2. Budget – In-school Budget – After-school Budget Student Loan Types – Federal Loans – Private Loans Keep Track of Your Loans – National Student Loan Data Service (NSLDS) Repayment Options – Repayment Plans and Consolidation – Deferment and Forbearance Communicate – Stay in Contact with Your Lenders/servicers Questions?

3. Develop an In-School Budget – Talk with Your Family – Search Internet for Budget Calculator – Create a Spreadsheet Weekly, Monthly, Yearly Estimate Expenses and Sources of Income Track Actual Expenses

4. List Expenses – What You Expect to Spend for the Semester/year Tuition Room and Board Books and Supplies Personal Expenses – Clothing – Transportation – Food – Above the Meal-plan Cost – Entertainment – Movies, Restaurants, Clubs, I-Apps, etc. – Existing Bills

5. List Sources of Income – Funds You Expect to Receive Scholarships Grants Outside Resources – 529 College Savings Plan – Tuition Benefits – Parent Contribution – Financial Gifts from Family

7. Total Est. Expenses Minus Total Est. Income Equals Income Needed for Period Total Est. Expenses50,932 Total Est. Income 35,260 Total Income Needed15,672 **Please Note, Financial Aid Cannot Exceed the Cost of Attendance for the Year Visit the Financial Aid and Billing page, or visit the Office of Student Financial Services, for More Information

8. Develop an After-School Budget – Similar to In-School – Talk with Your Family – Search Internet for Budget Calculator – Create a Spreadsheet Weekly, Monthly, Yearly Estimate Expenses and Sources of Income Track Actual Expenses

9. List Potential Expenses – What You Can Expect to Spend Rent/Mortgage Bills – Car Payment, Cell Phone, Electric, Etc. Clothing Transportation Groceries Entertainment – Movies, Restaurants, Clubs, I-Apps, etc.

10. Estimate Potential Income AFTER Graduation – Ithaca College Career Services Career Guide: www.ithaca.edu/sacl/careers/docs/Guides/IC_Career_Guide/ – Bureau of Labor Statistics: www.bls.gov/oco/ – O*NET: www.onetonline.org/

11. Below is an Example of Salary for a Kindergarten Teacher (Except Special Education) from O*NET

13. Total Est. Income Minus Total Est. Expenses Equals Discretionary (available) Income Total Est. Income31,700 Total Est. Expenses 25,540 Total Annual Discretionary Income 6,160 Break This Down Into 12-Months and the Monthly Discretionary Income is $513

14. Meet with Someone in the Office of Student Financial Services to Discuss Your Potential Loan Debt Create a Spreadsheet Use Loan Calculators to Estimate Payments Gather Interest Rate Information on Each of Your Loans Examples of Available Loan Calculators – Direct Loan Calculator http://www2.ed.gov/offices/OSFAP/DirectLoan/calc.html – FinAid.Org – Loan Calculator http://www.finaid.org/calculators/loanpayments.phtml

15. Federal Direct Loans – FFELP Stafford Loans Related to the Direct Loan Program Federal Loans Disbursed Through Banks and Private Institutions Program Eliminated in 2010; However, You May Have FFELP Stafford Loans as well as Direct Loans Federal Perkins Loan Federal Direct PLUS Loans – Parent PLUS – Graduate PLUS Alternative/Private Loans

16. Direct Student Loans are Loans Made Directly from the U.S. Department of Education – Loans are Awarded by Ithaca College, but They are Repaid to the Federal Government There are Two Types of Direct Loans: – Direct Subsidized – Need-based – Direct Unsubsidized – Not Need-based Annual Loan Limits are Determined by Grade Level in College (as Combined with Direct Subsidized Loan) Repayment Grace Period is 6-months from the Time the Student Drops Below Half-time, Withdrawals, or Graduates

17. Need-based, Determined by the Information in Your FAFSA Interest is Paid by the Government While You are: – In School at Least Half-time – Deferment Periods - Changing Current Loan Fee is 1.0% Interest Rate – Determined by Date of First Disbursement 2011 – 2012 Interest Rate 3.4% 2012 – 2013 Interest Rate 6.8% Graduate Students are Not Eligible for Direct Subsidized Loans After July 1, 2012

