Once the requirements are complete for your law degree, it is time to start thinking about repayment. All students that received a federal loan must complete an exit counseling/interview. Failure to do so could cause a stop to be placed on your record which will prevent grades from posting and delay your diploma. Those can be completed on line at:
Stafford & Grad Plus loans exit counseling
Perkins loans exit interview
Understanding your loan agreement, staying on top of your loan information, and making sure to contact your loan servicer if you are having trouble making payments can help you avoid default. Remember, federal student loans are real loans and must be repaid. Understanding the repayment process for your federal student loans can go a long way toward building a solid financial foundation.
NEVER ignore delinquency or default notices from your loan servicer. If you don’t make your monthly loan payments, you will become delinquent on your student loan and risk going into default. A deferment or forbearance is available and it will allow you to temporarily postpone making your federal student loan payments or to temporarily reduce the amount you pay. Contact your servicer immediately if you are having trouble making payments or won't be able to pay on time.
You can view all of your federal loan information (Perkins, Stafford and Grad Plus loans) on line at The National Student Loan Data System (NSLDS). Your PIN is the same as when you file your FAFSA. Private loans will not be reported to NSLDS.
You have a choice of several repayment plans that are designed to meet your needs. The amount you pay and the length of time to repay your loans will vary depending on the repayment plan you choose.
Standard Repayment Plan
Graduated Repayment Plan
Extended Repayment Plan
Revised Pay as You Earn (REPAYE)
Pay As You Earn Repayment Plan (PAYE)
Income Based Repayment Plan (IBR)
Income Contingent Repayment Plan (ICR)
Income Sensitive Repayment Plan (ISR)
Selecting the repayment plan that meets your needs requires the right strategy. Access Group can help you create your strategy, explain the different federal repayment plans, discuss loan consolidation and more. Read online or download the pdf for later.
Helpful Information and Links as You Prepare for Repayment:
Public Service Loan Forgiveness - Fedloan Servicer
Loan Calculator (US Department of Education)
Loan Calculator (Access Group)
How to Survive Financial Aid After Graduation - Student Repayment Strategies
Texas Access to Justice Commission - Student Loan Assistance for Legal Aid Attorneys
University of Houston Law Center
Financial Aid & Scholarship Office
4604 Calhoun Road
Houston, Texas 77204-6060
School code 003652