1. Loan Management “A Guided Tour”
Presented by
Fawn Leipold
Associate director of Financial Aid
The Johns Hopkins Carey Business School

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

3. Where are my loans?

4. NSLDS.ED.GOV

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

6. Check dates for data errors and compare to servicers data.
Grace begins after Separation

7. 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

8. Loan Servicers
As of 2/7/18 Nelnet acquired Great Lakes. All currant servicing will remain the same for borrowers at this time.
Granite State- GSMR
OSLA
Debt Management and Collections /
Review all sites for managing Federal Loans.

9. Servicer Complaints
Go to ConsumerFinance.gov/complaint, official website of the Consumer Financial Protection Bureau
How to instructions here:
Examples:
Trouble with how payments are handled
Don’t agree with fees charged
Received bad information about my loan
Need information about my balance/terms
Keep getting calls about my loan
Having problems with customer servicer

10. 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

11. Repayment Options –Income Driven Repayment Plans (IDR)
Revised Pay As You Earn
Pay As You Earn
10% of discretionary income for 20 (undergrad) or 25yrs (grad)
No cap
Direct, PLUS (students) and Consolidation Loans
Spouse Income/debt considered, no matter filing status
10% of discretionary income for 20 yrs
Caps at Standard payment amount
New loan as of 10/1/2011 and no outstanding loan balance after 10/1/2007
Direct, PLUS (students) and Consolidation Loans
Spouse income/debt, if filed jointly

12. IDR’s continued Income Based Repayment Income Contingent
15% of discretionary income for 25yrs
Caps at Standard payment amount
Direct, FFEL, PLUS (students) and Consolidation Loans
Spouse income/debt, if filed jointly
IBR (new borrowers):
10% of discretionary for 20yrs.
New loan after 7/1/2014 and no outstanding loan balance
20% of discretionary income for 25yrs.
Or what you would pay on a repayment plan with a fixed payment over the course of 12 years, adjusted according to your income
No Cap
Any Direct Loans including Parent PLUS loans consolidated into a Direct Consolidation Loan

13. How much will my payments be?
Compare repayment options

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

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

16. Step 3: Prepare and Start Application

17. 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

18. 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

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

20. Select PSLF to view qualifying repayment options over120 months

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

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

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

24. Additional Options for IDR Plans

25. 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.
All unpaid Interest Capitalizes, increasing the total cost of loans.
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.

26. Questions?