Live Life Smart - Guide Helpful Tips To Manage Your Student Loans - Financial Aid | Creighton University
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Live
Life
Smart
Guide
Helpful Tips To Manage
Your Student Loans
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EDUCATION LOAN
SERVICINGTable Of Contents
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
The Life of a Student Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Financial Literacy
Managing Your Money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Set Your Financial Goals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Budget Worksheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Strategies to Save Money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Credit Card Tips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
How to Avoid Identity Theft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Loan Repayment
Federal Student Loan Programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
10 Things You Should Know About Student Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Student Loan Repayment Plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16
Income-Driven Repayment Plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18
Loan Repayment Estimates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Student Loan Terms to Know . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Default Management
How to Avoid Delinquency and Default on Your Student Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Trouble Making Payments? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Four Easy Ways to Avoid Delinquency or Default on Your Student Loan . . . . . . . . . . . . . . . . . . . . 33
Leaving School
Get Ready for Repayment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Servicer Contact Info . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Entrance and Exit Counseling . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
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EDUCATION LOAN
SERVICINGIntroduction
Congratulations! A higher education can significantly boost your earning potential. However, balancing your educational
goals with good borrowing decisions is key to a healthy financial future. With careful financial planning and a completed
education, you’ll be well on your way to success.
When you borrow federal student loans, you have six months (a loan’s grace period) from the time you graduate or drop
below half-time student status until you are required to start making payments (repayment). Nelnet is one of the federal
student loan servicers who may process your payments and answer your questions on behalf of the Department of
Education. (Note: Some types of loans, such as PLUS Loans, do not include a grace period.)
What to Do and Expect:
• Use this document to learn about how to set a budget, pick a repayment plan, and more.
• If Nelnet is one of your servicers, create or log in to your account at Nelnet.com to update your contact information
and see due dates, payment amounts, and repayment options.
• Review the Disclosure of Repayment Schedule you’ll receive halfway through your loan’s grace period (this is not a
bill; it contains details about your federal student loans).
• Get the details on all of your student loans (loans with Nelnet and with other servicers) online through the
Department of Education’s National Student Loan Data System (NSLDS) at nslds.ed.gov. You will need your FSA ID
to access the site; you can find your FSA ID at fsaid.ed.gov.
• Review your student loan billing statement(s). If Nelnet is one of your servicers, your Nelnet billing statement will
arrive about three weeks before your first payment is due. You can choose to receive electronic or paper statements
at Nelnet.com.
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EDUCATION LOAN
SERVICING
3The Life of a Student Loan
When you go to college, you may be unsure of what a “loan servicer” is or why you need to fill out
the FAFSA® – and that’s OK. Below is an overview of what to know about borrowing money for school.
STEP 1: PLANNING FOR SCHOOL STEP 2: THE AWARDING PROCESS
If, in addition to scholarships and Based on your FAFSA, your school’s
grants, you need Federal Student financial aid office will decide how
Aid to help pay for college, you will much aid to award you, and the
have to fill out the Free Application Department of Education will then
for Federal Student Aid (FAFSA) at disburse these funds.
www.fafsa.gov.
GR
GRAN
ANTT When funds are disbursed, they will
be sent directly to your school to
cover educational costs.
GO V $$
FAFSA.
STEP 3: WHILE YOU’RE IN SCHOOL
A C
B D
If federal student loans are part of your
award, the Department of Education will
VICERS assign you a student loan servicer after
LOAN SER they are disbursed.
Loan servicers are here to help you
manage your student loans, from
disbursement to payoff. To learn more
about the life of your loans, visit
Nelnet.com/Stages-Of-A-Student-Loan.
STEP 4: AFTER SCHOOL AND BEYOND Throughout your
repayment period, your
When you graduate or leave school, student loan servicer
you are not required to make will help you choose
the repayment plan
payments on your federal student SIX MONTHS that’s right for you.
loans for six months. However, you
can choose to pay ahead; this will
help reduce your overall balance. Whether you have
questions about your
loans or are struggling
to make payments, let
your servicer know –
we’re here to help!
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EDUCATION LOAN
SERVICING
4Financial
Literacy
Resources and tips to help you
get (and stay) financially stable
Financial Literacy training is also available on
Nelnet.com via our Money Mondays webinarsManaging Your Money
Nine Tips to Achieving Financial Wellness
1. Know where your money goes 6. Plan for retirement
Be aware of how you are spending your money. A Take advantage of interest and market upturns by
$4 cup of coffee five days a week costs you saving for retirement early. Often your employer will
$80/month. Review some of the items you spend help you save for retirement with a 401(k) plan. You
your money on to find areas where cutting back can can also benefit from pre-tax contributions using this
move your savings account forward. method of retirement savings.
2. Develop a budget 7. Get tax advice
Plan for your expenditures by developing a budget If you have circumstances that create tax dilemmas
and live within your means based on your monthly (e.g., self-employed, own and/or lease property, etc.),
income. Make adjustments to remain within your make sure to seek tax advice from a professional for
budget and don’t use a credit card to cover a the best outcome.
shortfall or unnecessary purchases.
8. Protect your credit
3. Include savings in your budget You have the right to pull a free credit report from
Pay yourself first. Treat your savings account each reporting bureau once per year by going online
like any other monthly bill by making a monthly to AnnualCreditReport.com. Keep in mind that
payment toward it. late payments will adversely impact your credit, as
will a failure to pay. You should immediately report
4. Plan for major purchases any credit issues or discrepancies to the reporting
Adjust your budget accordingly to build savings bureau. Use your credit wisely and ensure your
for your next major purchase without using credit. reports are accurate.
5. Save for emergencies 9. Keep good financial records
A good rule of thumb is to have a minimum of Utilize online tools as well as paper copies of receipts
six months of salary available in your savings to keep records of your pay stubs, banking information,
account. While this goal will take time to achieve, taxes, insurance, and other documents important to
it is important to strive for it so you’re prepared your financial situation.
for most unexpected emergencies.
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EDUCATION LOAN
SERVICING
6Set Your Financial Goals
Healthy financial habits start by setting sound financial goals. Develop a realistic path to achieving your goals by
filling in the chart below.
General Information
Monthly Household Net Income: Number of Dependents:
Monthly Necessary Expenses: Your Age:
Amount Remaining to Save for Goals: Expected Graduation Date:
Identify goals, cost, timeline, savings method, and anticipated rate of return.