18. NOT Need-based Interest Accumulates from the Date of the First Loan Disbursement Current Loan Fee is 1.0% The Interest Rate is Fixed at 6.8%

19. Low-interest Loans for Undergraduate Students with the Greatest Financial Need Awarded by and Repaid to Ithaca College No Loan Fees Associated with Federal Perkins Loans The Interest Rate is Fixed at 5.0% Repayment Grace Period is 9-months from the Time the Student Drops Below Half-time, Withdrawals, or Graduates

20. Low-interest Federal Loans – Parent Can Obtain for Dependent Undergraduate Students – Graduate Students The Interest Rate is Fixed at 7.9% Loans are Awarded by Ithaca College, but They are Repaid to the Federal Government May Borrow Up to the Cost of Attendance Minus Other Aid, Each Academic Year. Current Loan Fee Associated with Direct PLUS Loan is 4.0%

21. For Parents, Only One Parent Can Borrow (per Application) Borrower Must Not Have Adverse Credit History to Participate in This Program – If Direct PLUS is Denied: Borrower May Request a Review of Credit Check by Contacting the Direct Loan Servicer at 1-800-557-7394 Provide an Endorser that Must Pass a Credit Check by Contacting the Direct Loan Servicer at 1-800-557-7394 Not Pursue the PLUS Loan, No Further Action is Need at that Time Dependent Student May be Eligible to Borrow Additional Direct Unsubsidized Loan IF Parent is Denied PLUS Loan

22. Private Loans are Not Guaranteed by the Federal Government – Ithaca College Requires an Official Loan Approval and Request for Loan Certification, Directly from the Individual Lender Private Loans Options Tend to be More Stringent with Respect to Qualifying Criteria and Credit Standards You May be Required to Have a Co-signer Fees and Interest Rates Vary from Lender to Lender Private Loan Interest Accrues Once the Loan Has Been Disbursed

23. Processing Time of Private Loans Can Take As Long As 30 Days, Depending on Response Time of Student, Parent, Endorser, and Lender – If Private Loans are an Option You Would Like to Exercise, the Office of Student Financial Services Has Compiled a List of Preferred Private Lenders. However, the Choice of Lender(s) is Yours to Make. You are Not Required to Use a Preferred Lender, Nor Will Ithaca College Penalize You Should You Choose a Different Lender. You Must Check with the Lender to Ensure that They Will Certify a Loan for Ithaca College, As Some Lenders Prefer to Work Within Certain Regions and with Specific Institutions.

24. Know Your Rights and Responsibilities – Complete Entrance and Exit Counseling Required for Federal Direct Loans and Federal Perkins Loans – Review All Information Received – Submit All Information Requested Ask Questions – Visit the Office of Student Financial Services – Contact Your Lender or Servicer

25. Monitor Federal Loans Using NSLDS for Students – www.nslds.ed.gov/nslds_SA/ Monitor Alternative/Private Loans by Reviewing Your Student Account, Online Services Provided by Your Lender, etc.

26. Federal Loans – Subsidized, Unsubsidized, PLUS – Standard Repayment Payment is Fixed Monthly Payments Will be at Least $50 10-years to Repay Loan – Extended Repayment Have to Have More Than $30,000 in Direct Loan Debt Must Not Have an Outstanding Balance Up to 25-years to for Repayment – Fixed Payments – Same Each Month – Graduated Payments – Start Low and Increase Every Two-years – Graduated Repayment Payments Start Low and Increase Every Two-years 10-years to Repay Loan

27. – Income Contingent Repayment Only for Direct Loans Not Available for PLUS Loans Monthly Payments are Calculated on Adjusted Gross Income (AGI), Family Size, and the Total Amount of Your Direct Loans Payment Will be Lesser of the Two: – Amount If You Paid Your Loan in 12-years Multiplied by Income Percentage Factor that Varies with Your Annual Income – 20% of Your Monthly Discretionary Income – Income-Based Repayment Payment Will be Based in Your Income During Any Period You Have a Partial Financial Hardship Payments May Exceed 10-years

28. Alternative/Private – Can Vary by Lender – Private Student Loan Repayment Terms Depending on the Total Amount Borrowed, Repayment Terms Range from 10 - 25 Years – Full Deferral No Principal or Interest Payments are Due While Enrolled in School (up to Four Consecutive Years) Payment of Principal and Interest Will Begin 6 Months After Graduation, or If Enrollment Drops Below Half Time Interest Will Continue to Accrue During the Deferment Period and Will be Capitalized (added to the Loan) at the Time of Repayment.

