student loan repayment manual table of contents - Tufts University

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Helpful Hints for Loan Deferment Processes40Federal Stafford Loans and Federal Perkins LoansWe have provided you with copies of Stafford Loan In-School and Federal Education-Related DefermentForms in the Appendix of this manual, as well as Economic Hardship Deferment Form and the worksheetsthat will help you in determining if you’re eligible for an Economic Hardship Deferment. Your loanservicers are available to help you with these issues as well and will provide these forms for your use.These forms are used universally by loan servicers yet you need to carefully review each form to be sureyou are using the correct one. Since the Economic Hardship Deferment Request can be quite confusing,we suggest you contact your loan servicer for assistance. Recall that if you are requesting forbearance, youmust call your servicer/lender. They provide instruction and will send you the proper form. Also, use yourloan servicer’s website as a resource for information. You will most likely have the opportunity to accessyour loan accounts online and you may see that you’re able to download forms and/or apply forforbearance online provided you are set up with security access codes.National Student Loan ClearinghouseIf you are returning to school or participating in a GPR or AEGD where you are considered as at least ahalf time student, you should also verify with your loan servicer whether or not an In-School DefermentForm (paper version) is required. Many of the major loan servicers utilize the National Student LoanClearinghouse to update borrower accounts automatically. All institutions of higher education must reportenrollment status, expected graduation date and any subsequent changes to the clearinghouse. Oftentimes,during the traditional school year (September through May), schools will report this information monthly.If your loan servicer utilizes the National Student Loan Clearinghouse to update changes in enrollmentstatus it is not necessary that your school (Tufts Dental School or any other school) complete the paper In-School Deferment Form since they will report you are enrolled at that institution electronically viaclearinghouse. If you are beginning in-school student status during the summer months, you may need tohave your school’s Registrar’s Office complete a paper In-School Deferment Form until such time theschool reports your enrollment to the clearinghouse electronically. Note that FFELP and Direct Loanservicers along with University Accounting Services LLC obtain enrollment data on their borrowersthrough the National Student Loan Clearinghouse. You can always file a paper deferment form, especiallysince it may take a while before enrollment status is reported via the Clearinghouse and payments mightbecome due before such information is reported. HPSL and LDS borrowers will need to send additionaldocumentation to the Tufts Student Loan Office verifying that they are enrolled in “advanced graduatestudy” in order to receive the deferment. Note that deferment time for these loans will be provided onlyafter the 1 year grace period has expired.Private Education LoansIf you are returning to school and have borrowed private education loans, more than likely it will benecessary to complete a paper deferment form or submit documentation to your private education loanservicer indicating your enrollment status and expected graduation date. Although private education loanservicers have access to clearinghouse information, they will often not utilize this information unless theyare also servicing your federal loans (i.e. Stafford, Direct Loans, Grad Plus or Federal Consolidation Loan).Contact your private education loan lender/servicer for information on deferment provisions. Recognizethat some private education loans cannot be deferred for in-school student status or internship/residency yetborrowers can utilize their grace periods and request forbearance for these loans if necessary. You candiscuss your options with your loan servicer(s).
Other Deferment Benefits41We recommend that you review your promissory notes and/or the information available to you in thismanual for information on all deferment benefits. During the process of student loan exit counseling wetend to focus on those deferment benefits that are applicable to the dentistry profession. These defermentsmore or less involve the borrower entering post-graduate training such as continuing in school for a postgraduatecertificate or fellowship, GPR or AEGD program or active duty military. However, based onindividual circumstances, you may qualify for other deferment benefits which are not necessary addressedduring the exit interview process. Your loan servicers will be able to help you establish whether or notyou’re eligible for deferment or loan forgiveness programs based on when you borrowed certain loans.Federal Student Aid Ombudsman OfficeIf you find you have issues with student loan repayment and are unable to rectify these issues betweenyourself and your lenders, you do have the right to contact the Federal Student Aid Ombudsman Office atthe U.S. Department of Education to request assistance. Their contact information is noted below:FSA Ombudsman Office830 First Street, NE4 th FloorWashington, DC 20202Phone: (877) 557-2575Fax: (202) 275-0549http://fsahelp.ed.gov
Page 1: 2012STUDENT LOAN REPAYMENT MANUALTA
Page 4 and 5: STUDENT LOAN EXIT COUNSELING SESSIO
Page 6 and 7: Financial Aid Exit Counseling Forma
Page 8 and 9: 4) We realize that parts of the gro
Page 10 and 11: DEFINITIONS AND TERMINOLOGY10Oftent
Page 12 and 13: Loans may accrue and capitalize int
Page 14 and 15: seek an Economic Hardship Deferment
Page 16 and 17: considered taxable income during th
Page 18 and 19: Borrower Benefits/Interest Rate Red
Page 20 and 21: Student Loan Lending Relationships2
Page 22 and 23: Tufts University - Student Financia
Page 24 and 25: Income-Contingent (25 years; paymen
Page 26 and 27: Federal Perkins Loan26Loan Amount:I
Page 28 and 29: University Loans (Tufts Loan Progra
Page 30 and 31: Federal Health Professions Loan Pro
Page 32 and 33: Private education loans can’t be
Page 34 and 35: Federal Consolidation Loan Interest
Page 36 and 37: 36half-time. The same is true for s
Page 38 and 39: Planning a Student Loan Repayment S
Page 42 and 43: Tufts University’s Loan Repayment
Page 60 and 61: LOAN FACTOR TABLE60The Interest Con

student loan repayment manual table of contents - Tufts University

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