Everyone’s situation is different. Choose the right one for YOU!
| Repayment Options: |
| • Standard – 10 years |
| • Extended |
| 12 to 30 years |
| $50 minimum payment |
| • Graduated |
| 12 to 30 years |
| Payment increases every two years |
| • IBR: Income Based Repayment |
| Amount and term based on income as verified with the IRS or acceptable alternative documentation. If loan balance remains unpaid after 25 years, balance is forgiven. |
Regardless what type of loan you have, repayment of your loan is IMPORTANT. You have many options to align your loans to better suit your needs, and to default on a loan has a negative impact on your credit, the lender and your school.
When you default on a loan, in addition to adverse credit history, you risk the inability to re-new licensure, and are subject to possible wage garnishment. Any tax refund is also subject to seizure by the Department of Education.
If you have any questions, need additional clarification, please contact your lender, or the school in which you received the loans, including us.
Resources Through Your Servicer
Through your servicer you can find information on deferments, forbearances, and cancellations, as well as information on consolidations of loans and any new program you may be eligible to receive. You can download forms from this website, and access your account information and make payments with some of the servicers.
Deferment
Under certain circumstances, a borrower is entitled to have the repayment of a loan deferred. During deferment, the borrower is not required to pay loan principal and interest does not accrue. After each deferment, the borrower is entitled to a post-deferment grace period of six consecutive months.
Forbearance
Forbearance is usually a temporary postponement of payments. The borrower may alternatively request an extension of time allowed for making payments or the acceptance of smaller payments than were previously scheduled.
Consolidation:
The process of repaying an existing loan account with a new loan. Generally, the borrower combines multiple loans into one new loan.
Caution is given when you consider the consolidation option, as it may cost you more in interest charges. Look at each loan and determine its current interest rate. If you have undergraduate loans, they may be less than graduate loans. Resources listed below have various estimators and calculators for your assistance.
Other resources you may find helpful:
www.2020green.com
This interactive website contains information on understanding finances. It covers everything from opening a checking account to paying taxes to buying stock and contains links to other helpful websites.
www.USAFunds.org
USA Funds® is a nonprofit corporation that works to enhance postsecondary education preparedness, access and success by providing and supporting financial and other valued services.
www.annualcreditreport.com - Free credit report