LOAN REPAYMENT STRATEGIES Estimating Your Monthly Student Loan Payments Module 5 Tulane University Jeffrey Hanson Education Services

2 Doing the math! How much will you have to pay each month?

Estimate Your Monthly Payment “Repayment Estimator” at: StudentLoans.gov To “log in,” enter: FSA ID* Password *ED has switched from using a PIN to a new FSA ID and password – you can create your new FSA ID and password when you sign in to StudentLoans.gov 3

Estimate Your Monthly Payment “Repayment Estimator” at: StudentLoans.gov Click on: “Repayment Estimator” to use the calculator 4

Enter needed information 5 For income driven (IDR) plans, enter: Tax filing status Adjusted gross income, household size and state of residence Also can: Add loans Apply for Direct Consolidation Loan Apply for IDR plan results

Sample Payment Estimates Federal Student Loan Debt = $100,000 (Weighted average interest rate = 6.6%) Household AGI = $35,000 (Household Size = 1; State = LA) (Estimates calculated using “Repayment Estimator” at: StudentLoans.gov ) 6

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Choosing Your Federal Student Loan Payment Plan  Why?  Your loans will be put on the Standard (10-year fixed) Plan if you fail to notify servicer of desired plan  When?  30 days prior to start of repayment  How?  Notify your loan servicer (e.g., online or by phone)  Apply for an income-driven plan at: StudentLoans.gov  What if you need to change plans?  Contact your loan servicer 8

For more information …  Contact your loan servicer(s)  Online resources:  Federal student loans: StudentAid.gov  Federal student loan repayment: StudentLoans.gov  “Repayment Estimator”: StudentLoans.gov 9

Opportunities to learn more …  Understanding the Unique Nature of Federal Student Loans  Planning for Student Loan Repayment  Exploring the Student Loan Repayment Plans  Understanding the Income- Driven Repayment Plans  Taking Stock of Your Student Loan Portfolio  Developing Your Student Loan Repayment Timeline  Choosing Your Student Loan Payment Plan  Understanding Student Loan Consolidation  Public Service Loan Forgiveness 10 Check out all the loan repayment modules:

BE STRATEGIC: Take Charge of Loan Repayment! Jeffrey Hanson Education Services Tulane University