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Tips to Manage Your Student Loans Handbook.Pdf Nelnet.com | 888.486.4722 ©2014 Nelnet, Inc. All rights reserved. Nelnet is a registered service mark of Nelnet, Inc. 1 Introduction .................. The Life of a Student Loan . 3 .......... Managing Your Money . 4 ............ Set Your Financial Goals . 6 ........... Budget Worksheet . 7 .............. Strategies to Save Money . 8 .......... Credit Card Tips . 9 ............... 10 How to Avoid Identity Theft ......... 11 Federal Student Loan Programs .... 13 Ten Things You Should Know About Student Loans ................ 15 Student Loan Repayment Plans ...... 16 Income-Driven Repayment Plans .... 18 Loan Repayment Estimates ........ 20 Create Your Nelnet.com Account .... 23 ..... 24 Make a Payment on Nelnet.com .... 25 What to Know About Paying Extra How to Avoid Delinquency and Default . 27 on Your Student Loan ........... Trouble Making Payments? ........ Four Easy Ways to Avoid Delinquency . 28 or Default on Your Student Loan Resume Guidelines and Standards..... 29 Interview Guidelines and Standards ..... 31 Student Loan Terms to Know ... 33 ....... Get Ready for Repayment . 35 ......... Servicer Contact Info . 44 ........... Entrance and Exit Counseling . 45 ....... 888.486.4722 . 46 Nelnet.com | LIVE LIFE SMART GUIDE :: 2 INTRODUCTION Congratulations! A higher education can significantly boost your earning potential. However, balancing your educational goals with good borrowing decisions is the key to a healthy financial future. With careful financial planning and a completed education, you’ll be well on your way to success. When you borrow Stafford Loans, you have six months (your grace period) from the time you graduate or drop below half-time student status until you start making payments on your federal student loans (repayment). When this happens, we’re one of the federal student loan servicers who may process your payments and answer your questions on behalf of the Department of Education. (Note: Some loans, such as PLUS loans, do not include a grace period.) What to Do and Expect: • Use this document to learn more about how to set a budget, pick a repayment plan, and more. • If Nelnet is one of your servicers, log in to your account at Nelnet.com to update your contact information and see due dates, payment amounts, and repayment options. • Review the Disclosure of Repayment Schedule you’ll receive halfway through your grace period (this is not a bill; it contains details about your federal student loans). • Get the details on all of your student loans (ones with Nelnet and with other servicers) online through the Department of Education’s National Student Loan Data System (NSLDS) at nslds.ed.gov. You will need a PIN to access the site; you can get a copy of your PIN or request a new PIN online at pin.ed.gov. • Review your student loan billing statement(s). If Nelnet is your servicer, your Nelnet billing statement will arrive about three weeks before your first payment is due. You can choose to receive paper or electronic statements at Nelnet.com. Nelnet.com | 888.486.4722 ©2014 Nelnet, Inc. All rights reserved. Nelnet is a registered service mark of Nelnet, Inc. EDUCATION LOAN SERVICING 3 THE LIFE OF A STUDENT LOAN When you go to college, you may be unsure of what a "loan servicer" is or why you need to fill out the FAFSA®—and that's OK. Below is an overview of what to know about borrowing money for school. STEP 1: PLANNING FOR SCHOOL STEP 2: THE AWARDING PROCESS If, in addition to scholarships Based on your FAFSA, your and grants, you need Federal school’s financial aid office will Student Aid to help pay for decide how much aid to award you, college, you will have to fill and the Department of Education out the Free Application for will then disburse these funds. Federal Student Aid (FAFSA) GRANT at www.fafsa.gov. GRANT When funds are disbursed, they will be sent directly to your school to cover educational costs. $$ FAFSA.GOV : A C STEP 3 WHILE YOU’RE IN SCHOOL B D If federal student loans are part of your award, the Department of Education will assign you a student loan servicer after LOAN SERVICERS they are disbursed. Loan servicers are here to help you manage your student loans, from disbursement to payoff. To learn more about the life of your loans, visit Nelnet.com/Stages-Of-A-Student-Loan. STEP 4: AFTER SCHOOL AND BEYOND Throughout your repayment period, your When you graduate or leave school, student loan servicer you are not required to make payments will help you choose the on your federal student loans for six SIX MONTHS repayment plan that's months. However, you can choose right for you. to pay ahead; this will help reduce your overall balance. Whether you have questions about your loans or are struggling to make payments, let your servicer know—we're here to