Transcript M

LOAN REPAYMENT
STRATEGIES
Estimating Your
Monthly Student
Loan Payments
Module 5
Jeffrey Hanson
Education Services
Tulane University
2
Doing the math!
How much will you have to pay each month?
Estimate Your Monthly Payment
“Repayment Estimator” at: StudentLoans.gov
3
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
Estimate Your Monthly Payment
“Repayment Estimator” at: StudentLoans.gov
4
Click on:
“Repayment Estimator”
to use the calculator
Enter needed information
5
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 Estimates
Federal 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 Estimates
Federal 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
8

Why?


When?


30 days prior to start of repayment
How?



Your loans will be put on the Standard (10-year fixed) Plan if
you fail to notify servicer of desired plan
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
For more information …
9

Contact your loan servicer(s)

Online resources:

Federal student loans: StudentAid.gov

Federal student loan repayment: StudentLoans.gov

“Repayment Estimator”: StudentLoans.gov
Opportunities to
learn more …
10
Check out all the loan repayment modules:

Understanding the Unique
Nature of Federal Student Loans

Developing Your Student
Loan Repayment Timeline

Planning for Student Loan
Repayment

Choosing Your Student
Loan Payment Plan

Exploring the Student Loan
Repayment Plans

Understanding Student
Loan Consolidation

Understanding the IncomeDriven Repayment Plans

Public Service Loan
Forgiveness

Taking Stock of Your Student
Loan Portfolio
BE STRATEGIC:
Take Charge of
Loan Repayment!
Jeffrey Hanson
Education Services
Tulane University