Loan Repayment Options
All students who have borrowed under the Federal Student Loan Programs must complete an "Exit Counseling Session" during their final semester at Loyola University New Orleans. The purpose of this session is to make sure that students understand their rights and responsibilities as they enter repayment
Do you have an accurate record of all your federal student loans? As you enter repayment, you should check your records on the National Student Loan Data System
Special Programs:
- Cancellation and Deferment Options for Teachers
- Nursing Education Loan Repayment Program
- Loan Repayment/ Forgiveness Programs for Medical and Health Professions
- Graduates Choose Louisiana Program - This incentive program is designed for students who have borrowed from the Louisiana Education Loan Authority ("LELA")to reward graduates who choose Louisiana as the place to live, work, and raise their families. This program is scheduled to expire on June 30, 2008.
- HELP Teachers - LELA launched the Higher Education Loan Program (HELP) for Teachers in 2001. The HELP Teachers program is a win/win situation for public education in Louisiana . It helps current teachers further their education, makes staying in Louisiana a more attractive option to students pursuing a teaching degree, and makes it easier for uncertified teachers to take the courses needed to become fully certified.
- HELP Nurses LELA launched this program in July 2007 in an effort to address the nursing shortage in Louisiana.
The College Cost Reduction and Access Act created several new programs that will benefit borrowers
- Learn more about the Income Based Rayment Program that will become available in July 2009
- The Project on Student Loan Debt has unveiled a new web-based resource, IBRinfo.org to help interested borrowers find out more information about this program.
- Learn more about the Public Service Loan Forgiveness Program. NOTE: this program is only available to students with Federal Direct Student Loans.
Loan Consolidation Programs:
Federal Student Loan Consolidation Programs have been popular in recent years. However, there have been a number of legislative changes enacted that impact the program. We would encourage borrowers to carefully review all information received from lenders before they make any decisions.
FinAid:The Smart Student Guide to Financial Aid has a series of calculators which will let borrowers estimate their monthy payments under the loan consolidation program versus all other repayment plan options.
The Greentree Gazette has compiled The Student Loan Buying Guide , a comprehensive database with information on financing options through many major lenders.
Who Will Send You a Bill?
Students should be very clear about whether they will be billed by their lender or another servicer for their student loans. Most lenders now offer online access for borrowers. Please check your records with your lender. Sallie Mae acts as a servicer for many lenders. LELA's loans are serviced by EdFinancial.
Please carefully review all correspondence that you receive from a lender. Several members of Congress are currently investigating lenders who have been accused of deceptive marketing tactics.
If you have a problem with your lender/servicer
The Federal Student Aid Ombudsman of the Department of Education helps resolve disputes and solve other problems with federal student loans. Other resources include:
- The Student Loan Borrower Assistance Program - The Student Loan Borrower Assistance Project (SLBA) is a program of the National Consumer Law Center (NCLC). The National Consumer Law Center is America 's consumer law expert, helping consumers, their advocates, and public policy makers to use powerful consumer laws to build financial security and assure marketplace justice for vulnerable individuals and families.
Additional Resources