Set your goals Goal #1: Goal #2: Goal #3:
Total cost of each goal
Current funds available
Time needed to achieve each goal
Monthly contribution to achieve goal
Funding source for monthly contribution
Method for saving/investing for goal
Expected interest rate/rate of return
There could be risks that might keep you from reaching your goals.
In many cases, insurance can help protect against these risks.
Risks: Identify risks below that could keep Types of Insurance with Monthly Cost
you from reaching your goals and then check
the boxes for any insurance you have that can Life Health Disability Auto Home/Renters
protect you from each risk. $ $ $ $ $ $
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EDUCATION LOAN
SERVICING
7Budget Worksheet
It’s easy to prepare a budget. Common categories are included in this worksheet – just fill in the amount you typically spend
in the budget column. Use the actual column to record spending to see if your budget is on target or needs to be adjusted.
Check your bill statements and receipts for the most accurate numbers.
Monthly Expenses Budget Actual Monthly Expenses Budget Actual
Deductions Personal and Health
Savings (to be set aside) $ $ Clothing $ $
Child Support/Alimony $ $ Toiletries/Care Products $ $
Other: $ $ Haircuts $ $
Housing Monthly Dues/Fees $ $
Rent/Mortgage Payment $ $ Insurance (Health, Life) $ $
Utilities (Gas, Water, Electric) $ $ Doctor/Dentist Visits $ $
Home Insurance and Taxes $ $ Prescriptions/OTC Drugs $ $
HOA Fees $ $ Laundry/Dry Cleaning $ $
Cable $ $ Other: $ $
Internet $ $ Education
Phone $ $ Tuition $ $
Other: $ $ Books/Fees $ $
Debt Payment Supplies $ $
Credit Cards Payments $ $ Other: $ $
Student Loans $ $ Entertainment
Other: $ $ Concerts/Movies $ $
Food Sporting Events $ $
Groceries $ $ Sports/Recreation Equipment $ $
Eating Out/Fast Food $ $ DVDs, CDs, Video Games $ $
Campus Meal Plan $ $ Other: $ $
Other: $ $ Miscellaneous/Unexpected
Transportation Gifts/Charity $ $
Car Payment $ $ Pet Supplies/Vet $ $
License and Registration $ $ Traffic Ticket $ $
Gas/Oil $ $ Car Repair $ $
Normal Car Maintenance $ $ Home Repair/Improvement $ $
Public Transit, Parking, Toll $ $ Entertaining Guests $ $
Other: $ $ Other: $ $
Family Monthly Net Income $ $
Day Care/Babysitting $ $ = Monthly Spendable Income $ $
Activities/Lessons $ $ - Total Expenses (from above) $ $
Pet Sitting $ $
Other: $ $
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EDUCATION LOAN
SERVICING
8Strategies to Save Money
Housing Transportation
Set your thermostat lower Utilize public transportation
Unsubscribe from your cable TV service Carpool with a friend or family member
Turn off the lights when not in use Ride your bike or walk
Get a roommate Regularly have your oil changed and use coupons
Live at home or with a relative for auto maintenance
Make sure your tires are properly inflated
Entertainment
Eat out less frequently Personal/Health
Exercise
Eat early and take advantage of happy hours
and early bird specials Don’t smoke
Split or share meals with friends Drink alcohol in moderation
Make your own lunch and bring it to work Give yourself your own manicure and/or pedicure
Use restaurant coupons Use coupons or take advantage of specials
Learn to cook dinner for yourself for haircuts
Cancel unused club or gym memberships
Rent movies
Buy generic and OTC medications
Go to the movies in the afternoon rather than
in the evening
Debt Payments
Visit local libraries, museums, and parks
Stop using credit cards as a primary payment method
Participate in sports
Pay off the full balance on each credit card at the
Read a book or hike a trail end of the month
Food Miscellaneous
Use a shopping list
Make a budget
Use coupons
Consider wants vs. needs
Compare prices
Buy in bulk Don’t spend money to relieve stress
Don’t shop more than once a week Avoid impulse purchases such as coffee or candy
Don’t buy what you can’t or won’t use
Give homemade gifts or give the gift of service
rather than a retail item
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EDUCATION LOAN
SERVICING
9Credit Card Tips
Properly managing a credit card is a big responsibility. Credit cards can help establish and improve your credit score if they’re
used properly. They can also damage your credit score and get you into serious debt if you don’t know what you’re doing.
Use the tips below to make sound financial decisions.
1. Shop around 6. Review your monthly statement
Select a card that has the lowest interest rate and Save your receipts so you can carefully compare the
fee structure, and be sure to read the fine print. You’ll charges on your credit card receipts with your records
also need to know about late charges, other fees, and to ensure an accurate monthly statement.
grace periods. Make sure you know the card’s Annual
Percentage Rate (APR) and how it’s calculated. Shop 7. Balance wants vs. needs
around for the best deal and be wary of card offers If you’ve had problems with impulse spending, don’t
that seem too good to be true. carry all of your credit cards with you. Consider
carrying a single card for emergencies only. It also
2. Limit the number of cards you have helps to think in terms of wants vs. needs when it
One credit card should be sufficient. Applying for a lot comes to spending money with your credit card. By
of credit at any given time can hurt your credit score resisting the temptation to spend impulsively with
and possibly make you a high credit risk. This can credit cards, you can maintain a healthy credit score
affect your ability to get loans or to rent an apartment. with little risk of getting in over your head.
In addition, closing several credit cards at once will
trigger a decrease in your overall credit score. 8. Reconsider large purchases
If you are considering putting a large purchase on
3. Set your minimum balance low your credit card, put yourself through a waiting period
This helps you control your spending habits. before you actually make the purchase. Remember, a
Spending up to your credit limit – or maxing out your large purchase will need to be paid off sooner or later,
credit card – suggests you could be a credit risk since and you want to make sure you’re paying the least
you might be likely to overspend. amount of interest on your credit card(s) as possible.
4. Pay off your balance each month 9. Cash advances
This takes discipline, and it saves you money in the long Beware – the cash looks attractive, but interest accrues
run. If you can’t pay off the entire balance on all of your from the moment you accept the cash, and you will
credit cards, pay off your higher interest rate cards first also be assessed transaction fees. This means a quick
and always pay off more than the minimum balance. $20 withdrawal from an ATM by using your credit card
could easily cost you $30 or more.
5. Avoid late payments
Late payments are bad for your credit, and a credit REMEMBER: You’ll lead a much happier life if you
card company could use a single late payment as take control of your spending, instead of letting your
justification for raising your interest rate going forward. spending take control of you.
This could cost you hundreds (or even thousands) of
dollars over time.
