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Managing Your Student Loan Payments. May 2015 Graduates

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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 

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Bar Exam Expenses – Timely Filing

New Jersey

Bar 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?)

2

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NJ Bar Exam Fees

3

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

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NJ Bar Exam Fees - LAPTOP

4

LAPTOP REGISTRATION (NJ)

LAPTOP Filing Deadline

February Exam July Exam Fees

@ opening of Laptop Reg.

Dec 4 May 1

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Start here to locate Federal Loans

www.nslds.ed.gov

7

**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

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Deferment

8Deferment: 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 DefermentInterest AccrualSubsidized Loans: Interest free during AUTHORIZED period of defermentUnsubsidized Loans: Interest continues to accrue

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Federal Loan Repayment Plans

10

Standard

Graduated

Extended

IBR/PAYE

Contingent

Income

Repayment Estimator:

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IBR / PAYE

Payment Plans Based on your Income

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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)

13

Discretionary Income: the difference between your AGI

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Partial Financial Hardship –

14

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

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Minimum Loans for

Partial Financial Hardship

15

Income IBR Min Loans PAYE Min loans

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PAYE Eligibility

16

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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17

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

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And if I become Rich and Famous?

18

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

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Federal Loan Consolidation 

21

Federal Loans only: 10-30 year repayment

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Checklist

23

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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25

SALT – WHAT IS SALT? {saltmoney.org} – an online tool that

helps you track your loans and build money knowledge

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Learn Stuff {on your own time}

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SALT Registration –

**

Register by May 21 for a chance to win a diploma frame!

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