LOAN REPAYMENT STRATEGIES Estimating Your Monthly Student Loan Payments Module 5 Tulane University Jeffrey Hanson Education Services.

Loan Repayment Strategies

Estimating Your Monthly StudentLoan Payments

Module 5

Tulane UniversityJeffrey HansonEducation Services

2 Doing the math!

How much will you have to pay each month?

Estimate Your Monthly Payment “Repayment Estimator” at: StudentLoans.gov

To “log in,” enter:•FSA ID*•Password

*ED has switched from using a PIN to a new FSA ID and password – you can create your new FSA ID and password when you sign in to StudentLoans.gov

3

Estimate Your Monthly Payment “Repayment Estimator” at: StudentLoans.gov

Click on: “Repayment Estimator” to use the calculator

4

Enter needed information5

For income driven (IDR) plans, enter:•Tax filing status•Adjusted gross income, household size and state of residence

Also can:•Add loans•Apply for Direct Consolidation Loan•Apply for IDR plan•Email results

Sample Payment EstimatesFederal Student Loan Debt = $100,000 (Weighted average interest rate = 6.6%)

Household AGI = $35,000 (Household Size = 1; State = LA)(Estimates calculated using “Repayment Estimator” at: StudentLoans.gov)

6

Sample Payment EstimatesFederal Student Loan Debt = $100,000 (Weighted average interest rate = 6.6%)

Household AGI = $35,000 (Household Size = 1; State = LA)(Estimates calculated using “Repayment Estimator” at: StudentLoans.gov)

7

Choosing Your Federal Student Loan Payment Plan

Why? Your loans will be put on the Standard (10-year fixed) Plan if

you fail to notify servicer of desired plan

When? 30 days prior to start of repayment

How? Notify your loan servicer (e.g., online or by phone) Apply for an income-driven plan at: StudentLoans.gov

What if you need to change plans? Contact your loan servicer

8

For more information …

Contact your loan servicer(s)

Online resources: Federal student loans: StudentAid.gov

Federal student loan repayment: StudentLoans.gov

“Repayment Estimator”: StudentLoans.gov

9

Opportunities tolearn more …

Understanding the Unique Nature of Federal Student Loans

Planning for Student Loan Repayment

Exploring the Student Loan Repayment Plans

Understanding the Income-Driven Repayment Plans

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

10

Check out all the loan repayment modules:

Be strategic:Take Charge ofLoan Repayment!

Jeffrey HansonEducation Services

Tulane University