Transcript M

LOAN REPAYMENT
STRATEGIES
Planning for
Student Loan
Repayment
Module 2
Jeffrey Hanson
Education Services
Tulane University
2
Develop your “Action Plan”
Don’t leave it to “chance” – create a strategic
plan to repay your “educational mortgage”
Your Action Plan
4 Steps
3
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!
What do you need to know?
4
For each loan in your portfolio:

Type of loan

Interest rate (and when accrued interest capitalizes)

Amount owed

Who to repay (and how to contact them)

When repayment begins/resumes

Current status of each loan

Repayment options
Payment relief is available!
Important “safety nets”
5

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
Loan Repayment
“Top Ten” Vocabulary List
6
Make sure you understand these terms!

Grace

Standard

FFEL

Extended

Direct

IBR and PAYE

Servicer

Consolidation

NSLDS

Prepayment
For more information …
7

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
Opportunities to
learn more …
8
Check out all the loan repayment modules:

Understanding the Unique
Nature of Federal Student Loans

Developing Your Student
Loan Repayment Timeline

Exploring the Student Loan
Repayment Plans

Choosing Your Student
Loan Payment Plan

Understanding the IncomeDriven Repayment Plans

Understanding Student
Loan Consolidation

Estimating Your Monthly Student
Loan Payments

Public Service Loan
Forgiveness

Taking Stock of Your Student
Loan Portfolio
BE STRATEGIC:
Take Charge of
Loan Repayment!
Jeffrey Hanson
Education Services
Tulane University