Undergraduate Student Loan Repayment
All students should 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. We would like to encourage everyone to review the Top Ten Student Loan Tips for Recent Graduates .
- Grace Period and Repayment counseling for Stafford and Direct Loan borrowers -- This online counseling session provides information about how to manage your student loans after college, whether your loans are in the grace period (payment will start soon) or already in repayment. The information can be especially beneficial if you are having difficulty repaying your student loans.
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.
Two good general resources are Mapping Yor Future's Deferment Navigator and Repaying Your Student Loans: A Quick Reference Guide .
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.
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
The Department has contracts with several companies to service federal student loans, and the Department may change who services your student loans. Unlike other loans such as mortgages, federal student loans are not bought and sold by servicers. The Department transfers the loans to the servicers with whom they have contracts and the servicers conduct the daily activities required during loan repayment .
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 other servicers
Click here for contact information for the other agencies that service federal student loans.
The College Cost Reduction and Access Act created several new programs that will benefit borrowers.
Learn more about the Income Based Rayment and Public Service Loan Forgiveness Programs that will become available on July 1, 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.
- Federal Direct Student Loan Deferment Forms
- Cancellation and Deferment Options for Teachers
- Nursing Education Loan Repayment Program
- Loan Repayment/ Forgiveness Programs for Medical and Health Professions
- Students receiving federal education loans may obtain deferments while serving in the Peace Corps; under the Domestic Volunteer Service Act; and as a volunteer for a tax-exempt organization of demonstrated effectiveness in the field of community service. For more information, go to:
Federal Student Loan Consolidation Programs
Federal Student Loan Consolidation Programs have been popular in recent years. With all of the changes in the federal student loan programs during the past few years, we would anticipate that more students may want to utilize this program so that all of their loan accounts are consolidated with one lender.
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.
A Cautionary Tale:
- The Horrors of Defaulting on Educational Debt
- Consequences of Defaulting on a Federal Student Loan
- Learn more about one family's ordeal and " Christopher's Law"
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Updated April 9, 2013