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EDUCATION LOAN
SERVICING
10How to Avoid Identity Theft
Identity theft occurs when a person commits fraud while posing as someone else. The threat of identity theft is real and can
take months or even years to recover from. Use the information below to familiarize yourself with the precautions you can
take to minimize the chance of becoming a victim and, if you are a victim, help you correct the situation.
Follow These Helpful Hints To Avoid Mail:
Becoming A Victim Of Identity Theft: 1. Take outgoing personal and/or bill payments to U.S. Postal
Personal: Service mailboxes or drop them off inside a post office.
1. Order a copy of your credit report on a frequent basis (at least 2. Have the post office hold your mail when you are out of town.
annually, preferably quarterly). You can request your credit 3. Don’t leave mail sitting in an unprotected mail box.
report at AnnualCreditReport.com.
Banking:
2. If you have to give private information over the phone,
ensure you are in a secure location. 1. Review monthly bank and credit card statements for mistakes
or unfamiliar charges.
3. Shred all financial statements, billing statements, and
pre-approved credit card offers. 2. Have your paychecks directly deposited into your bank account.
4. The IRS does not request personal/financial data through email, 3. Avoid providing personal information – over the phone or via
so don’t respond to any emails asking for that information. the internet.
5. Check your financial accounts regularly.
6. Select Personal Identification Numbers (PIN) and passwords
If You Are – Or Become – A Victim Of Identity
carefully so they can’t be easily guessed by someone else. Theft, Follow These Steps To Protect Yourself:
7. Don’t give out private information over the phone or internet 1. Contact the Federal Trade Commission (FTC) at
unless you have initiated the contact or know for certain to FTC.gov or 877.438.4338.
whom you are speaking. 2. Contact the fraud departments of any one of the four major
8. Destroy your computer’s hard drive if you are selling it or giving credit bureaus:
it away.
• Equifax ......................... 800.525.6285
9. Don’t carry your Social Security Card with you. • TransUnion .................. 800.680.7289
10. Don’t carry your registration in your vehicle, instead carry it in • Experian ...................... 888.397.3742
your wallet. • Innovis ......................... 800.540.2505
11. Make photo copies of all the cards in your wallet and keep them 3. Close the accounts that have been used fraudulently.
in a safe place.
4. File a police report.
E-Commerce:
5. Keep an identity theft log for your personal records.
1. Ensure you are using an ATM without someone watching you.
6. Contact other agencies that might be involved: Social Security
2. Pay your bills online using a secure website. Administration’s Fraud Hotline (800.269.0271), U.S. Postal
3. Avoid entering your credit card number online unless it is Inspection Service (888.877.7644), and the Internal Revenue
encrypted on a secure website. Service (800.829.0433).
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EDUCATION LOAN
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11$$
$
Loan
Repayment
Repayment plan options, monthly
payment estimates, and more2015–2016 Federal Student Loan Programs
What is a federal student loan? aid office. Often, private loans are marketed directly to
Federal loans are funds borrowed from the U.S. Federal student borrowers. If you do get a private loan, let your
Government that you must repay, along with the interest school’s financial aid office know so they can counsel
that accrues. A federal loan allows you and your parents you on future loans and financial wellness.
to borrow money to help pay for college through federal
Why are federal student loans a better
government programs.
option to pay for college?
What is a private student loan? Federal student loans offer borrowers many benefits not
Private loans are nonfederal loans issued by private lenders typically found with private loans, including low, fixed
like banks or credit unions. Private student loans often have interest rates, a six-month grace period during which no
higher interest rates and loan fees than federal loans, typically payments are due, income-driven repayment options,
require a credit check, and do not provide as many flexible ways to lower or postpone payments, loan forgiveness or
repayment options and plans. discharge based on your job or disability, and deferment
options for military or volunteer service or if you return to
How can I tell the difference? school. You should explore all of your federal student loan
If you are not sure whether you’re being offered a private options before considering a private loan.
loan or federal loan, check out the name of the loan – does
it include the word “federal”? If not, ask your school’s financial
What types of federal student loans are available and how much can I borrow?
Maximum Loan
Fixed Annual
Loan Program Eligibility Annual Loan Limit Amount Allowed Details
Interest Rate
Upon Graduation
Undergraduate
students: Up to
$4,000 Undergraduate
Undergraduate and
graduate students Graduate students: students: $27,500
Federal who are enrolled at Up to $8,000 Graduate students: Your college
5%
Perkins Loans least part time and Up to $60,000 is the lender.
Amount received
who demonstrate (this amount includes
depends on financial
financial need undergraduate loans)
need, amount of other
aid, and availability of
funds at school
The U.S. Department
Undergraduate Undergraduate of Education is the
$3,500–$8,500,
students who are students: For loans lender.
Federal depending on year
enrolled at least first disbursed on or Undergraduate
Direct Subsidized in school The federal
half time after July 1, 2015, and students: $23,000
Stafford Loans government pays
before July 1, 2016: See Annual Loan Limit
Must demonstrate interest while you
4.29% chart below
financial need are in school, in grace,
or in a deferment.
Undergraduate
students: For loans $5,500–$20,500
first disbursed on or The U.S. Department
(less any subsidized
Undergraduate and after July 1, 2015, and Dependent1 of Education is
amount received for
graduate students before July 1, 2016: undergraduate the lender.
Federal the same period)
enrolled at least 4.29% students: $31,000
Direct Unsubsidized depending on year You are responsible
half time
Stafford Loans Graduate students: in school and Independent2 for paying all interest
Financial need is For loans first dependency status undergraduate on the loan starting
not required disbursed on or students: $57,500 on the date the loan is
See Annual Loan Limit
after July 1, 2015, first disbursed.
chart below
and before July 1,
2016: 5.84%
13Maximum Loan
Fixed Annual
Loan Program Eligibility Annual Loan Limit Amount Allowed Details
Interest Rate
Upon Graduation
Graduate and
professional students
and parents of
dependent
undergraduate
The student’s cost The U.S. Department
students For loans first
of attendance of Education is the
Student must be disbursed on or lender.
Federal Direct (determined by the No aggregate limit
enrolled at least after July 1, 2015,
PLUS Loans school) minus any for PLUS Loans The loan is unsubsidized
half time and before July 1,
other financial (you are responsible
2016: 6.84%
Financial need is aid received for paying all interest).
not required
Those qualifying
must not have adverse
credit history
Students who want The U.S. Department
to combine multiple Fixed rate is based on of Education is the
federal student loans the weighted average lender.
into one payment of the interest rates
Federal Direct Print an application
Parent PLUS loans on the loans being Not applicable Not applicable at LoanConsolidation
Consolidation Loans
cannot be transferred consolidated, rounded .ed.gov or call
to the student or up to the nearest 800.557.7392 to
become the student’s one-eighth of 1% see if this option
responsibility is right for you.
