Are you graduating?  Withdrawing?  Enrolled for less than six credits this semester?  If you borrowed student loans, please see the information below regarding your next steps.

Doing a little research and planning now will help you manage your loan(s) and choose the repayment plan that’s best for you and your financial situation.

1. Identify All of Your Student Loans
The National Student Loan Data System (NSLDS) and Financial Aid Self-Service are the best places to start. There you will find all the details about what kind of loans and how much you’ve borrowed to cover the cost of your Delaware Valley University education. NSLDS will also show you whom to contact with questions about federal loans.

A. Federal

  • Money borrowed from or through the federal government:
    • Federal Direct Subsidized Loan
    • Federal Direct Unsubsidized Loan
    • Federal Perkins Loan
  • Grace Period (after graduating, leaving school or dropping below six credits):
    • 6 months: Federal Direct Subsidized and Unsubsidized Loans
    • 9 months: Federal Perkins Loan

The loan servicer(s) assigned to you can collect payments, respond to customer service inquiries and carry out other tasks related to maintaining Federal loans.  It is possible to have more than one loan servicer if you have borrowed more than one Federal Loan.  To find your loan servicer(s), please log on to the National Student Loan Data System (NSLDS) using your FSA ID.

B. Private

  • Money borrowed from a bank, credit union or other non-government lender.
  • Grace Period (after graduating, leaving school or dropping below six credits):
    • Varies - please contact your lender for mroe information

To see if you have borrowed private loans, check Self Service, past award letters, documentation from lenders or your credit report.

Your lender(s) will collect payments, respond to customer service inquiries and carry out tasks concerning maintenance of your private loan(s).

2. Estimate your Monthly Payments
Use online cost estimators to see what your monthly payments in different repayment plans might be. There are repayment plans available to suit many financial situations.

3. Know when your first payment for each loan is due
This will give you time to prepare and budget for your loan payments. Many loans have grace periods and the option to defer (postpone) payment while attending graduate school.

4. Know your options if you have difficulty making payments
If you choose to attend graduate school, have a change in income or a sudden financial hardship, there are options and assistance available. Your lender(s) will work with you, but you will need to contact them first. Loan deferment (postponement of payments) and changing your repayment plan are just two options available. Please don’t ignore your student loan payments. This is a costly mistake that will damage your credit score.

Federal Direct Loans


Federal Perkins Loan


Private Loans

 

Know Before You Go Worksheet

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Exit Counseling Guide

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