Student Loan Information
NSLDS Student Access Web Site
www.nslds.ed.gov
What is NSLDS?
The National Student Loan Data System (NSLDS) is the U.S. Department of Education's central database for student aid. It receives data from schools, agencies that guaranty loans, the Direct Loan program, the Pell Grant program, and other U.S. Department of Education programs. NSLDS provides a centralized, integrated view of Title IV loans and Pell grants that are tracked through their entire cycle; from aid approval through closure.
What information is available to me through the NSLDS Student Access web site?
You can use the web site to make inquiries about your Title IV loans and/or Pell grants. The site displays information on loan and/or grant amounts, outstanding balances, loan statuses, and disbursements.
Paying Off Your Loans
When do I have to start repaying my student loans?
You are entitled to one 6-month grace period after you stop attending a school at least half time. During this grace period, the lender or loan servicer will contact you and tell you how much your payments will be and how to make them. If you go back to school, you can obtain a deferment so you do not have to continue payments.
Who should I mail my loan payments to?
Your lender or a loan servicer is responsible for billing and receipt of payments. Many times a lender will hire a company to perform the billing functions for its loans, and this company is referred to as a loan servicer. You can contact your lender or loan servicer for information.
Does the amount of principal and interest shown equal the payoff amount?
No. Due to reporting timeframes, the payoff amount can include other charges, fees, and/or costs on your account. You must contact the loan holder/servicer to obtain the payoff amount.
What happens if I don’t pay my student loan back?
Borrowers who default on their student loans are reported to credit bureaus, so your credit rating and future borrowing ability will be negatively impacted. In addition, legal action can be taken to require payment through garnishment of wages and withholding of tax refunds.
Contacts for Your Loans and Grants
Information available at www.nslds.ed.gov
Who do I contact if my lender or lender servicer has closed?
Who do I contact if the guaranty agency is closed?
Who do I contact if the school is closed?
Who do I contact if the wrong school is listed?
Who do I contact if my Pell grant information is incorrect?
It indicates that I should contact the Debt Collection Service. What is that?
Federal Student Aid Website
www.studentaid.ed.gov
Repaying
What you need to know about repaying student loans...
After you graduate, leave school, or drop below half-time enrollment, you have a period of time before you have to begin repayment. This “grace period” will be
- six months for a Federal (FFEL) or Direct Stafford Loan.
- nine months for Federal Perkins Loans
You have a choice of repayment plans if you received a FFEL or a Direct Loan. Federal Perkins Loans don't have repayment plan choices; you generally have up to 10 years to repay, however. Your monthly payment will depend on the size of your debt and the length of your repayment period. Click on the link Repaying Your Student Loans for explanations about available repayment options, including examples of monthly payments for different loan amounts, and other topics you need to consider when managing your loans.
Exit Counseling
Information available at www.studentaid.ed.gov
Default
If you default, it means you failed to make payments on your student loan according to the terms of your promissory note, the binding legal document you signed at the time you took out your loan. In other words, you failed to make your loan payments as scheduled. Your school, the financial institution that made or owns your loan, your loan guarantor, and the federal government all can take action to recover the money you owe. Here are some consequences of default:
- National credit bureaus can be notified of your default, which will harm your credit rating, making it hard to buy a car or a house.
- You would be ineligible for additional federal student aid if you decided to return to school.
- Loan payments can be deducted from your paycheck.
- State and federal income tax refunds can be withheld and applied toward the amount you owe.
- You will have to pay late fees and collection costs on top of what you already owe.
- You can be sued.
Obviously, you don’t want to let your loan go into default. However, should this happen, find out what options are available. Click on this site’s link called Guide for Defaulted Borrowers to find comprehensive information developed by the Department’s FSA Collections section. Clicking on various tabs within that publication will give you information about how to remove your loan from default, what to do if you have a dispute about your loan’s default status, and how to get answers to questions you might have.
