UNDERST DERSTANDING NDING YOUR UR RIG IGHT HTS S AND RES ESPONSIBLITIES PONSIBLITIES AS A ST STUDE UDENT NT LOAN BORROWER WER PRESENTED BY HRISSI HALDEZOS, ASSOCIATE DIRECTOR OF STUDENT ACCOUNTS
Fed eder eral al Perki erkins ns Lo Loan an Pr Prog ogram am
IMPORT ORTANT ANT FE FEATURES TURES OF F THE PERKI KINS NS LOAN 9-month nth grace period od (unless ss fully used d while on leave; then n you will have a s six-mo month nth grace) Repayme ment nt typi pica cally begins ns in March 10 year repayme ment nt peri riod No p penalty ty for early repaym yment ent In In-Scho chool and Hards dship hip Deferme ment nts s ava vailable Camp mpus us Partners is University’s loan servicer and all correspondence will come from them; ; everythi ything ng ava vailabl able e online ne at www.mycampu pusl sloan.co n.com **NOTE: E: Camp mpus us Par Partner ers s recently ntly purchase hased d by He Heartl tlan and d ECSI. I.
PERKINS CONTINUED…. If payment nt becomes a p problem, m, handle it immedia diately; y; much easier r to prevent nt problem m than n to fix one. Call Wesleyan n Stude udent nt Loan Office e for advice If loan goes into defa fault ult (miss ss thre ree e payment nt or more), , it goes imme media diatel ely y to collecti tions ns, , which h can add up to an additi tiona nal 30% collecti tion n fees to the amount t owed. Negati tive credi dit inf nforma rmati tion n goes to all 3 c credi dit t bureaus us on default faulted d loans. s. Ac Acco coun unt t management gement info, o, includin ding g E-Pa Paymen ments, ts, address ess updat ate, e, et etc. c. and Misc Forms s (deferment, erment, hardshi ship, p, cancellat cellation ion) ) ALL avai ailable able on Campu pus s Pa Partner ers s webs bsite. e.
PERKINS CONTINUED… Think nk carefully ully about ut consolid olidation: ation: Advantage is that you will be paying back all loans to ONE lender, Disadvantage is that you lose Perkins cancellation provisions. Perkins have loan cancellation provisions for certain career fields. More info on Campus Partners’ website.
PERKINS CONTINUED… Exit Counse seling ing complet eted d online ne at www.m .mycam campus pusloan.co oan.com Exit Counse seling ing process, s, as per the orange ge instruct tructio ion n sheet et -- --Ple leas ase e use Safari ri or Intern rnet et Explorer r as browser -Can n do on laptop p but NOT on mobile device ce -- --The here e are THREE parts ts to the Exit – must t do all 3!
Wes esleyan an Loan an (Inst stitutional itutional Loan) an)
IM IMPORT ORTANT ANT FE FEATURES TURES OF OF THE HE WESL SLEYAN AN LOANS ANS 6-month nth grace period od (same as FFEL EL and Dire rect ct Loans) s) Repayme ment nt begins ns in December 10 year repayme ment nt peri riod No p penalty ty for early repaym yment ent Campus Partners is University’s loan servicer and all correspondence will come e from them; m; everything thing avai vailable e online e at www.m .mycam campusl usloa oan.com n.com
WESLEYAN LOAN CONT … Not ot eligib gible for consoli olidati dation n (re: inst stituti utiona nal loan not ot a f federa eral loan) In In-sch school and hards dship hip deferme rment nts s ava vailable at Camp mpus us Par Partner ers s web s site Stude udent nt Loan Office (me!) will l send d an email to Wesle leyan n Loan borrowers about set etti ting ng up an in-pe person n exit t sess ssion n before gradua uati tion on
HA HAVE VE MO MORE THA HAN ON ONE LOAN AN TYPE? E? Di Differe erent nt programs grams have differe erent nt rul ules es and nd there re is NO NO cross ss-over er commu munic nication ation among ng them em If deferment rment or forbeara earances nces are reque uest sted ed (in-sch school, ool, hardshi dship), p), forms ms MUST T be submitt mitted ed to and processed essed for EACH CH LOAN N TYPE PE
AVOID OID DE DEFAUL ULTING!! TING!!! CAL ALL L YOUR R LEN ENDER if you have experience financial difficulties. You may qualify for a forbearance or deferment. Servicers will work with just about any situation. IF YOU DO NOTHING HING, a defaulted loan will cause… (1) collection action (2) bad credit (3) Loss of eligibility for further financial aid (4) Garnished Wages and/or Federal Refunds (5) Litigation
