Student Loan Management

Considering Higher Education

If you, or a loved one, is beginning to think about attending College, then they are also probably trying to decide how to finance their education. An important first step is to educate yourself about how the student loans function, which student loans you are eligible for and then which are actually appropriate to apply for. An important first step if you're interested in Federal Financial Aid is to complete the FAFSA, the Free Application for Federal Student Aid, you can do that here. Another step is to complete Entrance Loan Counseling, which you can do here. These resources will help you gain a better understanding of Federal Student Aid, along with finding out the Federal Aid you may be eligible for, we can help with the rest!

Approaching Graduation or Break In Enrollment

Whether you are getting ready to walk across the stage, or just need to take some time off school, it is important to understand how a change in enrollment can affect your student loans. The first step when approaching this time is to complete Exit Loan Counseling, which you can complete here. Another very important step is to update your Contact Information that is on file with your Federal Student Loans, you can do that here, no one likes signing up to receive bills, but it's important your loan servicers can get in touch with you, don't skip this step.

Graduated or Approaching End of Grace Period

It is important to understand what "Grace Period" means to you, as for some loans these periods may vary.  For most federal student loan types, after you graduate, leave school, or drop below half-time enrollment, you have a six-month grace period before you must begin making payments. This grace period is intended to give you time to get financially settled and to select your repayment plan, but it goes by quick! Not all federal student loans have a grace period. Note that for most loans, interest accrues during your grace period. It's important to use this time to make a plan for your repayment! The first step of planning your repayment is finding out who your loan servicer(s) are.

 To find out who your loan servicer is, call the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243. 

Currently In Repayment

If your loans are already in repayment that means that unless you proactively selected a repayment plan then you most likely have been assigned a repayment plan. Don't worry, the repayment plan is something that can be changed, at any time. A lot of people seem to be under the impression that the only way to lower their payment is through refinancing or consolidating their loans. Not only is consolidation not your only option, but it also can potentially negatively impact some of your loans, potential forgiveness, interest rates, or other benefits. We can discuss if consolidation is right for you and your loans!

Falling Behind & Need Help

Are your student loans getting away from you? Have you already tried deferments and forbearance periods - are you afraid every email from a loan servicer is a delinquency or default notice? We can help.

Even if this hasn't happened yet, let's get ahead of it. because when it comes to deferment and forbearance, there are two important things to consider:

• In most cases, interest will accrue during your period of deferment or forbearance (except in the case of certain forbearances, such as the one offered as a result of the COVID-19 national emergency). This means your balance will increase and you’ll pay more over the life of your loan.
• If you’re pursuing loan forgiveness, any period of deferment or forbearance likely will not count toward your forgiveness requirements. This means you’ll stop making progress toward forgiveness until you resume repayment.

We can help you find the path that's right for you!