Loan Management and Repayment: “A Guided Tour” Presented by Beth McSweeney (Presentation credit: Fawn Leipold, JHU Carey School of Business)

TOPICS NSLDS Federal Servicers Repayment Options StudentLoans.gov Direct Consolidation Loan Application Income-Driven Repayment Plan Request

Where are my loans?

NSLDS.ED.GOV

Loan Summary View >> Click the # to view details Perkins displayed but serviced by the school not eligible for Federal Loan repayment – unless consolidated,

Loan Details Federal Loan Servicers? Ne________ F_________ Na________

Set up servicer online account access www.navient.com/loan-customers / www.nelnet.com Review all sites for managing Federal Loans. www.myfedloan.org

NSLDS FAQ How current is this information? New loans are reported within 30 days of receipt of funds. If you have been making payments on a loan, information may be as much as 120 days old. Contact the loan servicer for more up- to-date balance information What should I do if my loan data is incorrect? First, contact the data provider (identified on NSLDS) to ensure the incorrect information is updated on their system as well as on the NSLDS system. You may contact NSLDS directly at the following address: Director, National Student Loan Data System, FSA, U.S. Department of Education, UCP, 830 First Street, NE.,4th Floor, Washington, DC 20202-5454.

Repayment Options -Traditional Standard- (default) fixed at least $50 for 10yrs Graduated: starts low increase every 2yrs for 10yrs Extended Fixed: fixed at least $50 for 25yrs Extended Graduated: starts low increase every 2yrs for 25yrs

Repayment Options –Income Driven (IDR) REPAYE: 10% of discretionary income for 20 or 25yrs. No cap. PAYE: 10% of discretionary income for 20 yrs. Caps at Standard payment amount. New borrowers. New loans as of 10/1/2011 and no outstanding loan balance after 10/1/2007 IBR: 15% of discretionary income for 25yrs IBR (new borrowers): 10% of discretionary for 20yrs. New loan after 7/1/2014 and no outstanding loan balance ICR: 20% of discretionary income or less for 25yrs.

How much will my payments be? Compare repayment options

Consolidation Steps Confirm loans for consolidation Review new loan balance and interest rate Delay processing for grace periods (optional) Choose consolidation servicer and indicate PSLF Review repayment options Select repayment plan Sign and submit

Step 1: Sign in StudentLoans.gov Step 2: Apply for Loan Consolidation

Step 3: Start Application

Select the loans you wish to consolidate. Step 4: Select the loans you wish to consolidate. Delay repayment until closer to the grace period end date. The consolidation servicer will wait to process the application until the appropriate time. Review your New Direct Consolidation Loan Balance and Interest Rate

Step 5: Select a Grace Period and Servicer from the drop down box. If you’re consolidating for the purposes of Public Service Loan Forgiveness Program, you may select Yes in the Servicer Selection box. Then choose a servicer. Any payments made before the date of consolidation will not count toward PSLF PS:LF--no application until you meet 120 payments and other eligible criteria. FedLoans tracks and manages eligible payments to be considered for PSLF

Step 6. Review and select estimated repayment options ENTER: •Tax Filing Status AGI •Family Size •State of Residence

Select PSLF to view qualifying repayment options over120 months

Step 6: Select Repayment Plan Step 7: Sign and submit Read Borrower Understandings, Certifications, and Authorizations NOTE: Repayment can begin 30-60 days after the consolidated loan is processed. The loan servicer will let you know when the first payment is due.

Request Income Based Repayment IBR Step1: StudentLoans.gov Request Income Based Repayment IBR PAYE REPAYE Step 2 : Go to MY HOME PAGE Select Apply for an Income Driven Repayment Plan Request

Request IBR, PAYE, or REPAYE Cont.. Additional Steps Verify Loans Review and Select Payment Options Upload Taxes (annual review) Submit Request

Additional Options for IDR Plans

Recertify on time or else… REPAYE REPAYE,PAYE, IBR PAYE, IBR,ICR Placed in alternative repayment plan with payments based on amount needed to pay on the earlier of a.10 yrs from date alternate plan begins, or b. Ending date of the 20 or 25yrs REPAYE repayment period. Same plan remains, but payments are based on what you would pay under a Standard Plan based on amount initially owed when entering the Income- Driven Plan. All unpaid Interest Capitalizes, increasing the total cost of loans.