Managing Your Student Loan Payments
May 2015 Graduates
1 1.Bar Exam Expenses
2.Locating Your Loans / Account Numbers
3.Student Loan Repayment Plans
4.Loan Consolidation – Should You? When?
5.Examples
6.SALT MONEY.ORG
Bar Exam Expenses – Timely Filing
New JerseyBar Exam Fee $ 575 Laptop Fee $ 0* Bar Prep Course @ $3,150 Living Expenses ?
($2,000 a month?)
* Laptop Fee only if late filing.
New York
Bar Exam Fee $ 250 Laptop Fee (?) $ 100 Bar Prep Course @ $3,150 Living Expenses ?
($2,000 a month?)
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NJ Bar Exam Fees
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BAR EXAM APPLICATIONS
Filing Deadline
February Exam July Exam Fees
Timely Oct 1 – Oct 31 March 1 – March 31 $575 First Late Nov 1 – Nov 15 April 1 – April 15 $850 Final
Deadline
NJ Bar Exam Fees - LAPTOP
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LAPTOP REGISTRATION (NJ)
LAPTOP Filing Deadline
February Exam July Exam Fees
@ opening of Laptop Reg.
Dec 4 May 1
Start here to locate Federal Loans
www.nslds.ed.gov
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**Contact Loan Servicer for Acct. No.**
Federal Loan Servicer Contact
Aspire Resources Inc. 1-855-475-3335
CornerStone 1-800-663-1662
ESA/Edfinancial 1-855-337-6884
FedLoan Servicing (PHEAA) 1-800-699-2908
Granite State – GSMR 1-888-556-0022
Great Lakes Educational Loan Services, Inc. 1-800-236-4300
MOHELA 1-888-866-4352
Nelnet 1-888-486-4722
OSLA Servicing 1-866-264-9762
Sallie Mae - Navient as of 2/2014 1-800-722-1300
Deferment
8 Deferment: Temporary suspension of student loan payments for a defined period of time for borrowers meeting criterion. Application Required Recertification required for subsequent periods of deferment Types of Deferment Unemployment Military Service Post Active Duty Student Deferment Interest Accrual Subsidized Loans: Interest free during AUTHORIZED period of deferment Unsubsidized Loans: Interest continues to accrueFederal Loan Repayment Plans
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Standard
Graduated
Extended
IBR/PAYE
Contingent
Income
Repayment Estimator:
IBR / PAYE
Payment Plans Based on your Income
Payment Plans based on Your Income
Income Based (IBR)
Caps your payment to 15%
of your discretionary income.
Balance forgiven after 25 years (taxable)
Pay As You Earn (PAYE) Caps your payment at
10% of discretionary income
Balance forgiven after 20 years (taxable)
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Discretionary Income: the difference between your AGI
Partial Financial Hardship –
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If the payment calculation for the standard 10-year plan exceeds the amount listed here (D),
- then you have a partial financial hardship and are eligible for these plans.
Example of Partial Financial Hardship, Household size 1, AGI = $60,000
Minimum Loans for
Partial Financial Hardship
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Income IBR Min Loans PAYE Min loans
PAYE Eligibility
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New borrower as of Oct. 1, 2007,
Had no outstanding balance on a Direct Loan or FFEL
Program loan as of Oct. 1, 2007, or
Had no outstanding balance on a Direct Loan or FFEL
Program loan when you received a new loan on or
after Oct. 1, 2007.
Must have received a disbursement of a Direct Loan
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Income Contingent
Another Payment Plan Based on your Income
An option if you don’t qualify for IBR or PAYE
Based on
adjusted gross income,
family size, and
the total amount of your Direct Loans
Monthly payment = the lesser of
the amount you would pay if you repaid your loan in 12
years multiplied by an income percentage factor that changes with your annual income or
And if I become Rich and Famous?
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May no longer be experiencing Partial Financial
Hardship
May choose to leave IBR or PAYE
Loans become due by end of prior repayment plan –
but may switch
May choose to stay in IBR or PAYE
Pay original 10 year amortized payment
Federal Loan Consolidation
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Federal Loans only: 10-30 year repayment
Checklist
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1. Know what loans you have borrowed
(
www.nslds.ed.gov
)
2. Determine if you need funding for Bar Expenses
3. Complete Student Loan Exit Counseling
(
www.studentloans.gov
)
4. Determine if Consolidation is Right for You
(
www.studentloans.gov
)
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SALT – WHAT IS SALT? {saltmoney.org} – an online tool that
helps you track your loans and build money knowledge
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