You’ve Graduated – Now what?. Are You...  Going to grad school  Starting a career  Taking time off (NO!!)  Unsure You Must...  Consult loan paperwork.

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Presentation transcript:

You’ve Graduated – Now what?

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

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

Federal Stafford Loan  6 month grace period  Identify Loan Servicer  Get loan information  Repayment Options Standard Extended Graduated Income Based  Loan Consolidation Complete shortly before repayment is to begin Private Loans Contact lender/s for consolidation/repmt options

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

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

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

Available for federal loans Through Direct Loan Check with lender for private loan options Apply online, by phone, or paper application

Loan Forgiveness

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 (loan forgiveness information)

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