Loan Exit Counseling – a counseling session similar to loan entrance counseling which is designed to prepare graduating students for loan repayment. Grace Period – begins when you graduate or drop below half time enrollment. During this time, no payments are required. Repayment Period – the amount of time you have to pay off your loan. Deferment – A period during repayment in which the borrower is not required to make payments of loan principal.
Dates & Deadlines
6 months – the length of the grace period for Stafford loans 9 months – the length of the grace period for Perkins loans 10 years – the standard repayment term for student loans
Forbearance – The period during which a borrower is permitted to temporarily cease making payments or reduce the amount of the payments. The borrower is responsible for the interest that accrues on the loan during the forbearance period.
Consolidation – combining two or more loans, usually resulting in a smaller monthly payment and a longer repayment period. Loan Forgiveness – the cancellation of all or part of a loan in exchange for some type of service (volunteer work, military service, teaching, or practicing medicine).
Useful Links Campus Contacts
Office of Student Financial Aid and Scholarships 520-621-1858 https://financialaid.arizona.edu/ firstname.lastname@example.org Bursar’s Office 520-621-3232 http://www.bursar.arizona.edu/ http://www.bursar.arizona.edu/ office/e-mail/e-mail.asp Exit Counseling https://financialaid.arizona.edu/loans/exit/ Provides a link to both types of exit counseling: one is for Stafford loans and the other is for Perkins, Health Professions, Nursing, Loans for the Deaf and Blind, MANN, ASUA, ARMA, or Dougherty Loan. NSLDS http://www.NSLDS.ed.gov/ If you need a listing of all your Title IV loans to complete exit counseling, or even just for your own information, you can find it here. Loan Forgiveness http://www.finaid.org/loans/forgiveness.phtml Learn more about loan forgiveness options.
Finaid.org Repayment Calculator http://www.finaid.org/calculators/loanpayments.phtml Use this loan repayment calculator to help determine how much your monthly loan payment will be.
Consolidation Questions? https://financialaid.arizona.edu/loans/exit/ Learn more about consolidation including pros vs. cons and other important things to consider. Need to contact your lender? https://financialaid.arizona.edu/loans/steps/Lender_Addresses.aspx If you need to contact your UA lender(s), their address and phone numbers are listed here.
Financial Aid Tips
Keep any paperwork your lender sends you about your loans in one place. This way you will know exactly how much you owe and to which lenders when it comes time to repay. Complete exit counseling on time! If you have a Perkins loan or other special program loan, your transcripts and diploma will be put on hold until you complete it. Once you graduate, make sure to keep your lender(s) updated with your new address and other contact information. Remember, you’re still responsible for your payments even if the bill is sent to your old address! If you are considering consolidating your loans, be sure to contact lenders to compare their consolidate rates and benefits. Don’t miss payments! Paying on time, every time will build good credit, but missing payments will quickly damage your credit. If you are excessively late, you will go into default, which is especially damaging to your credit rating. If you’re having trouble paying, talk to your lender right away about deferment and forbearance options. If you are able to make your payments on time but you have many loans with several lenders, you may want to consider consolidating to make things simpler. Discuss this option with your lender first, as it will impact your interest rate and repayment term. Whenever you can, pay more than the minimum. This will shorten your total repayment and save you lots of money in interest charges.
See http://studentaid.ed.gov/guide/ for the online version of Funding Education Beyond High School: The Guide to Federal Student Aid. This resource isn’t just for beginners, it has lots of information on loan repayment too!