1
A dependent student is not married, is younger than 24, does not have children, and is not a veteran. A dependent student reports parental income on the FAFSA®.
2
An independent student is married, older than 24, has children, or is a veteran. An independent student does not report parental income on the FAFSA.
What are my annual loan limits?
Limits are determined by your class standing and dependency status. A dependent student whose parent is denied a
PLUS loan may be eligible for Federal Stafford Loans at the independent level. Contact your school to see if this applies to you.
INDEPENDENT DEPENDENT
YEAR Maximum Additional Maximum Additional
Combined Combined
Subsidized Unsubsidized Subsidized Unsubsidized
Freshman $3,500 $6,000 $9,500 $3,500 $2,000 $5,500
Sophomore $4,500 $6,000 $10,500 $4,500 $2,000 $6,500
Junior/Senior $5,500 $7,000 $12,500 $5,500 $2,000 $7,500
Graduate N/A $20,500 $20,500 N/A N/A N/A
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EDUCATION LOAN
SERVICING
14Ten Things You Should Know
About Student Loans
1: BORROW ONLY WHAT YOU NEED 4: UNDERSTAND YOUR LOANS 7: MAKE PAYMENTS WHILE IN SCHOOL
(EVEN IF IT’S ONLY A LITTLE)
There are several different kinds of loans.
Here are some key factors to be aware of: Even if you can only afford
SUBSIDIZED VS. UNSUBSIDIZED
Student loans are a great way
to help pay for school. Accrued interest for subsidized loans is
paid by the government while you’re in school.
Unsubsidized loans require immediate
interest repayment.1
But student loans will eventually FEDERAL VS. PRIVATE That’s only 1 latte 5 song downloads
have to be paid back...
Federal loans are funded by the federal
government while private loans are issued
by banks or similar institutions. They can Making small payments now will help
help bridge any financial gap not covered reduce your principal and/or interest balance
by federal loans. in the long run.
...with Interest.
FIXED INTEREST VS. VARIABLE INTEREST
8: YOU HAVE REPAYMENT OPTIONS
Minimize Loans As Much As Possible Fixed rates are constant for the life of the
Take advantage of all grants, scholarships, and loan, but variable interest rates are adjusted
work study available to you before you borrow annually on July 1.
student loans. Your financial aid advisor can
Find more loan terminology
help you only borrow what you need.
at Nelnet.com/Terms-To-Know.
If you need to lower or postpone your payment,
or seek other repayment options, including
2: HAVE A PLAN forgiveness or discharge of your student loan,
5: KNOW YOUR SERVICERS contact your servicer today.
Map out the cost of
your entire education and
how you’ll pay for it. 9: REPAYMENT IS EASIER WHEN
YOUR OVERALL DEBT IS LOWER
For tools and
resources to help you build a
healthy financial future, visit
Nelnet.com/Get-Financially-Fit.
Federal Loans are Managed
by Loan Servicers: We’re
Here to Help You.
3: CREATE AND FOLLOW Servicers send important loan info, collect
payments, and answer questions. To find out During college, avoid racking up credit card debt
A MONTHLY BUDGET or purchasing unnecessary big-ticket items.
who the loan servicers are for your
federal loans, visit nslds.ed.gov. When you graduate, you can focus on paying
down your student loans instead of juggling
multiple (avoidable) monthly payments.
6: SET UP AN ONLINE ACCOUNT
10: KEEP IN TOUCH!
Before you graduate, create an estimated Stay in touch with your
monthly budget that factors in your future servicers and ask questions as
monthly student loan payment. Several your situation changes.
repayment plans are available to fit your budget. An online account with your servicer
is an easy way to connect with them
Budget worksheets and keep your contact info current.
and resources are available
at Nelnet.com/Get-Financially-Fit. Visit your servicer’s website to
create your online account today!
©2015 Nelnet, Inc. All rights reserved. Nelnet is a registered service mark of Nelnet, Inc.
First-time Direct Loan borrowers on or after July 1, 2013, are no longer eligible for the Subsidized Student Loan program if they are in school longer
1
than 150% of the published length of time necessary to graduate from an undergraduate degree program. EDUCATION LOAN
SERVICING
15Student Loan Repayment Plans
When repaying your student loan, consider which repayment plan could best meet your needs. Choosing the right plan for
your situation is important to keep your finances in order. Contact the loan servicer (customer service provider) for
your student loans to find the best option for you. You can find out which company is servicing your loan by visiting
nslds.ed.gov.