help! ©2014 Nelnet, Inc. All rights reserved. Nelnet is a registered service mark of Nelnet, Inc. 4 FINANCIAL LITERACY Resources and tips to help you get (and stay) financially stable (Financial Literacy training is also available on Nelnet.com via our Money Mondays webinars) LIVE LIFE SMART GUIDE :: Nelnet.com | 888.486.4722 5 MANAGING YOUR MONEY 9 Tips to Achieving Financial Wellness 1. Know where your money goes 6. Plan for retirement Be aware of how you are spending your money. A $4 Take advantage of interest and market upturns by saving cup of coffee five days a week costs you $80/month. for retirement early. Often your employer will help you Review some of the items you spend your money save for retirement with a 401(k) plan. You can also on to find areas where cutting back can move your benefit from pre-tax contributions using this method savings account forward. of retirement savings. 2. Develop a budget 7. Get tax advice Plan for your expenditures by developing a budget If you have circumstances that create tax dilemmas and live within your means based on your monthly (e.g., self-employed, own and/or lease property, etc.), income. Make adjustments to remain within your make sure to seek tax advice from a professional for budget and don’t use a credit card to cover a the best outcome. shortfall or unnecessary purchases. 8. Protect your credit 3. Include savings in your budget You have the right to pull a free credit report from each Pay yourself first. Treat your savings account like reporting bureau once per year by going online to any other monthly bill by making a monthly payment www.annualcreditreport.com. Keep in mind that late toward it. payments will adversely impact your credit, as will a failure to pay. You should immediately report any credit 4. Plan for major purchases issues or discrepancies to the reporting bureau. Use Adjust your budget accordingly to build savings for your credit wisely and ensure your reports are accurate. your next major purchase without using credit. 9. Keep good financial records 5. Save for emergencies Utilize online tools as well as paper copies of receipts A good rule of thumb is to have a minimum of six months to keep records of your pay stubs, banking information, of salary available in your savings account. While this taxes, insurance, and other documents important to goal will take time to achieve, it is important to strive for your financial situation. it so you’re prepared for most unexpected emergencies. Nelnet.com | 888.486.4722 ©2014 Nelnet, Inc. All rights reserved. Nelnet is a registered service mark of Nelnet, Inc. EDUCATION LOAN SERVICING 6 SET YOUR FINANCIAL GOALS Healthy financial habits start by setting sound financial goals. Develop a realistic path to achieving your goals by filling in the chart below. General Information Monthly Household Net Income: Number of Dependents: Monthly Necessary Expenses: Your Age: Amount Remaining to Save for Goals: Expected Graduation Date: Identify goals, cost, timeline, savings method, and anticipated rate of return. Set your goals Goal #1: Goal #2: Goal #3: Total cost of each goal Current funds available Time needed to achieve each goal Monthly contribution to achieve goal Funding source for monthly contribution Method for saving/investing for goal Expected interest rate/rate of return There could be risks that might keep you from reaching your goals. In many cases, insurance can help protect against these risks. Risks: Identify risks below that could keep you Types of Insurance with Monthly Cost from reaching your goals and then check the boxes for any insurance you have that can protect you Life Health Disability Auto Home/Renters from each risk. $ $ $ $ $ $ Nelnet.com | 888.486.4722 ©2014 Nelnet, Inc. All rights reserved. Nelnet is a registered service mark of Nelnet, Inc. EDUCATION LOAN SERVICING 7 BUDGET WORKSHEET It’s easy to prepare a budget. Common categories are included in this worksheet; just fill in the amount you typically spend in the budget column. Use the actual column to record spending to see if your budget is on target or needs to be adjusted—check your bill statements and receipts for the most accurate numbers. Monthly Expenses Budget Actual Monthly Expenses Budget Actual Deductions Personal and Health Savings (to be set aside) $ $ Clothing $ $ Child Support/Alimony $ $ Toiletries/Care Products $ $ Other: $ $ Haircuts $ $ Housing Monthly Dues/Fees $ $ Rent/Mortgage Payment $ $ Insurance (Health, Life) $ $ Utilities (Gas, Water, Electric) $ $ Doctor/Dentist Visits $ $ Home Insurance and Taxes $ $ Prescriptions/OTC Drugs $ $ HOA Fees $ $ Laundry/Dry Cleaning $ $ Cable Bill $ $ Other: $ $ Internet Bill $ $ Education Phone Bill $ $ Tuition $ $ Other: $ $ Books/Fees $ $ Debt Payment Supplies $ $ Credit Cards Payments $ $ Other:
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