Can’t make federal loan payments under ANY Plan, talk to your Servicer about… Forbearanc rance and/o /or r Deferment nt : FOR ORBEAR BEARANCE NCE - A st A studen udent t loan forbe beara rance nce is an s an agreeme eement nt betw etwee een n a borr rrower r and the e lende der/ser r/servi vice cer to temporarily porarily postp tpon one paymen ments ts, extend end the e timefr meframe ame for r maki king ng mon onth thly ly paymen ments ts, or reduce ce the e amount nt of mon onth thly ly paymen ments ts on a sh shor ort-term rm basis. sis. Int ntere erest t conti ntinue ues to accru rue during ring a forbea rbearan rance ce. Amer eric icor orps (CNCS) S) Forbear earanc ance General eral Forbear earanc ance Interns rnship hip/Res esidency idency Forbearanc earance
DEF EFERM ERMENT NT - student udent loan n deferme rment nt is a period iod of time me dur uring ing which ch paymen ments ts are postpon poned ed. . Deferm ermen ents ts requi uire re docu cume mentat ntation. ion. There ere are different erent types es of deferme rments nts for which ch borr rrower ers s can apply, , suc uch as in-schoo school deferm ermen ents ts or un unem emplo loym ymen ent t deferme rments. nts. Int nteres erest t accru rual l is suspen ended ded dur uring a defer ermen ent. Arme med d Forces es Defer erme ment t Economic onomic Hardsh dship ip Defer ermen ment Gradu aduat ate Fello llowsh ship ip Progra ogram m Defer erme ment t In Schoo hool l At Least ast Half lf Time me Defer ermen ment (GRA RAD D SCHOOL HOOL in Septemb ember er??) ?) Inter ernsh ship ip/R /Resid iden ency Program m Defer erme ment t Peac ace Corps s Defer ermen ment Teac eacher her Shor ortag tage e Area ea Defer erme ment t Tempor orar ary Total tal Disabi ability lity Defer ermen ment Un Unemplo loyme ment t Defer ermen ment
LOAN AN FORGIVENESS IVENESS PROGRAM AMS S FOR DIR IREC ECT T STAF AFFOR ORD D LOAN AN AN AND PERKINS KINS • Loan forgiveness options may exist for certain career field, i.e. military, law enforcement, nursing, etc. but you should check with your future employer and professional websites for more details. • Sign up at the beginning because many will not retroactively include repayment amounts.
BOOKMARK KMARK NA NATIONA ONAL L STUD UDENT ENT LOAN N DATAB ABASE ASE WEBSITE SITE https tps://w ://www ww.n .nsl slds.e ds.ed.go d.gov/nslds_SA v/nslds_SA/ This s databa abase se will allow w you to log-in in at anyt ytime ime and d click k on your ur loans ns from om any y year ar and receiv ceive e conta ntact ct informa ormati tion on on the e cur urren ent t se servic vicer r for that t loan. n. The e Dept. t. of Ed Educ ucat ation ion has wor orked ed to streaml eamline ine studen udent t loans ns into o a comm mmon on servi vice cer based ed on social ial securi rity ty num umbe ber.
IMP MPORT ORTANT ANT TO O REME MEMBER MBER ADDRESS SS CHANGE GE Keep all lenders advis ised ed of any addres ress s chang nges. s. Changing anging your addr dress ss with h the univ iversit sity y does not ot updat ate e it with h lenders! Not ot receiving ving a bill is not ot a valid id reason n to not ot pay. . e.g., ., if your billing ng statements ments are going to a an old addr dress ss and you never see them, , you are still responsib sible e for paying ing your loan on time. e. On One wa way to resolve the inval alid id addres ess s problem m is to sign up for el r electron onic ic (email il) ) billing ing.
RECAP… Mus ust com omple lete e Ex Exit Coun unse seling ing for AL ALL L relevant ant loans ns by Monda nday, , May 16 th, 2016 If you u are in a f financi ancial al situa uati tion on where ere you u cann nnot t pay your ur loans ns for r a period iod of time, me, DO NOT IGNOR ORE E THE E BILL LLS! S! You u can apply for deferm erments ents or forbeara rbearanc nces es that t will tempora porari rily ly sus uspen end d the e paymen ents ts. . If you u ignore ore your ur loan, n, you u WILL LL end d up up in a def efaulted ed status s with h damage age to your ur credi edit. No penalt lty y for early y repayme yment nt Do not ot forge get t about ut the e Perki rkins ns Loan. an. Whi hile le most ost of your ur ot othe her r loans ns (Staf afford, d, Direct ect, , Wes Loan) an) go into o repaym ymen ent in SIX X mon onth ths, s, the e Perk rkins ins Loan oan has a NINE NE mon onth th grace ce period iod. .
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