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

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. Loan Details
Federal Loan Servicers?
Ne________
F_________
Na________

7. Set up servicer online account access /
Review all sites for managing Federal Loans.

8. 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

9. 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

10. 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.

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

12. 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

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

14. Step 3: Start Application

15. 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

16. 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

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

18. Select PSLF to view qualifying repayment options over120 months

19. 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.

20. 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

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

22. Additional Options for IDR Plans

23. 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.