WELCOME GRADUATING STUDENTS!
Graduation is exciting, and loans can be worrisome. Refer to this page for our guidance and resource links for managing loan repayment. Remember that choices you make now can affect your later options. Understanding your loan details, available repayment options, and forgiveness program requirements will help you combine these resources to maximize your benefits.
Note that the Special Direct Consolidation Loans announced recently will be available after January 1, 2012 until June 30, 2012 for certain borrowers who have commerical bank unconsolidated Federal Family Education Loans (FFEL) and Direct Loans. Borrowers with eligible loans will be contacted by their loans’ servicer. Graduating students may have eligibility during your loans’ grace period. Contact your loan servicer for further information.
Know your loans! Complete required loan program EXIT COUNSELING
Start with the National Student Loan Data System (NSLDS) to review your loans and find lender, servicer, and guaranty agency contact information, loan status information and accrued interest totals. Be informed about your loans as you prepare to talk with your lenders about loan repayment options, and loan forgiveness programs. Use this NSLDS info handout to help you review your NSLDS loan details.
Borrowers with Perkins Loans MUST complete an additional PERKINS LOAN EXIT INTERVIEW !
Know Your Loan Forgiveness Programs!
Recent loan program enhancements announced by President Obama will start to be available in 2012. Register with IBRinfo.org and you will receive update notices about developments to both Income Based Repayment (IBR) and Public Service Loan Forgiveness (PSLF). No spam. Excellent, accessible loan repayment information and calculators
Speaking of websites and calculators, FinAid is a website published by financial aid expert -and calculator creator- Mark Kantrowitz. Find loan repayment calculators to help you compare repayment scenarios. Read the excellent and important section about staying in touch with your lenders. Your lenders have options to keep your loans and credit in good standing even if you can’t afford to make payments.
Student Loan Borrower Assistance, a program of the National Consumer Law Center, provides information and self-help tools to inform you of resources and courses of action. Well written!
Ask Heather Jarvis is the the website maintained by Heather Jarvis, formerly of Equal Justice Works. Heather consults with GL Advisors and maintains up to the minute understanding about federal student loan repayment developments. Heather’s webinars emphasize the importance of combining Income Based Repayment with Public Service Loan Forgiveness to maximize your repayment benefits. Understand this combination to maximize your loan forgiveness.
The Minnesota Loan Repayment Assistance Program (LRAPMN) provides payment assistance once you have established your repayment method.
The Department of Education websites listed below provide important program details that are critical to making your initial choices about repayment options.
Department of Education Student Aid
Direct Loan Program Information and Promissory Notes
Public Service Loan Forgiveness
Direct Loan Repayment Options including Income Based Repayment
DOE Loan Consolidation Website Be sure to see our announcement (above) about the Special Direct Consolidation Loan