This document provides information about student loan debt management. It covers types of loans, interest rates, repayment plans including income-driven plans, loan forgiveness options like Public Service Loan Forgiveness, consolidation, deferment and forbearance. Key details include different federal loan programs, when repayment begins, calculating interest, eligibility for alternative repayment plans, requirements for loan forgiveness programs, and tips for planning repayment.
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The financial planner are always a good partner to everyone, They are those who could understand your need and assisted to resolve the financial challenge.
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Advice for learners on money related matters, includes, National Insurance, Tax codes & rates, minimum wage, interest rates, budget and debt advice. Activities included.
Planning Your Dreams: Financial Planning to Secure Your Career and Retirement...ERAUWebinars
This is from a webinar presented by Embry-Riddle Aeronautical University-Worldwide called “Planning Your Dreams: Financial Planning to Secure Your Career and Retirement Goals." The presenters are Dr. Mark Bellnap and members of the ERAU-Worldwide Student Services staff.
The financial planner are always a good partner to everyone, They are those who could understand your need and assisted to resolve the financial challenge.
In Malaysia, even though the financial planner is not a new business, however widely engage the financial planner may not as common in the developed country.
Let us reveal what is the financial planner role in your daily life.
Advice for learners on money related matters, includes, National Insurance, Tax codes & rates, minimum wage, interest rates, budget and debt advice. Activities included.
Presentation slides from webinar presented by Aaron Dunn of The SMSF Academy on 5 September 2013 on the latest issues impacting contributions including excess concessional contribution reforms, additional contributions tax for high income earners and more.
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Use the concept presentation and other materials to discuss how life insurance not only provides death benefit protection, but can also be a tax diversification tool.
Contact me if you would like to discuss
*The cash value is accessed through policy loans, which accrue interest at the current rate, and cash withdrawals. Loans and withdrawals will decrease the total death benefit and total cash value. The supplemental retirement income is not guaranteed.
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Presentation slides from webinar presented by Aaron Dunn of The SMSF Academy on 5 September 2013 on the latest issues impacting contributions including excess concessional contribution reforms, additional contributions tax for high income earners and more.
Building good relations between IFIs & Finance ministries - Richard Hughes, H...OECD Governance
This presentation was made by Richard Hughes, HM Treasury, United Kingdom, at the 11th Meeting of OECD PBO & IFIs held in Lisbon, Portugal, on 4-5 February 2019
Understanding Tax Credits with Green & Peter
Green & Peter think more people should be claiming
and we want to help you understand Tax Credits further…
The Tax Diversify Your Retirement Income with Life Insurance sales presentation will help you understand the importance of tax diversification and the benefits that a Custom Whole Life (CWL) policy can provide. In addition to the traditional benefit of death benefit protection, the cash value of the CWL policy accumulates tax-deferred and can generally be accessed on a tax-free basis*.
Use the concept presentation and other materials to discuss how life insurance not only provides death benefit protection, but can also be a tax diversification tool.
Contact me if you would like to discuss
*The cash value is accessed through policy loans, which accrue interest at the current rate, and cash withdrawals. Loans and withdrawals will decrease the total death benefit and total cash value. The supplemental retirement income is not guaranteed.
Professor Heikki Hiilamo. Child Maintenance - International Perspectives and Policy Challenges. An ESRC International Research Seminar Series. First principles: comparative legal frameworks and public attitudes. Seminar 1. Comparative legal frameworks and child maintenance schemes. 27 March 2014. Nuffield Foundation, London.
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The Ultimate Guide to Student Loan RepaymentAnik Khan
This presentation is designed for the 44M Americans with student loans. It provides a comprehensive overview of student loan repayment options from pausing payments to income-driven repayment plans and refinancing. It also demonstrates how to objectively evaluate different repayment options and gives tips on how to think about repayment in the context of other financial objectives and decisions.
Get Student Loan, How To Get Student Loans At Low Interest, How To Get Student Loans From Banks, How To Get Student Loans In Canada, How To Get Private Student Loans, How To Get Student Loans For Graduate School, How To Get Student Loans In Usa.Visit:-http://www.howstudentloan.com/
A groups of presentations regarding federal loan debt, repayment, and what to do if you cannot make payments. Also includes specific information for programs at UNTHSC and their cost of attendance, disbursement and budgeting.