Standard Repayment • If you do not recertify annually, your monthly payment amount
1 will change to what would have been required under a 10-year
(Direct & FFELP Loans) Standard Repayment Plan for the balance at the time you
• Fixed monthly payment over a 10-year repayment term entered ICR
• Monthly payments are at least $50 • Any forbearance or deferment applied while in ICR will follow
• Loan is repaid in the shortest amount of time normal interest capitalization guidelines
• Least amount of interest is paid
Income-Based Repayment (IBR)
Graduated Repayment
(Direct & FFELP Loans)
(Direct & FFELP Loans) • Your monthly payment will be no more than 15% (or 10% if you are
• Payments start low and increase every two years over a 10-year a new borrower)2 of your discretionary income3
repayment term • To be eligible, you must have a partial financial hardship 4 – which
• This plan works well if you expect your income to increase steadily is based on your total eligible FFELP and Direct Loan debt,
over time adjusted gross income, and family size
• The minimum amount due will be enough to cover at least • Your payments will change as your income and family size change
the amount of accrued interest • If you haven’t paid your loan in full after 25 years (or 20 years if
• The monthly payments will never be more than three times you are a new borrower)2 of qualifying payments, the remaining
greater than the initial payment amount balance will be forgiven
• You will pay more for your loan over time than under the • You may have to pay income tax on any amount that is forgiven
Standard Repayment Plan • While you can request to change to a different repayment plan
at any time, you are required to make a payment after exiting
Extended Repayment the IBR plan before a new repayment plan can be applied5
(Direct & FFELP Loans)
• Choose a Fixed Standard or Graduated repayment (up to 25 years) Pay As You Earn Repayment
• Must have a total amount of FFELP loans exceeding $30,000 (Direct Loans Only)
or a total amount of Direct Loans exceeding $30,000 (the • You must not have had an outstanding loan balance on a Direct
$30,000 minimum cannot be a combination of both loan types); or FFELP loan as of October 1, 2007, or no outstanding balance
Extended Repayment would then apply based on eligible on a Direct or FFELP loan when you received a new loan on or
loan program (e.g., if you have $30,000 in Direct Loans and after October 1, 2007
another $5,000 in FFELP loans, Extended Repayment would • Consolidation loans disbursed on or after October 1, 2007, which
only apply to the eligible Direct Loans) include (paid off) loans that were disbursed prior to October 1,
• More interest is paid due to the longer loan term 2007, do not qualify
• All loans under the qualifying program (FFELP or Direct) must • You must have received a disbursement of a new Direct Loan
have been disbursed on or after October 7, 1998 on or after October 1, 2011
• Your monthly payment will be no more than 10% of your
Income-Contingent Repayment (ICR) discretionary income3
(Direct Loans Only) • To be eligible, you must have a partial financial hardship –
• Payments are based on family size, adjusted gross income which is based on your total loan debt, adjusted gross income,
(AGI), and total balance of all eligible Direct Loans and family size
• The monthly payment amount must be renewed annually • Your payments will change as your income and family size change
• Any unpaid interest (due to payment amount) is capitalized annually • If you haven’t paid your loan in full after 20 years of qualifying
• If you haven’t paid your loan in full after 25 years of qualifying payments, the remaining balance will be forgiven
payments, the remaining balance will be forgiven • You may have to pay income tax on any amount that is forgiven
• You may have to pay income tax on any amount that
is forgiven
1
A Direct Loan is a loan borrowed directly from the Department of Education. A Federal Family Education Loan Program (FFELP) Loan is a loan that was borrowed from a company such as a bank,
lender, or non-profit organization under the FFEL Program. 2You are a new borrower for the IBR plan if you had no outstanding balance on a Direct Loan or FFELP Loan as of July 1, 2014 or no
outstanding balance on a Direct Loan or FFELP Loan when you obtain a new loan on or after July 1, 2014. 3 Discretionary income is your income minus 150% of the poverty guidelines for your family size.
4
You have a partial financial hardship if the monthly amount you would be required to pay on your IBR or Pay As You Earn eligible loans under a Standard Repayment Plan with a 10-year repayment
period is higher than the monthly amount you would be required to repay under IBR or Pay As You Earn. 5 The required payment must be either the amount you would pay under a Standard Plan taking
into account the remaining maximum repayment period or under a reduced payment forbearance agreement.
16Consider the total interest accrued and the total amount paid under each option when choosing a repayment plan.
All dollar amounts and repayment terms are estimates.
Example 1: Loan balance = $20k; interest rate = 4.3%6
Income-Based8
Income-Based 8 (new borrowers9 as
Income-Contingent7 (excluding new of July 1, 2014) and
Standard Graduated Extended
(Direct Loans only) borrowers9 as of Pay As
July 1, 2014) You Earn10
(Direct Loans only)
Initial: $115 Initial: $132 Initial: $154 Initial: $103
Monthly Payment $205 N/A
Maximum: $346 Maximum: $161 Maximum: $205 Maximum: $205
Term (# of Months) 120 120 N/A 193 130 240
Total Interest $4,642 $5,808 N/A $7,915 $5,304 $7,591
Total Paid $24,642 $25,808 N/A $27,915 $25,304 $27,591
Example 2: Loan balance = $50k; interest rate = 4.3%6
Income-Based8
Income-Based 8 (new borrowers9 as
Income-Contingent7 (excluding new of July 1, 2014) and
Standard Graduated Extended
(Direct Loans only) borrowers9 as of Pay As
July 1, 2014) You Earn10
(Direct Loans only)
Initial: $288 Initial: $304 Initial: $154 Initial: $193
Monthly Payment $513 $272
Maximum: $865 Maximum: $402 Maximum: $513 Maximum: $403
Term (# of Months) 120 120 300 190 300 240
Total Interest $11,606 $14,520 $31,681 $20,201 $32,398 $41,584
Total Paid $61,606 $64,520 $81,681 $70,201 $82,398 $54,913
Example 3: Loan balance = $100k; interest rate = 4.3%6
Income-Based8
Income-Based 8 (new borrowers9 as
Income-Contingent7 (excluding new of July 1, 2014) and
Standard Graduated Extended
(Direct Loans only) borrowers9 as of Pay As
July 1, 2014) You Earn10
(Direct Loans only)
Initial: $576 Initial: $304 Initial: $154 Initial: $103
Monthly Payment $1,027 $545
Maximum: $1,729 Maximum: $901 Maximum: $823 Maximum: $403
Term (# of Months) 120 120 300 284 244 166
Total Interest $23,212 $29,041 $63,362 $74,643 $105,982 $54,913
Total Paid $123,212 $129,041 $163,362 $175,910 $126,217 $54,913
6
The interest rate for new Subsidized and Unsubsidized Federal Direct Stafford Loans for undergraduate students is 4.29%. The interest rate used in this calculation was rounded up to the nearest one-
eighth percent. 7The ICR Plan example is calculated based on an annual gross income of $30,000, not married, and a family size of one living in the contiguous United States. This repayment amount will be
recalculated annually and is subject to change based on the poverty guidelines per family size as determined by the U.S. Department of Health and Human Services. This plan has a maximum term
of 25 years and is only offered to Direct Loan student borrowers. 8The IBR Plan example is calculated based on an annual gross income of $30,000, not married, and a family size of one living in
the contiguous United States. Monthly payment amounts under the IBR Plan may change annually based upon the borrower’s annual gross income and family size. Any remaining balance, including
interest, is forgiven after 25 years (or 20 years if you are a new borrower) of qualifying payments under this plan. 9You are a new borrower for the IBR Plan if you have no outstanding balance on a
Direct Loan or FFELP Loan as of July 1, 2014 or have no outstanding balance on a Direct Loan or FFELP Loan when you obtain a new loan on or after July 1, 2014. 10The Pay As You Earn Plan example
is calculated based on an annual salary of $30,000 and a family size of one living in the contiguous United States. Monthly payment amounts under the Pay As You Earn Plan may change annually
based upon the borrower’s annual gross income and family size. Any remaining balance, including interest, is forgiven after 20 years of qualifying payments under this plan.
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EDUCATION LOAN
SERVICING
17Income-Driven Repayment Plans
Is One Right for You?
The Department of Education now offers three student loan repayment plans that are based on your income, family
size, and student loan balance: Income-Contingent, Income-Based, and Pay As You Earn. Below, we offer an overview of
each, including the factors you should consider when deciding if one of these plans is right for you.
Income-Contingent Repayment (ICR) What are the key points?
• Your monthly payment will be no more than 15% (or 10% if you
Which loans are eligible? are a new borrower)1 of your discretionary income2
• Direct Subsidized and Unsubsidized Stafford Loans • Your payments will change as your income and family size change
• Direct PLUS Loans made to students • Interest will be subsidized for the first three years of the
• Direct Consolidation Loans (except for those made prior to
repayment plan for any Subsidized Stafford Loans
July 1, 2006, which repaid a Parent PLUS Loan)
How do I qualify?
What are the key points? • You must apply and submit required documentation
• Payments are based on family size, adjusted gross income (AGI), • You must have a partial financial hardship3
and total balance of all Direct Loans
• Your payments will change as your income and family size change What should I consider before choosing this plan?
• Any unpaid interest (due to payment amount) is capitalized annually • Your monthly payments will be lower than they would be under
• The annual capitalization amount is limited so that your new the 10-year Standard Repayment Plan
• You’ll typically pay more in interest on your loan over time than
balance will be no more than 10% greater than the loan amount
at the time you entered repayment you would have under the 10-year Standard Repayment Plan
• If you haven’t paid your loan in full after 25 years of qualifying
How do I qualify? payments, the remaining balance will be forgiven
• You must apply and submit required documentation • You may have to pay income tax on any amount that is forgiven
• Any borrower with an eligible loan type (listed above) • You can request to change to a different repayment plan at
can qualify any time. However, you will need to make a payment upon
What should I consider before choosing this plan? exiting either for the amount you would pay under the Standard
• You’ll typically pay more in interest on your loan over time than Repayment Plan (taking into account the remaining maximum
you would have under the 10-year Standard Repayment Plan repayment period), or on a Reduced Payment Forbearance,
• If you haven’t paid your loan in full after 25 years of qualifying before you can be placed into a different repayment plan
payments, the remaining balance will be forgiven • Any forbearance or deferment applied while in the IBR Plan will
• You may have to pay income tax on any amount that is forgiven follow normal capitalizing guidelines
• This plan must be recertified annually • Your partial financial hardship status must be renewed annually
• Any subsidy period used on a different income-driven repayment through your loan servicer
plan will not count toward the subsidy period of the new IDR • Any subsidy period used on a different income-driven repayment
when transferring to a different plan that offers subsidy plan will count toward the subsidy period of the new IDR when
• If you do not recertify, your monthly payment amount will change transferring to a different plan that offers subsidy
to what would have been required under a 10-year Standard • If you do not recertify annually, your monthly payment amount
Repayment Plan for the balance at the time you entered ICR will change to what would have been required under a 10-year
Standard Repayment Plan for the balance at the time you
Income-Based Repayment (IBR) entered IBR
Which loans are eligible?
• Direct and Federal Family Education Loan Program (FFELP)
Subsidized and Unsubsidized Stafford Loans
• Direct and FFELP PLUS loans made to students
• Direct and FFELP Consolidation Loans (except for those that
repaid a Parent PLUS Loan)
You are a new borrower for the IBR plan if you had no outstanding balance on a Direct Loan or FFELP Loan as of July 1, 2014, or have no outstanding balance on a Direct Loan or FFELP Loan when you obtain a new loan on or after
1
July 1, 2014. 2Discretionary income is defined as the difference between your adjusted gross income and 150% of the poverty guideline for your family size and state of residence. Other conditions apply. 3Partial financial hardship requires that
the amount you would be required to pay on your eligible loans under this plan is lower than the amount you would be required to pay on your eligible loans under a 10-year Standard Repayment Plan.
18Pay As You Earn What should I consider before choosing this plan?
• Your monthly payments will be lower than they would be under
How do I qualify?
the 10-year Standard Repayment Plan
• You must have received a new Direct Loan disbursement on
• Any forbearance or deferment applied while in the Pay As You
or after October 1, 2011
Earn Repayment Plan will follow normal capitalizing guidelines
• You must not have had an outstanding loan balance on a Direct
• You’ll typically pay more in interest on your loan over time than
or FFELP loan as of October 1, 2007, or no outstanding balance
you would have under the 10-year Standard Repayment Plan
on a Direct or FFELP loan when you received a new loan on or • If you haven’t paid your loan in full after 20 years of qualifying
after October 1, 2007
payments, the remaining balance will be forgiven
• You must apply and submit required documentation
• You may have to pay income tax on any amount that is forgiven
• You must have a partial financial hardship4
• Your partial financial hardship status must be renewed annually
What are the key points? through your loan servicer
• Your monthly payment will be no more than 10% of your • Any subsidy period used on a different income-driven repayment
discretionary income5 plan will count toward the subsidy period of the new plan when
• Your payments will change as your income and family size change transferring to a different plan that offers subsidy
• Any unpaid interest (due to payment amount) is capitalized • If you do not recertify annually, your monthly payment amount
when you no longer have a partial financial hardship or leave the plan will change to what would have been required under a 10-year
• Interest will be subsidized for the first three years of the Standard Repayment Plan for the balance at the time you
repayment plan for any Subsidized Stafford Loans entered Pay As You Earn
• The capitalization amount is limited so that your new balance will
Which loans are eligible?
