You can download a PDF file of the PowerPoint slides from this workshop. It will help you make decisions about loan consolidation, choosing the best repayment plan for you, and healing a loan that is in default.
General resources
These are your “go-to” sources for information about student loans. Use the search tools to find answers to your questions.
- https://studentaid.ed.gov/ to find answers to almost anything related to Federal student loans.
- https://studentloans.gov to take action on your loans, such as consolidating, applying for an income-driven repayment plan, or locating forms.
What Type of Loans Do I Have?
- All of your Federal loans will be listed in the National Student Loan Data System https://www.nslds.ed.gov.
- Enter your username and password and select LOG IN if you already have an FSA ID. If you do not have an FSA ID, select the Create An FSA ID tab.
- For each loan, you will see the type of loan, the amount, the date of the loan, how much money you received, how much of that amount is still owed, and any unpaid (outstanding) interest. Click on the # by each loan to see additional details, including the name and contact information for your loan servicer and lender, and the current and previous statuses of your loan
- Learn about interest on federal student loans at https://studentaid.ed.gov/sa/types/loans/interest-rates#older-rates
- If additional loans appear on your credit report, those will be private loans. Check your report from all three major credit reporting agencies at annualcreditreport.com/
Private Loans
- General information: https://loans.usnews.com/student-loans
- Managing private loans during repayment: https://www.thebalance.com/managing-private-student-loans-316296 (note: this site contains ads, but they claim that their information is unbiased)
Perkins Loans
Parent PLUS loans
- PLUS loans made to parents have different rules than other student loans. Learn more at https://blog.ed.gov/2016/08/plus-loan-basics-parents/
Comparing Repayment Plans
- For an overview of the various repayment plans, scroll down to the chart at https://studentaid.ed.gov/sa/repay-loans/understand/plans
- Use the Repayment Estimator to compare the monthly payments & interest you will pay for each plan at https://studentloans.gov/myDirectLoan/mobile/repayment/repaymentEstimator.action.
- Log in with your FSA info to use actual loan info or click Proceed to enter loan info manually or use national averages.
- Click each loan to see the plans for which it qualifies. Switch the loan type to “Consolidated” to see if that gives you more options.
- This page is designed for borrowers who have not yet made payments on their loans. If you are already making payments on your loans, your loan servicer should be able to give you more correct, current information about your options.
- Repay Student Debt, an interactive tool from the Consumer Financial Protection Bureau, will show you what payment options you have and point you to additional sources of information based on your answer. http://www.consumerfinance.gov/paying-for-college/repay-student-debt/
- The PDF file, Repaying Your Loans, is a concise guide to many of the things you need to know about repaying student loans, including a thorough outline of the differences among the repayment plans: https://studentaid.ed.gov/sa/sites/default/files/repaying-your-loans.pdf
- Get detailed information and read FAQs about income-driven repayment plans at
Loan Consolidation
- Learn the pros and cons and other facts about Federal loan consolidation at https://studentaid.ed.gov/sa/repay-loans/consolidation.
Deferment and Forbearance
- You may get temporary relief when you’re unable to make your student loan payments by requesting a Deferment or a Forbearance: https://studentaid.ed.gov/sa/repay-loans/deferment-forbearance
Difficulty making loan payments
- This graphic will point you to the options available, depending on your situation: https://studentaid.ed.gov/sa/sites/default/files/trouble-paying-graphic.pdf
Loan forgiveness, discharge, and cancellation
- Get an overview of the different ways that student loans can be forgiven, discharged, or cancelled at https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/
- For specifics about various programs, use these links:
- Public Service Loan Forgiveness https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service
- Temporary Expanded Public Service Loan Forgiveness for loans that do not generally qualify https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service/temporary-expanded-public-service-loan-forgiveness
- Teacher Loan Forgiveness program https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/teacher
- Federal Perkins Loan Cancellation https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/perkins
- Public Service Loan Forgiveness https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service