29. – Interest Only Pay Only Accrued Interest While Enrolled in School (up to Four Consecutive Years) Payment of Principal and Interest Will Begin Either 45 Days After Graduation, or If Enrollment Drops Below Half-Time – Immediate Repayment Payment of Principal and Interest Typically Begins Immediately After the Loan is Fully Disbursed – Read Your Application and Promissory Note Carefully for Details of the Loan

30. Combining Loan Debt for a Single Monthly Payment – Cannot Combine Federal and Private Loans Together One Payment for Federal Loans One Payment for Alternative/Private Loans Consolidation Resets the Term of the Loan Longer Loan Term, More Interest to Pay Federal Loans – Visit Direct Consolidation Loans for More Information http://loanconsolidation.ed.gov/ Alternative/Private – Contact Your Lender for More Information on Consolidation

31. A Postponement of Payment on a Loan, – During Which Interest Does Not Accrue if the Loan is a Federal Subsidized Loan – Alternative/Private Principal and Interest Payments May be Deferred While the Borrower is Continuously Enrolled Up to a Maximum of 48 Months You May Qualify for a Deferment While You Are: – Enrolled at Least Half-time in an Eligible Postsecondary School – Studying Full-time in a Graduate Fellowship Program or an Approved Disability Rehabilitation Program – Unemployed or Meet Rules for Economic Hardship Limited to 3 Years for Federal Loans Contact Your Lender/Servicer for More Information on Deferment

32. Allows You to Temporarily Stop Making Payments on Your Loan, Temporarily Make Smaller Payments, or Extend the Time for Making Payments Common Reasons for Getting a Forbearance – Illness – Financial Hardship – Serving in a Medical or Dental Internship or Residency See Your Copy of the Borrower's Rights and Responsibilities Statement for More Examples Contact Your Lender/Servicer for More Information on Forbearance

33. Failure to Make Payments on Your Student Loan According to the Terms of Your Promissory Note Consequences of Default: – Credit Rating will Suffer – Ineligible for Additional Federal Student Aid – Wage Garnishment – State and Federal Income Tax Refunds can be Seized – You can be Sued – Late Fees and Collection Costs

34. Try to Keep Your Loan Debt Down – Do Not Borrow More Than You Need – If You Have a True Credit Balance on Your Student Account, Request It be Returned to a Loan of Higher Interest – Visit the Office of Student Financial Services for Assistance – Ask Questions Track Your Loans In-School and After-School – Use NSLDS for Federal Loan Information – Know Your Level of Indebtedness and Interest Rates

35. Make Payments On-time – Inquire About On-time Repayment Incentives – Contact Lender If You Cannot Make Payments On-time Stay in Contact with Your Lenders and Servicers – Consider and Discuss Repayment Options – Update Your Contact Information as it Changes, Address, Phone, etc. Avoid Default Ask Questions

36. Student Financial Services – Toll Free: 1-800-429-4275 – www.ithaca.edu/finaid/ Direct Loan Servicing – Toll Free: 1-800-557-7392 – www.myedaccount.com Federal Student Aid Information Center – Toll Free: 1-800-433-3243 Federal Perkins Loan Servicing for Ithaca College – ECSI Toll Free: 1-866-841-3274 – www.ecsi.net Alternative/Private Lenders – Varies by Lender, Keep Contact Information

37. Denise Fullerton Assistant Director Student Financial Services Ithaca College dfullerton@ithaca.edu 800.429.4275 (phone) 607.274.1895 (fax) www.ithaca.edu/finaid sfs@ithaca.edu

38. Questions?