1. Loan Exit Counseling Facts & Tips

2. 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?

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

4. Common Terms

5. Common Terms
GRACE PERIOD .
Deferment
Forbearance.
Default

6. Cancellation/Forgiveness
Consolidation
May help make repayment more manageable by combining several federal loans into one monthly payment at one fixed interest rate.
Cancellation/Forgiveness
Check out for loan forgiveness options like:
Teacher Loan Forgiveness Program
Public Service Loan Forgiveness
Others
Your loan servicer should also be able to provide information.

7. 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

8. 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)
Phone:

9. 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.

10. 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)

11. 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

12. 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

13. COMPLETE EXIT COUNSELING!
Federal Direct Loans
On-line tutorial that takes between 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

14. Exit Counseling for Other Loans
Perkins Loan:
Institutional Loans:
Private Loans: Done through your lender

15. How to contact Financial Aid:
Questions?
How to contact Financial Aid: