|
Finding the right repayment plan to successfully pay off your student loan(s) is a big decision. With all the technical language used, even understanding the terms of your loan can lead to confusion. GCU's Financial Literacy Program is here to offer you support from the time you graduate through the life of the loan. |
GCU has partnered with TGTM Texas Guaranteed Student Loan Corporation where you can create an account and complete financial literacy modules including:
Setting Goals, Credit Basics and Monitoring Spending.
Cick here to learn more
It is important to select a repayment plan that fits your financial situation.
Learn About Repayment Plans
Loan Repayment Estimates
Congratulations! You Got Grace!
You made it!
All the time and money you have put into your education has finally paid off! You have graduated!
Now as a bonus... You got Grace!
What is Grace?
Grace is the 6-month period of time the government gives you to prepare for repayment after you graduate or drop below half-time status. During grace no payment is necessary! Instead, during this time you should:
Here's how you do it:
1) Determine how many federal loans you have - and which have grace periods.
To determine this, go to the National Student Loan Data System or NSLDS at nslds.ed.gov. NSLDS provides a one-stop shop of all your Title IV loans and grants. Here you will be able to see all the servicer information, interest rates and balance of each loan. When you are searching your loan portfolio, look out for older loans that may be in an in-school deferment status. If you requested the in-school deferment on a loan that already has used a grace period, you do not get another grace period. You are responsible for immediate repayment. In addition, there is no grace period for Direct PLUS loans. If you need a postponement of payment option on these loans, contact your servicer.
2) Explore your repayment options
There are many different repayment plans that the government offers to make sure that you have a payment you can afford. Go to the student loan repayment calculator at http://www2.ed.gov/offices/OSFAP/DirectLoan/calc.html and see what repayment plan best suits you and your circumstances. If you don't choose a repayment plan, you will be automatically entered into the standard repayment plan, which usually offers the highest payment, but the shortest pay off time and the lowest interest. However, you can change your repayment plan at any time to better fit your budget.
3) Figure out to whom you send payments
Once on the NSLDS website, find your servicer information and give them a call. Find out a mailing address or ask about making electronic payments. Be aware that loans are often sold and shifted around to other servicers. If you have too many servicers and are unsure how you can manage so many bills, consider consolidating your multiple loans into one loan. If you are interested in this, go to loanconsolidation.ed.gov. Check NSLDS routinely and always make sure you always know who your servicer is.
4) Clarify when you have to start paying back your loan.
Your servicer is your friend. Contact them and confirm when you are to start repaying your loan. You may choose to start making payments before your grace period ends. If this is the case, this is great! You will lower your overall balance and maybe even shorten the length of your loan.
The above information is provided by http://www.nelnet.com/In-Grace and http://www.direct.ed.gov/leaving.html.
