD REPAYMENT

EXTENDED REPAYMENT Graduated monthly payment amount Up to 25 year term Must have >$30k in outstanding FFEL or DL EXTENDED REPAYMENT

GRADUATED REPAYMENT Payments start low and increase every 2 yrs Up to 10 year term GRADUATED REPAYMENT

Loan Consolidation Available for federal loans Through Direct Loan Check with lender for private loan options Apply online, by phone, or paper application www.nslds.ed.gov http://loanconsolidation.ed.gov

Public Service Teachers Loan Forgiveness

Postponing Repayment Contact your loan servicer immediately Deferment Reenrollment in school Unemployment Economic Hardship Forbearance Financial Difficulty If not eligible for deferment Switch repayment plan Postponing Repayment

Important Web Addresses studentaid.ed.gov www.nslds.ed.gov www.salliemae.com www.finaid.org (loan forgiveness information)

QUESTIONS??