Undergraduate Student Loan Repayment

 All students should attend 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 compiled by the Project on Student Debt.

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.

Another good general resource is Mapping Yor Future's Deferment Navigator

 

 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

 

New Programs

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.  

 Special Programs:

• Cancellation and Deferment Options for Teachers
• Nursing Education Loan Repayment Program
• Loan Repayment/ Forgiveness Programs for Medical and Health Professions
• 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. The HELP Teachers Interest Waiver Program has been suspended for any new loans disbursed after April 1, 2009.
  
• HELP Nurses - LELA launched this program in July 2007 in an effort to address the nursing shortage in Louisiana. The HELP Nurses Interest Waiver Program has been suspended for any new loans disbursed after April 1, 2009.
  
• 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:
  • http://studentaid.ed.gov/PORTALSWebApp/students/english/repaying.jsp
  • http://studentaid.ed.gov/students/attachments/funding/0809Deferment.pdf
  • http://www.studentloanborrowerassistance.org/repayment/no-prepayment-penalties/deferments/Loan Consolidation Programs:

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.

The Greentree Gazette has compiled The Student Loan Buying Guide, a comprehensive database with information on financing options through many major lenders.

A Cautionary Tale:

• The Horrors of Defaulting on Educational Debt

 

Join the Project on Student Debt's Facebook Group!

Updated November 12, 2009