LOAN REPAYMENT STRATEGIES Planning for Student Loan Repayment Module 2 Tulane University Jeffrey Hanson Education Services.

Loan Repayment Strategies

Planning for Student Loan Repayment

Module 2

Tulane UniversityJeffrey HansonEducation Services

2 Develop your “Action Plan”

Don’t leave it to “chance” – create a strategic plan to repay your “educational mortgage”

Your Action Plan4 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!

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What do you need to know?

For each loan in your portfolio:Type of loanInterest rate (and when accrued interest capitalizes)

Amount owedWho to repay (and how to contact them)

When repayment begins/resumesCurrent status of each loanRepayment options

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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

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Loan Repayment“Top Ten” Vocabulary List

Grace

FFEL

Direct

Servicer

NSLDS

Standard

Extended

IBR and PAYE

Consolidation

Prepayment

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Make sure you understand these terms!

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

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Opportunities tolearn 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

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Check out all the loan repayment modules:

Be strategic:Take Charge ofLoan Repayment!

Jeffrey HansonEducation Services

Tulane University