be no more than 10% greater than the loan amount at the time • Direct Subsidized and Unsubsidized Stafford Loans
you entered this plan • Direct PLUS Loans made to students
• Direct Consolidation Loans (except for those that repaid a
Parent PLUS Loan)
Examples of Income-Driven Repayment Plans
Loan Balance: $30k; AGI: $30k; Unmarried Family of 1 Loan Balance: $60k; AGI: $60k; Married Family of 3
IBR IBR
ICR IBR (new borrowers6 as ICR IBR (new borrowers6 as
(excluding new (excluding new
Standard (Direct Loans
borrowers6 as of
of July 1, 2014) and Standard (Direct Loans
borrowers6 as of
of July 1, 2014) and
only)
July 1, 2014) Pay As You Earn only)
July 1, 2014) Pay As You Earn
(Direct Loans only) (Direct Loans only)
Monthly Payment (Min.) $308 $198 $154 $103 Monthly Payment (Min.) $616 $534 $373 $249
Monthly Payment (Max.) $308 $241 $308 $308 Monthly Payment (Max.) $616 $582 $616 $616
Term (# of Months) 120 190 166 255 Term (# of Months) 120 139 149 203
Total Interest $6,964 $11,873 $11,386 $17,379 Total Interest $13,927 $16,563 $19,464 $29,756
Total Paid $36,964 $41,873 $41,386 $47,379 Total Paid $73,927 $76,563 $79,464 $89,756
Amount Forgiven N/A N/A N/A N/A Amount Forgiven N/A N/A N/A N/A
Loan Balance: $100k; AGI: $90k; Unmarried Family of 1 Loan Balance: $250k; AGI: $90k; Married Family of 3
IBR IBR
ICR IBR (new borrowers6 as ICR IBR (new borrowers6 as
(excluding new (excluding new
Standard (Direct Loans
borrowers6 as of
of July 1, 2014) and Standard (Direct Loans
borrowers6 as of
of July 1, 2014) and
only)
July 1, 2014) Pay As You Earn only)
July 1, 2014) Pay As You Earn
(Direct Loans only) (Direct Loans only)
Monthly Payment (Min.) $1,027 $1,056 $904 $603 Monthly Payment (Min.) $2,567 $1,165 $748 $499
Monthly Payment (Max.) $1,027 $1,156 $1,027 $ 1,027 Monthly Payment (Max.) $ 2,567 $2,789 $ 2,567 $ 1,505
Term (# of Months) 120 111 124 161 Term (# of Months) 120 200 285 240
Total Interest $23,212 $21,569 $24,424 $35,727 Total Interest $58,031 $119,383 $195,192 $214,886
Total Paid $123,212 $121,569 $124,424 $135,727 Total Paid $308,031 $369,383 $445,192 $222,005
Amount Forgiven N/A N/A N/A N/A Amount Forgiven N/A N/A N/A $242,861
Based on current poverty guidelines and a 4.29% interest rate on new Subsidized and Unsubsidized Federal Direct Stafford Loans for
undergraduate students. Assumes poverty guidelines, income, and family size remain constant throughout analysis period. Does not account
for capping of interest due to other events.
4
Partial financial hardship requires that the amount you would be required to pay on your eligible loans under this plan is lower than the amount you would be required to pay on your eligible loans under a 10-year Standard Repayment Plan.
Discretionary income is defined as the difference between your adjusted gross income and 150% of the poverty guideline for your family size and state of residence. Other conditions apply. 6You are a new borrower for the IBR plan if you
5
have no outstanding balance on a Direct Loan or FFELP Loan as of July 1, 2014 or have no outstanding balance on a Direct Loan or FFELP Loan when you obtain a new loan on or after July 1, 2014.
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EDUCATION LOAN
SERVICING
192015–2016 Loan Repayment Estimates:
Less Than $100K
Standard Repayment Plan
The following chart will help you estimate the repayment amount of a student loan. The Standard Repayment Plan
term is 10 years, which means you’ll make 120 payments until the loan is paid off. Contact your loan servicer if you
have trouble making your payments or to learn more about other repayment options. Find your detailed loan account
information, including loan balance and assigned servicer, at nslds.ed.gov.
Visit Nelnet.com for loan calculators, mobile apps, and other useful information.
Approximate monthly payment and total accrued interest1
LOAN # OF 4.29% INTEREST RATE2 5.84% INTEREST RATE3 6.84% INTEREST RATE4
AMOUNT PAYMENTS Payment Interest Payment Interest Payment Interest
$5,000 120 $51 $1,158 $55 $1,631 $58 $1,917
$10,000 120 $103 $2,315 $110 $3,226 $115 $3,834
$15,000 120 $154 $3,473 $165 $4,839 $173 $5,751
$20,000 120 $205 $4,631 $220 $6,452 $231 $7,669
$25,000 120 $257 $5,789 $276 $8,066 $288 $9,586
$30,000 120 $308 $6,946 $331 $9,679 $346 $11,503
$35,000 120 $359 $8,104 $386 $11,292 $403 $13,420
$40,000 120 $411 $9,262 $441 $12,905 $461 $15,337
$45,000 120 $462 $10,420 $496 $14,518 $519 $17,254
$50,000 120 $513 $11,577 $551 $16,131 $576 $19,171
$55,000 120 $564 $12,735 $606 $17,744 $634 $21,088
$60,000 120 $616 $13,893 $661 $19,357 $692 $23,006
$65,000 120 $667 $15,051 $716 $20,971 $749 $24,923
$70,000 120 $718 $16,208 $772 $22,584 $807 $26,840
$75,000 120 $770 $17,366 $827 $24,197 $865 $28,757
$80,000 120 $821 $18,524 $882 $25,810 $922 $30,674
$85,000 120 $872 $19,862 $937 $27,423 $980 $32,591
$90,000 120 $924 $20,839 $992 $29,036 $1,038 $34,508
$95,000 120 $975 $21,997 $1,047 $30,649 $1,095 $36,426
$100,000 120 $1,026 $23,155 $1,102 $32,262 $1,153 $38,343
To determine the total amount to be repaid, add interest accrued to your total amount borrowed. For example, total repayment principal and
interest for a loan of $5,000 at a 6.84% interest rate would be $6,917 ($5,000 principal and $1,917 interest).
1
These calculations are based on the given scenario rate on a 10-year standard term; some loan amounts are eligible for an extended repayment term up to 25 years.
2
New Subsidized and Unsubsidized Federal Direct Stafford Loans for undergraduate students. 3New Unsubsidized Federal Direct Stafford Loans for graduate/professional students.
4
New Unsubsidized Federal Direct PLUS Loans for parents of dependent undergraduate students and for graduate/professional students.
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EDUCATION LOAN
SERVICING
202015–2016 Loan Repayment Estimates:
$100K or More
Standard Repayment Plan
The following chart will help you estimate the repayment amount of student loans that have a principal balance of $100,000
or more under the Standard Repayment Plan (estimates for Extended Repayment Plan shown on next page). The Standard
Repayment Plan term is 10 years, so under this plan, you’ll make 120 payments before the loan is paid off. Contact your loan
servicer if you are having trouble making your payments, or if you want to learn about other repayment options. You can find
detailed loan account information, including your loan balance and assigned servicer, at nslds.ed.gov.
Visit Nelnet.com for loan calculators, mobile apps, and other useful information and tools.