Deferment Forms
www.dlssonline.com/defer/defer-list.asp
A deferment is a period in which repayment of the principal balance is postponed. During a deferment, if the loan is subsidized, the government pays the interest charged. For Direct Unsubsidized, PLUS, Unsubsidized Consolidation, and PLUS Consolidation Loans in deferment, you are responsible for the interest that accrues during the deferment period. If you have unsubsidized loans, when you re-enter repayment at the end of the deferment period, any unpaid interest capitalizes (is added to the principal balance). This site’s online Interest Capitalization Estimator can provide you an estimate of how much interest might capitalize at the end of your deferment. There are several deferment types. If you are not eligible for a deferment you may still be eligible for a forbearance.
Site provides a list of all types of deferments and loan forgiveness programs, links to download applicable forms, eligibility and instructions.
Continuing Education
For information on graduate schools, try the website www.allaboutgradschool.com. It is not all-inclusive, but it does have a lot of information about the GMAT, GRE, financial aid, job links, etc. Use the web search engines to identify scholarship opportunities, including the Jack Kent Cooke Foundation. Don’t forget to check with your college financial aid office.
Job Search Information
Try these websites to assist in your job search:
Many of these sites also provide assistance in building your resume to best showcase your education, experience and potential.
For an easy, fill-in-the-blank online resume form, try this site:
www.chr.ucla.edu/resume/resume-form.html
Remember, many companies post job openings on their company website, so if you have an idea about a company you would like to work form, check their site.
For example, for jobs at Progress Energy, try this web address:
http://www.progress-energy.com/aboutus/employment/index.asp
For jobs at Boeing, visit www.boeing.com and click on “Employment”
Check out the websites of companies in your area!
For teaching jobs, visit
www.nea.org
For health care/nursing jobs
www.nurseuniverse.com
www.nursingjobs.org
For Federal Government jobs, visit
http://www.usajobs.opm.gov/
For State Government jobs
http://www.ecoemploy.com/noindex/bysmap.html
Find out more about your chosen field at:
http://online.onetcenter.org/
Try these search engines to find more information on the web:
www.google.com
www.firefox.com
search.yahoo.com
Student Loan Information
NSLDS Student Access Web Site
www.nslds.ed.gov
What is NSLDS?
The National Student Loan Data System (NSLDS) is the U.S. Department of Education's central database for student aid. It receives data from schools, agencies that guaranty loans, the Direct Loan program, the Pell Grant program, and other U.S. Department of Education programs. NSLDS provides a centralized, integrated view of Title IV loans and Pell grants that are tracked through their entire cycle; from aid approval through closure.
What information is available to me through the NSLDS Student Access web site?
You can use the web site to make inquiries about your Title IV loans and/or Pell grants. The site displays information on loan and/or grant amounts, outstanding balances, loan statuses, and disbursements.
Paying Off Your Loans
When do I have to start repaying my student loans?
You are entitled to one 6-month grace period after you stop attending a school at least half time. During this grace period, the lender or loan servicer will contact you and tell you how much your payments will be and how to make them. If you go back to school, you can obtain a deferment so you do not have to continue payments.
Who should I mail my loan payments to?
Your lender or a loan servicer is responsible for billing and receipt of payments. Many times a lender will hire a company to perform the billing functions for its loans, and this company is referred to as a loan servicer. You can contact your lender or loan servicer for information.
Does the amount of principal and interest shown equal the payoff amount?
No. Due to reporting timeframes, the payoff amount can include other charges, fees, and/or costs on your account. You must contact the loan holder/servicer to obtain the payoff amount.
What happens if I don’t pay my student loan back?
Borrowers who default on their student loans are reported to credit bureaus, so your credit rating and future borrowing ability will be negatively impacted. In addition, legal action can be taken to require payment through garnishment of wages and withholding of tax refunds.
Contacts for Your Loans and Grants
Information available at www.nslds.ed.gov
Who do I contact if my lender or lender servicer has closed?
Who do I contact if the guaranty agency is closed?
Who do I contact if the school is closed?
Who do I contact if the wrong school is listed?
Who do I contact if my Pell grant information is incorrect?
