Loan Repayment for May and August Graduates

Financial Aid Exit Counseling

Federal regulations require all graduating students that borrowed either a federal Direct subsidized or unsubsidized Stafford loan & Grad Plus loan to complete the Exit Counseling upon graduation or withdrawing from the law program or dropping below 6 hours of enrollment in any semester.  This can be done on line at Sub/Unsub/Grad Plus Exit Counseling.

Failure to complete the online exit counseling can cause a stop to be placed on your record which will prevent your grades from posting and delay your diploma.  Be sure to complete this by May 31, 2018. Be sure to print/save any confirmation notices for your records.

Helpful Information and Links as You Prepare for Repayment:
Students can view all federal loans (sub/unsub/grad plus/Perkins) at The National Student Loan Data System (NSLDS).  This is the U.S. Department of Education's (ED's) central database for student aid.  Loan information will be listed such as the servicer, lender, interest rate, dates and amount of each loan, etc.  NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Department of ED programs.  NSLDS Student Access provides a centralized, integrated view of all federal loans.  The student’s PIN is the same as when filing a FAFSA.

The consequences of defaulting (failing to pay according to your loan contract) on a federal student loan are severe and long lasting. For example, you may not be able to renew your law license or you may not be able to buy a car or home, or your federal income tax refund could be applied to your student loan balance instead of being refunded to you.  It is the responsibility of the student to stay in contact with the holder of their federal loan and to make payments on time to prevent default.  Billing statements are sent to you as a convenience, but you have to make payments even if you don’t receive any reminders.

Repayment Options for Your Federal Student Loans Department of Education - Information you need to manage repayment of your federal student loans. Student contact number 800-848-0979

Public Service Loan Forgiveness

The Smart Student Guide to Financial Aid

Texas Access to Justice Repayment Assistance Program

Some additional information can be found at the following links.

ConsolidationYou must consolidate with the Direct Loan Program through the Department of Education (ED). Carefully consider whether loan consolidation is the best option for you. Consider the impact of losing any borrower benefits offered with the original loans. Once you consolidate you will go into immediate repayment.  If you decide to consolidate I would encourage you to start this process in mid to late May 2014 to be sure you use your grace period. Student contact number 800-557-7392.

Ombudsmen - Dedicated to helping resolve disputes related to Direct Loans, Federal Family Education Loan (FFEL) Program loans, Guaranteed Student Loans, and Perkins Loan. Student contact number 877-557-2575.

 

Loan Repayment Resources:
With graduation just a few months away, make sure you know about the resources to help you create a loan repayment strategy that works for your individual circumstances: