UNDERST DERSTANDING NDING YOUR UR RIG IGHT HTS S AND RES - - PowerPoint PPT Presentation

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

• gram

am

IMPORT ORTANT ANT FE FEATURES TURES OF F THE PERKI KINS NS LOAN

9-month nth grace period

• d (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

• wed. 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,

• , 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

• lidation:

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

• an.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

• d (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

• an.com

n.com

WESLEYAN LOAN CONT…

Not

• t eligib

gible for consoli

• lidati

dation n (re: inst stituti utiona nal loan not

• t 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

• n

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,

• ol,

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

• ne paymen

ments ts, extend end the e timefr meframe ame for r maki king ng mon

• nth

thly ly paymen ments ts, or reduce ce the e amount nt of mon

• nth

thly ly paymen ments ts on a sh shor

• rt-term

rm basis.

• sis. Int

ntere erest t conti ntinue ues to accru rue during ring a forbea rbearan rance ce.

Amer eric icor

• rps (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

• nomic Hardsh

dship ip Defer ermen ment Gradu aduat ate Fello llowsh ship ip Progra

• gram

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

• rtag

tage e Area ea Defer erme ment t Tempor

• rar

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

• m any

y year ar and receiv ceive e conta ntact ct informa

• rmati

tion

• n 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

• rked

ed to streaml eamline ine studen udent t loans ns into

• a comm

mmon

• n 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

• t updat

ate e it with h lenders! Not

• t receiving

ving a bill is not

• t a valid

id reason n to not

• t 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

• nic

ic (email il) ) billing ing.

RECAP…

Mus ust com

• mple

lete e Ex Exit Coun unse seling ing for AL ALL L relevant ant loans ns by Monda nday, , May 16th, 2016 If you u are in a f financi ancial al situa uati tion

• n 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

• re 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

• t forge

get t about ut the e Perki rkins ns Loan.

• an. Whi

hile le most

• st of your

ur ot

• the

her r loans ns (Staf afford, d, Direct ect, , Wes Loan) an) go into

• repaym

ymen ent in SIX X mon

• nth

ths, s, the e Perk rkins ins Loan

• an has a NINE

NE mon

• nth

th grace ce period iod. .

FINAL FINANCIAL AID AND STUDENT ACCOUNTS “TO-DOS”…

1) Complet lete e Requ quire red d Exit t Counse nseli ling ng by ( (Monda day) y) May 16, 2016 2) Set ettl tle e your Stude udent nt Ac Account nt bill Ho Hold will l be p placed d on Trans nscri ript pt if f 1 & 2 are not

• t done

IMPORTANT LINKS:

www.mycampus pusloan.c

• an.com;

; Cust stomer er Servi vice Number: r: 1-800 00-334 334-8609 8609 https tps://l //loan anconso

• nsolida

dati tion.

• n.ed.

ed.go gov/ v/AppEntr AppEntry/appl /apply-onli nline/app appinde ndex. x.jsp#ski sp#skipna pnav More helpful pful links nks: Financial tips: www.bankkrate.com Career planning, services, etc: www.students.gov Free credit reports: www.annualcreditreport.com Credit scores: www.myfico.com & www.creditkarma.co

THANK YOU FOR YOUR ATTENTION & CONGRATULATIONS!!!!

Any qu questio stions ns, please se contact ct Stude udent nt Ac Accounts nts Office ce: Hriss ssi Haldezo zos, x2823 3 hhalde dezo zos@w s@wesl esleyan.ed n.edu Fina nanci ncial Aid Office ce: Jacki kie Outlaw, x3320, 0, joutlaw@w @wesl esleyan.ed n.edu Margaret ret Neale, x2862, 2, mneale@w @wesl esleya yan. n.edu edu