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Slide 2 Step 1: Loan portfolio Federal loans at www.NSLDS.ed.gov*www.NSLDS.ed.gov Information on loan servicers One servicer for federally owned loans ECSI servicer for campus-based loans** Interest rates vary*** Grace periods vary by loan You only get Grace period once See school or credit report for other loans * Stafford, Grad PLUS, Perkins, Federal Consolidation Loans ** Perkins and Institutional *** By loan type and for Stafford and Grad PLUS, disbursement date Slide 3 Sample loan portfolio Federal Stafford Subsidized* and Unsubsidized Rates from 5.41% to 6.8%** 6 month Grace Federal Perkins 5% fixed rate, 9 month Grace period School of Medicine Institutional Loan 7% fixed rate, 36 month Grace period * No more Subsidized Stafford for GP students as of July 1, 2012 ** 6.8% M1 and M2 years, 5.41% M3 year, 6.21% current rate M4 year Slide 4 Perkins options Make regularly scheduled payments starting in early 2016 Standard 10 year repayment Be sure to include in monthly budget Consolidate Perkins into DCL* Perkins is gone (no additional payment) Becomes Direct Loan balance and thus eligible for repayment under IBR or PAYE and PSLF (assuming eligibility requirements met) * Direct Consolidation Loan program at www.StudentLoans.govwww.StudentLoans.gov Slide 5 Step 2: Repay objectives Protect cash, maximize cash flow Postpone payments, PAYE or IBR Reduce impact of interest accrual and capitalization Aggressive payment whenever possible Maximize potential help through Public Service Loan Forgiveness (PSLF) PAYE or IBR with no additional payments