The seminar is intended for executives and Human Resource leadership. This seminar will focus in particular on non-profit and government employers, who may have employees eligible for Public Service Loan Forgiveness.
Under PSLF, non-profit and government employees could be eligible to have their federal loans forgiven after 10 years. The first round of forgiveness starts October 2017. We will cover a broad range of student loan topics, including:
• Student loan legislation and policy updates
• Public Service Loan Forgiveness
• Employer responsibilities on PSLF certification
• Student loan impact on workers
• Options for employer student loan benefits
How To Get Student Loans At Low Interest, How To Get Student Loans From Banks, How To Get Student Loans In Canada, How To Get Private Student Loans, How To Get Student Loans For Graduate School, How To Get Student Loans In Usa, Federal Student Loan Debt Relief, How To Get Federal Student Loan
How To Get Student Loan, How To Get Student Loans At Low Interest, How To Get Student Loans From Banks, How To Get Student Loans In Canada, How To Get Private Student Loans, How To Get Student Loans For Graduate School
Similar to Debt Management Strategies presentation (20)
2. What We’ll Cover
o Preparation
o Types of loans
o Direct vs. FFEL
o NSLDS
o Interest rates
o Repayment Plans
o Loan Forgiveness
o Public Service Loan Forgiveness
o Perkins loan discharge
o Consolidation
o Deferment/Forbearance
o Planning Ahead
4. Preparation
Types of loans
o Unsubsidized Stafford loan
o Interest accrues beginning when the loan is disbursed
o As of July 1, 2012, graduate students are no longer eligible for Subsidized Stafford loans
o Graduate PLUS loan
o Interest accrues beginning when loan is disbursed
o Requires a new credit approval for each new loan or loan increase
o Perkins loans
o Interest begins accruing when repayment begins
o May not be available after 2015-2016 academic year
o Not eligible for alternative repayment plans (unless consolidated)
5. Preparation
Loan Programs
o Direct Loans
o Originated by the Department of Education
o Starting in 2010-2011 academic year, all federal student loans are originated by Department of
Education as Direct Loans
o FFEL Program
o Federal Family Educational Loan Program
o Prior to July 1, 2010, some federal loans were originated by private banks or lenders
o FFEL loans are not eligible for some repayment plans
6. Preparation
When does repayment begin?
o Stafford loans (Subsidized & Unsubsidized): six-month grace period
o PLUS loans: six-month grace period
o Perkins loans: nine-month grace period
Graduation Date
Loan Type May August December
Stafford November February June
PLUS November February June
Perkins February May September
7. Preparation
National Student Loan Data System (NSLDS)
o Comprehensive overview of all federal student loans
o Includes undergraduate and graduate borrowing history
o Lists each loan individually, including servicer contact information & interest rates
o Exit Interview process prior to graduation
o Financial Aid Review
10. Preparation
Loan Interest Rates
Perkins Unsubsidized
Stafford
PLUS
Prior to July 1, 2013 5% 6.8% 7.9%
July 1, 2013 – June
30, 2014
5% 5.41% 6.41%
July 1, 2014 – June
30, 2015
5% 6.21% 7.21%
July 1, 2015 – June
30, 2016
5% 5.84% 6.84%
11. Preparation
Interest Calculation
Daily interest amount = (Current Principal Balance x Interest Rate) ÷ 365.25
Monthly interest amount = (Daily Interest Amount x number of days in the month)
For example, for a student loan balance of $20,500 with an interest rate of 5.84%, the
monthly interest would be calculated as follows:
Daily interest amount: ($20,500 x .0584) ÷ 365.25 = $3.2778
Monthly interest amount: $3.28 x 30 (typical month) = $98.40
Interest Saving Calculator
13. Repayment Plans
Standard
o Plan you are automatically enrolled into upon signing MPN
o Based on 10-year repayment schedule
o Higher monthly payments
o Repaid in shortest time period, less interest accrued
o Direct and FFEL are eligible
14. Repayment Plans
Extended
o Must have at least $30,000 in outstanding loans
o Up to 25 years to repay
o Lower monthly payments than Standard plan
o More interest repaid over longer timeline
o Direct and FFELL are eligible
15. Repayment Plans
Graduated
o Up to 10 years to repay
o Lower monthly payments to start, increase every two years
o Will pay more interest than Standard plan
o Direct and FFELL are eligible
16. Repayment Plans: Income-Driven
What is an Income-Drive Repayment Plan?
