Loan Repayment Information

All students who have borrowed under the Stafford or Perkins Loan Program must complete an Exit Interview during their final semester at Loyola.

The current interest for the Federal Perkins Loan is 5%. For the Federal Stafford Loan , the variable interest rate is set July 1 of each year. For the 2001-2002 academic year, the rate is 5.39% while in school and 5.99% during repayment. The repayment period (normally 5 to 10 years) is set by the lender depending on the amount of the loan. Repayment must begin 6 months (9 months for Federal Perkins loans) after the student ceases to be enrolled at least half-time UNLESS the student qualified for a deferment (see lender for deferment provisions).

The Student Loan Office at Loyola administers the Perkins' loan repayment program. If you have further questions, contact them at (504) 865-2678.

Average Indebtedness for May, 2001 Loyola Graduates

For More Information

Students can also try the National Student Loan Clearinghouse's new, free Internet based Loan Locator Service without having a PIN number. The Clearinghouse database houses records for over 35 million students.

The following organizations have detailed, useful information concerning repaying Federal Stafford Loans:

• SallieMae.
• Nellie Mae
• Direct Loan Servicing Center

Students who have borrowed from a number of different lenders may want to investigate Consolidation Loans.

Borrowers whose loans are managed by the United Student Aid Funds/SallieMae Loan Services can access their specific loan data, such as outstanding balance, the most recent payment received and the next payment due date at the "Managing Your Loans" section on their Internet site

The Department of Education has also published A Student Loan Borrower's Guide to Defaulted Student Loans.

If you ever have an unresolved problem with your student loan, you should first contact your lender. If the problem continues to be unresolved after contacting your lender, you can contact the U.S. Department of Education Office of the Student Loan Ombudsman or call (877) 557-2575.