It indicates that I should contact the Debt Collection Service. What is that?
Federal Student Aid Website
www.studentaid.ed.gov
Repaying
What you need to know about repaying student loans...
After you graduate, leave school, or drop below half-time enrollment, you have a period of time before you have to begin repayment. This “grace period” will be
- six months for a Federal (FFEL) or Direct Stafford Loan.
- nine months for Federal Perkins Loans
You have a choice of repayment plans if you received a FFEL or a Direct Loan. Federal Perkins Loans don't have repayment plan choices; you generally have up to 10 years to repay, however. Your monthly payment will depend on the size of your debt and the length of your repayment period. Click on the link Repaying Your Student Loans for explanations about available repayment options, including examples of monthly payments for different loan amounts, and other topics you need to consider when managing your loans.
Exit Counseling
Information available at www.studentaid.ed.gov
Default
If you default, it means you failed to make payments on your student loan according to the terms of your promissory note, the binding legal document you signed at the time you took out your loan. In other words, you failed to make your loan payments as scheduled. Your school, the financial institution that made or owns your loan, your loan guarantor, and the federal government all can take action to recover the money you owe. Here are some consequences of default:
- National credit bureaus can be notified of your default, which will harm your credit rating, making it hard to buy a car or a house.
- You would be ineligible for additional federal student aid if you decided to return to school.
- Loan payments can be deducted from your paycheck.
- State and federal income tax refunds can be withheld and applied toward the amount you owe.
- You will have to pay late fees and collection costs on top of what you already owe.
- You can be sued.
Obviously, you don’t want to let your loan go into default. However, should this happen, find out what options are available. Click on this site’s link called Guide for Defaulted Borrowers to find comprehensive information developed by the Department’s FSA Collections section. Clicking on various tabs within that publication will give you information about how to remove your loan from default, what to do if you have a dispute about your loan’s default status, and how to get answers to questions you might have.
Deferment Forms
www.dlssonline.com/defer/defer-list.asp
A deferment is a period in which repayment of the principal balance is postponed. During a deferment, if the loan is subsidized, the government pays the interest charged. For Direct Unsubsidized, PLUS, Unsubsidized Consolidation, and PLUS Consolidation Loans in deferment, you are responsible for the interest that accrues during the deferment period. If you have unsubsidized loans, when you re-enter repayment at the end of the deferment period, any unpaid interest capitalizes (is added to the principal balance). This site’s online Interest Capitalization Estimator can provide you an estimate of how much interest might capitalize at the end of your deferment. There are several deferment types. If you are not eligible for a deferment you may still be eligible for a forbearance.
Site provides a list of all types of deferments and loan forgiveness programs, links to download applicable forms, eligibility and instructions.
Continuing Education
For information on graduate schools, try the website www.allaboutgradschool.com. It is not all-inclusive, but it does have a lot of information about the GMAT, GRE, financial aid, job links, etc. Use the web search engines to identify scholarship opportunities, including the Jack Kent Cooke Foundation. Don’t forget to check with your college financial aid office.
Job Search Information
Try these websites to assist in your job search:
Many of these sites also provide assistance in building your resume to best showcase your education, experience and potential.
For an easy, fill-in-the-blank online resume form, try this site:
www.chr.ucla.edu/resume/resume-form.html
Remember, many companies post job openings on their company website, so if you have an idea about a company you would like to work form, check their site.
For example, for jobs at Progress Energy, try this web address:
http://www.progress-energy.com/aboutus/employment/index.asp
For jobs at Boeing, visit www.boeing.com and click on “Employment”
Check out the websites of companies in your area!
For teaching jobs, visit
www.nea.org
For health care/nursing jobs
www.nurseuniverse.com
www.nursingjobs.org
For Federal Government jobs, visit
http://www.usajobs.opm.gov/
For State Government jobs
http://www.ecoemploy.com/noindex/bysmap.html
Find out more about your chosen field at:
http://online.onetcenter.org/
Try these search engines to find more information on the web:
www.google.com
www.firefox.com
search.yahoo.com