Managing Student Loans
You will be able to choose a repayment plan that meets your needs. The amount you pay and the length of time to repay your loans will vary depending on the repayment plan you choose. Generally, you’ll have from ten to twenty-five years to repay your loans. Our office recommends that you explore the Direct Loan Repayment Plans and Calculators 🔗 for more information about the repayment plans and to calculate your estimated repayment amount under each of the different plans.
All Federal Direct/Stafford, PLUS, and Graduate PLUS loans are now being serviced by one of the agencies listed on StudentAid.gov. For specific questions about loan repayment or deferment, you can contact your federal loan servicing center directly. If you are not sure who your federal loan servicer is, you can look it up by logging into studentaid.ed.gov (preferred) or nslds.ed.gov (archaic).
For more information on loan servicers, please go to StudentAid.gov.
Countdown to Repayment
Month two: chip away at (pay off) interest.
Some examples of the difference it could make are shown here (click below):
Month four: educate yourself on loan forgiveness.
This presentation was created for financial aid administrators; however, it has current information on student loan repayment options and loan forgiveness programs.
Learn more: bit.ly/2HFt37U
Month six: save and get ready with auto-pay.
Have a Federal Direct Loan? Never miss a payment AND get an interest rate deduction by signing up for automatic debit. Learn more at bit.ly/2UAVi0U.
Defaulted Student Loans
Need to get out of student loan default? Don't stress—you have options! pic.twitter.com/XUp2PXoGBb
— Federal Student Aid (@FAFSA) December 28, 2018
If you’ve defaulted on your federal student loans, you may get a reduced refund after #TaxDay. If this happened to you, a notice of an offset was sent to your last known address. Find out your options to get out of default: https://t.co/MS3TuWTMS1 pic.twitter.com/nG1UIF5cqZ
— Federal Student Aid (@FAFSA) April 15, 2019
A Consolidation Loan allows you to combine multiple federal education loans into one loan with one simple monthly payment. Learn more about pros and cons of consolidation here: https://t.co/FzFFhe9M2U pic.twitter.com/bXNRt96q6F
— Federal Student Aid (@FAFSA) May 29, 2019
Loan Repayment Options
— Federal Student Aid (@FAFSA) March 11, 2019
US Department of Education Loan Repayment & Forgiveness Presentation
Take a few minutes to review this important information
Wondering about student loan forgiveness options? Get more info here
Public Service Loan Forgiveness (PSLF): https://t.co/t56lgPUTU7
— Federal Student Aid (@FAFSA) February 28, 2019
— Federal Student Aid (@FAFSA) March 22, 2019
— Federal Student Aid (@FAFSA) March 29, 2019
— Federal Student Aid (@FAFSA) December 30, 2018
Articles and Resources on the Web on the Subject of Student Loans
There’s a lot of information to take in when it comes to your student loans. Follow the Wizard 🔗 to Find Ways to Reduce Your Debt!
A Montag. (2018, Sep 19). Kevin O’Leary shares his No. 1 piece of advice for paying off student loans. CNBC Make It. Retrieved from https://www.cnbc.com/2018/09/19/kevin-olearys-top-advice-for-paying-off-student-loans.html
Make sure you understand which companies and claims are legitimate. 🔗 Borrowers have reported receiving phone calls, emails, letters, and/or texts offering them relief from their federal student loans or warning them that student loan forgiveness programs would end soon. Usually, the so-called student loan debt relief companies offering these types of services don’t offer any relief at all. Often they’re just fraudsters who are after your money.
Here are some examples of the false claims made in these communications:
- “Act immediately to qualify for student loan forgiveness before the program is discontinued.”
- “You are now eligible to receive benefits from a recent law that has passed regarding federal student loans, including total forgiveness in some circumstances. Federal student loan programs may change. Please call within 30 days of receiving this notice.”
- “Your student loans may qualify for complete discharge. Enrollments are first come, first served.”
- “Student alerts: Your student loan is flagged for forgiveness pending verification. Call now!”
STUDENT LOAN SCAM NOTICE!
Several students have reported receiving robocalls from fake student loan forgiveness companies promising to relieve them of their loans for a small price. Don't believe them and pass this on to your friends & family. https://t.co/VXgi8VR9vB pic.twitter.com/g6ObVTTwNs
— Federal Student Aid (@FAFSA) December 10, 2018