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LOAN REPAYMENT STRATEGIES Planning for Student Loan Repayment Module 2 Tulane University Jeffrey Hanson Education Services
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2 Develop your “Action Plan” Don’t leave it to “chance” – create a strategic plan to repay your “educational mortgage”
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Your Action Plan 4 Steps 1.Take stock of your loan portfolio 2.Determine when repayment begins 3.Pick your repayment plan 4.Evaluate if “Consolidation” is beneficial Remember, you must repay all that you owe! 3
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What do you need to know? For each loan in your portfolio: Type of loan Interest rate (and when accrued interest capitalizes) Amount owed Who to repay (and how to contact them) When repayment begins/resumes Current status of each loan Repayment options 4
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Payment relief is available! Important “safety nets” Postpone repayment temporarily using: Deferment Forbearance – also could temporarily reduce your monthly payments Adjust your monthly payment: Income-driven repayment plans (e.g., PAYE, IBR) provide opportunity to reduce your monthly payment when income decreases Contact your loan servicer for more information and to apply 5
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Loan Repayment “Top Ten” Vocabulary List Grace FFEL Direct Servicer NSLDS Standard Extended IBR and PAYE Consolidation Prepayment 6 Make sure you understand these terms!
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For more information … Contact your loan servicer(s) Online resources: Federal student loans: StudentAid.gov Federal loan repayment: StudentLoans.gov Federal Direct Consolidation Loans: StudentLoans.gov National Student Loan Data System: NSLDS.ed.gov 7
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Opportunities to learn more … Understanding the Unique Nature of Federal Student Loans Exploring the Student Loan Repayment Plans Understanding the Income- Driven Repayment Plans Estimating Your Monthly Student Loan Payments 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 8 Check out all the loan repayment modules:
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BE STRATEGIC: Take Charge of Loan Repayment! Jeffrey Hanson Education Services Tulane University
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