o Repayment amount is a percentage of your discretionary income
o Must submit annual documentation
o Up to 25 years to repay
o Must pay taxes on any balance cancelled after 20 or 25 years
o Required for Public Service Loan Forgiveness (PSLF)
17. Repayment Plans: Income-Driven
What is an Income-Drive Repayment Plan?
o Revised Pay As You Earn (REPAYE) – NEW
o Pay As You Earn (PAYE)
o Income-Based Repayment (IBR)
o Income-Contingent Repayment (ICR)
27. Loan Forgiveness
Public Service Loan Forgiveness (PSLF)
o Must be full-time in public services
o Full-time is defined by the organization, but not less than 30 hours/week
o Multiple positions that total at least 30 hours can qualify
o Must have made 120 payments
o Payments must have been made after October 1, 2007
o Do not have to be consecutive
o Late payments and payments during deferment or grace period will not count
o Repayment must be made under one of the following plans:
o Income-Based
o Income-Contingent
o Revised Pay As You Earn
o Pay As You Earn
o Standard (when combined with IBR, ICR, PAYE or REPAYE)
28. Loan Forgiveness
Public Service Loan Forgiveness (PSLF)
o Only Direct loans are eligible for PSLF
o Perkins and/or FFEL program loans can be consolidated into a Direct Consolidation loan to qualify
o Payments made on Perkins and/or FFEL program loans prior to consolidation will not count
o Multiple positions that total at least 30 hours can qualify
o Must complete Employment Certification form annually/employment changes
o FedLoan (www.myfedloan.org) is the servicer for PSLF
o Completing ECF will transfer your existing loans to FedLoan
o Borrower will not be responsible for taxes on balance forgiven
29. Eligible public service positions
o Federal, state or local government agency or entity
o Non-profit categorized as 501(c)(3)
o Qualifying employment may include:
o The organization must not be a labor union or partisan political organization
Loan Forgiveness
o Military Service
o Public safety
o Law enforcement
o Public health services
o Public education
o Tribal agency/organization
or tribal college/university
o Public library services
o School library services
o Public interest law services
o Early childhood education
o Public services for elderly or
individuals with disabilities
30. Perkins Loan Discharge
o For each year of service, a percentage of your outstanding loan
o Service areas include:
o Must contact institution for discharge information
Loan Forgiveness
o Peace Corps of VISTA
o Teacher (Special Education,
STEM)
o U.S. Armed Forces
o Nurse or medication technician
o Law enforcement or
corrections officer
o Head Start worker
o Public interest law services
o Professional provider of early
intervention services
32. Consolidation
Direct Consolidation Loan
o Combines multiple federal loans, pays off individual balances
o One interest rate, one lender, one payment
o Eligible loans:
o Stafford
o Graduate PLUS
o Perkins
o Interest rate is a weighted average of all loans
o Up to 30 years to repay depending on loan balance
37. Deferment & Forbearance
Deferment
o Temporary suspension of loan payments
o Interest does not accrue on Subsidized Stafford or Perkins loans
o Unsubsidized and PLUS loans will accrue interest
o Qualifying situations
o Reenrollment in school
o Military service
o Unemployment
o Economic hardship (up to three years)
38. Deferment & Forbearance
Forbearance
o Temporary postponement or reduction of payments due to financial difficulty
o Interest accrues on all loans
o Can be granted for up to 12 months at a time for no more than three years
40. Planning Ahead
Helpful Tips
o Utilize online repayment estimator now
o Update servicer(s) on ALL changes/updates to mailing address, email, phone number, etc.
o Investigate student loan interest deduction on tax return
o Take advantage of auto-debt option to reduce interest rate
o Keep records (tax returns, W-2s, job offer letters) for PSLF, IBR, ICR or PAYE
o If applying for consolidation or alternative repayment, continue making scheduled
payments until you receive notification otherwise
o Adjust budget/spending before applying for Income-Based repayment plans
o NEVER be afraid to ask questions
41. Planning Ahead
Useful Websites
o National Student Loan Data System: www.nslds.ed.gov
o Federal Student Aid: www.studentaid.ed.gov
o Income-Based repayment plans/consolidation: www.studentloans.gov
o FinAid!: www.finaid.org
My contact information:
mnewlin@wustl.edu
(314) 935-6655