loan repayment strategies estimating your monthly student loan payments module 5 tulane university...
TRANSCRIPT
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Loan Repayment Strategies
Estimating Your Monthly StudentLoan Payments
Module 5
Tulane UniversityJeffrey HansonEducation Services
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2 Doing the math!
How much will you have to pay each month?
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Estimate Your Monthly Payment “Repayment Estimator” at: StudentLoans.gov
To “log in,” enter:•FSA ID*•Password
*ED has switched from using a PIN to a new FSA ID and password – you can create your new FSA ID and password when you sign in to StudentLoans.gov
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Estimate Your Monthly Payment “Repayment Estimator” at: StudentLoans.gov
Click on: “Repayment Estimator” to use the calculator
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Enter needed information5
For income driven (IDR) plans, enter:•Tax filing status•Adjusted gross income, household size and state of residence
Also can:•Add loans•Apply for Direct Consolidation Loan•Apply for IDR plan•Email results
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Sample Payment EstimatesFederal Student Loan Debt = $100,000 (Weighted average interest rate = 6.6%)
Household AGI = $35,000 (Household Size = 1; State = LA)(Estimates calculated using “Repayment Estimator” at: StudentLoans.gov)
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Sample Payment EstimatesFederal Student Loan Debt = $100,000 (Weighted average interest rate = 6.6%)
Household AGI = $35,000 (Household Size = 1; State = LA)(Estimates calculated using “Repayment Estimator” at: StudentLoans.gov)
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Choosing Your Federal Student Loan Payment Plan
Why? Your loans will be put on the Standard (10-year fixed) Plan if
you fail to notify servicer of desired plan
When? 30 days prior to start of repayment
How? Notify your loan servicer (e.g., online or by phone) Apply for an income-driven plan at: StudentLoans.gov
What if you need to change plans? Contact your loan servicer
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For more information …
Contact your loan servicer(s)
Online resources: Federal student loans: StudentAid.gov
Federal student loan repayment: StudentLoans.gov
“Repayment Estimator”: StudentLoans.gov
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Opportunities tolearn more …
Understanding the Unique Nature of Federal Student Loans
Planning for Student Loan Repayment
Exploring the Student Loan Repayment Plans
Understanding the Income-Driven Repayment Plans
Taking Stock of Your Student Loan Portfolio
Developing Your Student Loan Repayment Timeline
Choosing Your Student Loan Payment Plan
Understanding Student Loan Consolidation
Public Service Loan Forgiveness
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Check out all the loan repayment modules:
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Be strategic:Take Charge ofLoan Repayment!
Jeffrey HansonEducation Services
Tulane University