Approximate monthly payment and total accrued interest1
LOAN # OF 4.29% INTEREST RATE2 5.84% INTEREST RATE3 6.84% INTEREST RATE4
AMOUNT PAYMENTS
Payment Interest Payment Interest Payment Interest
$100,000 120 $1,026 $23,155 $1,102 $32,262 $1,153 $38,343
$110,000 120 $1,129 $25,470 $1,212 $35,489 $1,268 $42,177
$120,000 120 $1,232 $27,786 $1,323 $38,715 $1,383 $46,011
$130,000 120 $1,334 $30,101 $1,433 $41,941 $1,499 $49,845
$140,000 120 $1,437 $32,417 $1,543 $45,167 $1,614 $53,680
$150,000 120 $1,539 $34,732 $1,653 $48,394 $1,729 $57,514
$160,000 120 $1,642 $37,048 $1,763 $51,620 $1,845 $61,348
$170,000 120 $1,745 $39,363 $1,874 $54,846 $1,960 $65,183
$180,000 120 $1,847 $41,679 $1,984 $58,072 $2,075 $69,017
$190,000 120 $1,950 $43,994 $2,094 $61,299 $2,190 $72,851
$200,000 120 $2,053 $46,310 $2,204 $64,525 $2,306 $76,685
$210,000 120 $2,155 $48,625 $2,315 $67,751 $2,421 $80,520
$220,000 120 $2,258 $50,941 $2,425 $70,977 $2,536 $84,354
$230,000 120 $2,360 $53,256 $2,535 $74,204 $2,652 $88,188
$240,000 120 $2,463 $55,572 $2,645 $77,430 $2,767 $92,022
$250,000 120 $2,566 $57,887 $2,755 $80,656 $2,882 $95,857
$260,000 120 $2,668 $60,203 $2,866 $83,882 $2,997 $99,691
$270,000 120 $2,771 $62,518 $2,976 $87,109 $3,113 $103,525
$280,000 120 $2,874 $64,834 $3,086 $90,335 $3,228 $107,359
$290,000 120 $2,976 $67,149 $3,196 $93,561 $3,343 $111,194
$300,000 120 $3,079 $69,465 $3,307 $96,787 $3,459 $115,028
$310,000 120 $3,182 $71,780 $3,417 $100,014 $3,574 $118,862
$320,000 120 $3,284 $74,096 $3,527 $103,240 $3,689 $122,696
$330,000 120 $3,387 $76,411 $3,637 $106,466 $3,804 $126,531
$340,000 120 $3,489 $78,727 $3,747 $109,692 $3,920 $130,365
$350,000 120 $3,592 $81,042 $3,858 $112,919 $4,035 $134,199
To determine the total amount to be repaid, add the interest accrued to your total amount borrowed. For example, the total repayment amount of a loan of
$100,000 at a 6.84% interest rate would be $138,343 ($100,000 principal and $38,343 interest).
1
These calculations are based on the given scenario rate on a 10-year standard term; some loan amounts are eligible for an extended repayment term up to 25 years. 2New Subsidized and
Unsubsidized Federal Direct Stafford Loans for undergraduate students. 3New Unsubsidized Federal Direct Stafford Loans for graduate/professional students. 4New Unsubsidized Federal
Direct PLUS Loans for parents of dependent undergraduate students and for graduate/professional students.
21Extended Repayment Plan
The following chart will help you estimate the repayment amount of student loans that have a principal balance of $100,000 or
more under the Extended Repayment Plan. The Extended Repayment Plan term is 25 years, so under this plan, you’ll make 300
payments before the loan is paid off. Contact your loan servicer if you are having trouble making your payments, or if you want to
learn about other repayment options. You can find detailed loan account information, including your loan balance and assigned
servicer, at nslds.ed.gov.
Visit Nelnet.com for loan calculators, mobile apps, and other useful information and tools.
Approximate monthly payment and total accrued interest
LOAN # OF 4.29% INTEREST RATE5 5.84% INTEREST RATE6 6.84% INTEREST RATE7
AMOUNT PAYMENTS
Payment Interest Payment Interest Payment Interest
$100,000 300 $544 $63,194 $635 $90,367 $697 $108,982
$110,000 300 $598 $69,513 $698 $99,404 $766 $119,880
$120,000 300 $653 $75,833 $761 $108,440 $836 $130,778
$130,000 300 $707 $82,152 $825 $117,477 $906 $141,676
$140,000 300 $762 $88,472 $888 $126,514 $975 $152,574
$150,000 300 $816 $94,791 $952 $135,550 $1,045 $163,472
$160,000 300 $870 $101,111 $1,015 $144,587 $1,115 $174,371
$170,000 300 $925 $107,430 $1,079 $153,624 $1,184 $185,269
$180,000 300 $979 $113,749 $1,142 $162,660 $1,254 $196,167
$190,000 300 $1,034 $120,069 $1,206 $171,697 $1,324 $207,065
$200,000 300 $1,088 $126,388 $1,269 $180,734 $1,393 $217,963
$210,000 300 $1,142 $132,708 $1,333 $189,771 $1,463 $228,861
$220,000 300 $1,197 $139,027 $1,396 $198,807 $1,533 $239,759
$230,000 300 $1,251 $145,346 $1,459 $207,844 $1,602 $250,658
$240,000 300 $1,306 $151,666 $1,523 $216,881 $1,672 $261,556
$250,000 300 $1,360 $157,985 $1,586 $225,917 $1,742 $272,454
$260,000 300 $1,414 $164,305 $1,650 $234,954 $1,811 $283,352
$270,000 300 $1,469 $170,624 $1,713 $243,991 $1,881 $294,250
$280,000 300 $1,523 $176,943 $1,777 $253,027 $1,950 $305,148
$290,000 300 $1,578 $183,263 $1,840 $262,064 $2,020 $316,047
$300,000 300 $1,632 $189,582 $1,904 $271,101 $2,090 $326,945
$310,000 300 $1,686 $195,902 $1,967 $280,138 $2,159 $337,843
$320,000 300 $1,741 $202,221 $2,031 $289,174 $2,229 $348,741
$330,000 300 $1,795 $208,540 $2,094 $298,211 $2,299 $359,639
$340,000 300 $1,850 $214,860 $2,157 $307,248 $2,368 $370,537
$350,000 300 $1,904 $221,179 $2,221 $316,284 $2,438 $381,436
To determine the total amount to be repaid, add the interest accrued to your total amount borrowed. For example, the total repayment amount of a loan of
$100,000 at a 6.84% interest rate would be $208,982 ($100,000 principal and $108,982 interest).
New Subsidized and Unsubsidized Federal Direct Stafford Loans for undergraduate students. 6New Unsubsidized Federal Direct Stafford Loans for graduate/professional students. 7New
5
Unsubsidized Federal Direct PLUS Loans for parents of dependent undergraduate students and for graduate/professional students.
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