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Financial Aid: I’m Graduating! What’s Next?

First of all, congratulations Graduate! Now, as you leave school, your life will take on new directions in the form of opportunities, challenges, and responsibilities. One very important responsibility you will face is the task of repaying your student loan.

Step 1: Complete Exit Counseling!

Exit Loan Counseling will assist you in understanding your repayment rights and responsibilities, options for repayment, and debt management skills.

To complete Exit Loan Counseling visit studentloans.gov. As a previous student loan recipient, you are required by the Federal Department of Education to complete Exit Loan Counseling. You will need your Federal PIN to complete Exit Counseling. If you do not remember your Federal PIN, please visit www.pin.ed.gov to request a duplicate.

Once you have completed this Federal requirement, print out a copy of your confirmation page to keep in your personal financial aid file. We will place a hold on the transcripts of
all students who have not completed Exit Loan Counseling.

Step 2: Manage Your Money

To successfully repay your student loan, you must take control of your finances. The results will bring you peace of mind and help ensure your financial freedom in the future. More information about managing your money is available on Adventures in Education at www.AIE.org.

To begin, get organized. Assemble all of your loan and other financial documents in one place. Review all the documents to make sure you understand your financial obligations. Then, develop a budget. To assist you, please utilize the Budget Worksheet . After you have completed the worksheet, it is important to estimate your loan payments. Your lender will send you information about your student loan payments before you begin repayment. An online payment calculator is available on Adventures in Education (www.AIE.org) in the "College Student" section. The Office of Financial Aid can provide you with the amount of your loan indebtedness or you may visit the National Student Loan Data System at www.nslds.ed.gov.

Step 3: Repaying Your Student Loan

When you first borrowed your federal Direct loan, you signed or e-signed a legal document—the Master Promissory Note (MPN)—which established your obligation to repay that loan and, in certain cases, future loans. You may have signed or e-signed only one MPN for all of the loans you borrowed. Repayment guidelines for your MPN include:

Grace Period: Federal Direct loans have a grace period. Your grace period is a transition period that allows you to prepare for the repayment of your loan. As a Federal Direct loan borrower, your grace period begins when you drop below half-time enrollment at your school and is usually six months. If you have a subsidized loan, interest will not accrue during your grace period, but if you have an unsubsidized loan, interest will continue to accrue during your grace period.

Deferment or Forbearance: If repayment becomes difficult, a deferment or forbearance allows you to temporarily suspend loan payments or make smaller payments. To find out if you qualify for this option, contact your lender for assistance.

Consolidation: Loan consolidation helps some borrowers meet their responsibilities by lowering the amount of their monthly payments while extending the time of repayment. However, not all borrowers are eligible for consolidation, and some borrowers do not benefit from consolidation. To find out if you qualify for consolidation, contact your lender for assistance of visit Texas Guarantee's Consolidation Station at www.ConsolidationStation.org.

Step 4: Avoiding Default

Given the number of repayment options available to you, you should be able to maintain a good repayment record and avoid default. Of course, during repayment of your loan, circumstances can occur that may make it difficult for you to make your payments.

If you miss a payment, you should contact your lender immediately to explore any possible solutions to your situation. Otherwise, consequences of default may include:

All of this can be avoided if you remember these five simple steps for preventing defaults:

  1. Understand your obligations and options.
  2. Develop a sound, realistic financial plan and follow it.
  3. Stay in contact with your lender or servicer.
  4. Make your payments on time, or make special arrangements.
  5. Keep copies of all correspondence, cancelled checks, and any forms you sign.

If you experience difficulties repaying your student loan, contact TG Default Prevention at 800.530.0140, or send an e-mail message to prevent.default@tgslc.org.

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