Take the Quiz.
Earn credit towards the borrowing badge by taking this quiz on what you’ve learned through Love Your Loans:go.uillinois.edu/LoveYourLoanQuiz.
Slides for the Love Your Loan: Student Loan Repayment webinar can be found at go.uillinois.edu/LoveYourLoanSlides.
By participating in at least three Borrowing Badge-eligible events, you could earn a digital badge to enhance your online professional portfolio. Learn more about the Financial Literacy Badges Program by visiting: badges.illinois.edu/usfsco.
During the webinar, we talked about the types of information you will need to collect to determine the best repayment plan for your situation, which includes:
- The types of loans you have
- Your principle balance(s)
- Your interest rate(s)
- Contact info for your loan servicers
The three main places you can go to gather this information include:
Know Your Options
There are several different types of student loans available. We covered 5 types of federal student loans, including the Federal Family Education Loan (FFEL) Program (retired), Direct Subsidized, Direct Subsidized, Direct PLUS and Direct Consolidation loans. You can access a summary of current federal loans here.
We also talked briefly about the terms you should know. You can review a glossary of terms at studentaid.gov or you can view our Love Your Loan webinar from last year that focused on terms to know.
For a summary of your federal loan repayment options, you can visit studentaid.ed.gov. Use the Repayment Estimator to compare your repayment plan options for federal loans.
If you are looking into loan consolidation or refinancing, make sure to review the pros & cons of each. The Direct Consolidation Loan allows you the ability to have public service loan forgiveness & income-driven repayment options, but private refinancing loans may give you the option to lower your interest rate and save money over the long term.
If you cannot pay, look at deferment & forbearance by contacting your loan servicer. First, check your deferment options, and if you do not qualify for deferment, you can apply for a forbearance. There are 2 types of forbearance - discretionary & mandatory. Make sure to continue making payments until your application is approved, otherwise the loan servicer can deny your application for either deferment or forbearance.
Loan Forgiveness & Cancellation
There are three types of student loan forgiveness:
REMEMBER! When looking at Public Service Loan Forgiveness (PSLF), you must have 120 qualifying monthly payments, under a qualifying repayment plan while working full time for a qualifying employer.
Sasha wrote a blog post specifically on student loan repayment titled, "Student Loan Repayment... You have options!"
You can access the resources we shared during the webinar here:
This is a Borrowing Badge Eligible Program.