Graduate and Professional Student Loan Repayment
All students who have borrowed under the Federal Student Loan Programs (Federal Perkins Loan, Federal Stafford Loan, Federal Grad PLUS) 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.
Another good general resource is Mapping Yor Future's Deferment Navigator
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.
Make sure to review the information on federal tax benefits available to borrowers who are repaying their federal student loans.
Special Programs:
- NEW Loan forgiveness program for prosecutors and public defenders
- Cancellation and Deferment Options for Teachers
- Nursing Education Loan Repayment Program
- 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. NOTE: This program has been suspended for all new loans disbursed after April 1, 2009.
New Federal Programs
The College Cost Reduction and Access Act created several new programs that will benefit borrowers
- The Income Based Rayment Program 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.
- The Public Service Loan Forgiveness Program is available to students with Federal Direct Student Loans.(students with loans from other lenders can consolidate their loans into the Direct Loan Program)
- Frequently Asked Questions Regarding Public Service Loan Forgiveness- this fact sheet was developed by the National Association of Student Financial Aid Administrators
- Loan Forgiveness for Public Service Employees-this fact sheet was developed by the U.S. Department of Education.
- You can find additional information on these new programs on The Equal Justice Works web site.
Please note that provisions of these programs may be modified by the Higher Education Opportunity Act that was passed in August 2008.
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.
Who Will Send You a Bill?
Under provisions of the Ensuring Continued Access to Student Loans Act, lenders have the option to "PUT" (sell) loans to the U.S. Department of Education (DOE). Lenders must notify borrowers if their loans have been sold to the Department of Education.
We have been notified by the following lenders that they intend to sell loans to the Department of Education:
Chase * Citibank * edamerica * Key Bank * Total Higher Education ("THE") * Wachovia Education Finance * Wells Fargo * All Sallie Mae lenders
YOU WILL BE ABLE TO CHECK IF YOUR LOAN HAS BEEN SOLD BY CHECKING YOUR RECORDS ON THE NATIONAL STUDENT LOAN DATA SYSTEM FOR STUDENTS
Contact information for the Department of Education's Loan Servicing Center:
- On the web: www.ed-servicing.com
- By Phone: 1-800-508-1378 or 1-800-835-4611
Borrower services are available 8:00 a.m. to 11:00 p.m. EST, Monday through Friday
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.
Contact information for Department of Education Loans Serviced through Sallie mAE
- By Phone: 1-800-722-1300
- By Mail: Sallie Mae - Department of Education Loan Services, P.O. Box 9635, Wilkes-Barre, PA 18773-9635
- ED Monthly Bills: Sallie Mae- Department of Education Loan Services, P.O. Box 740351, Atlanta, GA 30374-0351
- Checks should be made payable to: Sallie Mae - Department of Education Loan Services
A Cautionary Tale:
Join the Project on Student Debt's Facebook Group!
Updated November 12, 2009