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O  qS@(=Guiding Your Students Toward Successful Repayment Strategies >!'Presented by: Michele Colson Sallie Mae4( Agenda]Student Debt Portfolios Repayment Options Review Additional Considerations Evaluating Financial Values and Skills Developing a Personal Repayment Strategy Knowing how to answer four key questions will lead the way for student loan borrowers What do I owe? What are my options? What are my goals and objectives? What do I need to do to reach these? L1l1l~OOverview/Debt levels continue to rise Federal and private loans Credit cards Students will receive direct marketing solicitations from numerous lenders Offers may include Stafford, Grad PLUS, Consolidation, and private loans Pressure on schools not to recommend one lender over another Students need information!'KIX' >IAtEReminderStudent Debt PortfoliosNew Heights of Complexity Loan Portfolio Complexity2007-08 graduates debt portfolio may contain any or all of the following: Federal Student Loans Consolidation loan(s) with a fixed rate Perkins loan(s) with a fixed rate Stafford loan(s) with a variable rate Stafford loan(s) with a fixed rate Grad PLUS loan(s) with a fixed rate Private loan(s) with a variable rate Credit cards, likely with a variable rateNKOKO. Loan Portfolio ComplexitylIncreased portfolio complexity requires that students have a solid understanding of the loans in their portfolios Debt types  Loans versus revolving credit Federal versus private loans Loan program Debt holder / servicer Interest rates  Actual interest rates Fixed versus variable Frequency of rate changesbrH)FrH)F i>Repayment Timeline Complexities[Repayment OptionsFederal Student Loans\Repayment OptionsPRepayment options for Federal student loans Repayment plans Postponement options&,%,%]Repayment Plans5Four choices of repayment plans Standard Graduated Extended Income-based (either income-sensitive or income- contingent) Structure of repayment plan may vary slightly between FFEL and DL, and among FFEL lenders Each plan has advantages and disadvantages Can typically switch plans at least annually, if needed6 Y Y^Standard RepaymentVMonthly payment amount remains substantially the same over the repayment term Most commonly selected repayment plan Automatically selected if borrower doesn t choose a different plan Typically the lowest overall cost Monthly payment amount is often the highest in comparison to other repayment plans_Graduated Repayment:Monthly payment amount is scheduled to change (usually increased) at one or more pre-determined intervals over the repayment term Reduced initial monthly payments Higher overall interest cost due to lower initial payment amount Later payment tiers can become unaffordable if income does not substantially increase`Extended Repayment0Repayment plan offering a 25 year repayment term Could be structured as a standard schedule, graduated schedule, or choice of either Only available to  new borrowers with no outstanding debt in that loan program (FFELP or DL, as appropriate) prior to October 7, 1998 FFELP loans: Total FFELP debt must exceed $30,000 DL loans: Total DL debt must exceed $30,000 Reduced monthly payments due to 25-year term The 25-year repayment term often results in higher total repayment costs Not all borrowers will qualify for this repayment planj1ZTZZ`ZZ1T`aIncome - Related RepaymentIncome-Sensitive Repayment (FFEL Program) Borrower s income is taken into consideration Payment must cover accruing interest Income-Contingent Repayment (DL Program) Specific formula based on outstanding amount of Direct Loans, family size, and adjusted gross income (AGI) AGI includes borrower s and spouse s income Amount not repaid after 25 years of repayment is cancelled Cancelled amount is taxable under current law Not available on PLUS loans Alternative Repayment (DL Program) Technically not an  income-based program Schedule is negotiated with Secretary of Education Income-Based Repayment (FFEL & DL Program) Coming in July 2009 *ZSZ)ZkZ,Z;Z.ZZ#Z]Z+ZZ*S)k,;  .  #]+bPostponement OptionsPostponement options for Federal student loans Deferment Forbearance Postponement options may either eliminate or reduce the required monthly payment6/Q/Qc DefermentmA period of time in which an eligible borrower is not required to make payments of loan principal Government pays interest on subsidized loans, and subsidized portion of consolidation loan Unsubsidized interest may be paid by the borrower Unpaid interest can be capitalized Common deferments Enrolled at least half-time Unemployed Economic hardship Military serviceLbJbJd ForbearanceVA period of time during which the borrower is permitted to temporarily make reduced or no payments Some are entitlements for qualifying borrowers; others are granted at the lender s discretion Cannot exceed one year at a time Borrower is responsible for all interest that accrues Unpaid interest can be capitalized Borrower should consult with lender on whether use of forbearance will affect eligibility for incentive benefits`c^W#qc^W#qhAdditional Considerations*Other Items Affecting Repayment Strategies++f ConsolidationA consolidation loan is another option for managing student loan debt Consolidation loan is a new loan Repays loans included in consolidation Typically eliminates all or nearly all terms and benefits applicable to those loans included in the consolidation Usually offers a longer repayment term that can reduce monthly payments but often results in higher total repayment costs Consolidation may be available through both federal and private programs6gIgIi ConsolidationnPrivate loans cannot be included in a federal consolidation loan Federal loans can be included in a private consolidation loan Doing so results in loss of all federal benefits: Fixed interest rate Interest subsidy Repayment plans Postponement options Cancellation benefits Some lenders may offer both private and federal consolidation with a combined billing option 2`];-2`] Consolidation Interest Rate;Federal Consolidation Fixed interest rate* Weighted average, rounded up to nearest 1/8th percent Maximum rate of 8.25% Private Consolidation Varies by lender, but typically a variable interest rate Variable rate may adjust annually, quarterly, or monthly Consult with lender on actual rate and interest rate formulavL9vL 9vgIncentive BenefitsIncentive benefits can reduce loan costs Interest rate reductions Fee rebate Principal rebate Optional, not an entitlement Expect some type of eligibility requirements Incentive benefit only has value if earned Understand requirements to qualify Understand disqualification criteria `)6uH)6uHw:Assess Your  Average StudentsFinancial Skills"Personal Goals Can Affect Strategy FAO As Trusted AdvisorStudents look to your office for guidance Proactively reaching out reaffirms your position as trusted advisor Offer factual information with consideration for personal goals and values Educate your students early and continuouslyPPersonal Values and SkillspBe careful about not imposing your values and objectives into someone else s strategy Each student will have his or her own preferences and skill-level for managing the student loan preference Help students identify their own values, financial skills, and goals These will lead to a successful, personal strategyL3 %! &Debt ManagementRepayment Strategy Choose a repayment strategy to meet personal financial goals Choose a repayment strategy for today and tomorrow Evaluate all influencing factors Monthly budget Current and future salary expectations Financial management skills Personal spending and repayment patterns:{{' General TipsbRepayment behavior controls how quickly and inexpensively a loan will be repaid To avoid delinquency and minimize costs, select option with highest monthly payments that can be reasonably afforded Federal student loans have no prepay penalties Can minimize the  required monthly payment amount but can pay more when budget permits Can pay more on a monthly, quarterly, or annual basis, or even as an individual lump sum amount Can use federal loan repayment strategies as a means for achieving goals on non-federal debts, then focus later on the federal debts6VIdentifying Goals and ValuesPrioritize goals Use  leading questions if needed Goals for our discussion Minimize total interest costs Aggressively repay higher interest rate loans Minimize monthly payment (short-term) Minimize monthly payment (long-term) Minimize payments to multiple companies Manage private loan repayment Manage credit card repayment&LLURepayment SuccessDeveloping a Personal Strategyx Common GoalsMinimize total interest costs Minimize monthly payment (short-term) Minimize monthly payment (long-term) Minimize payments to multiple companies Pay higher interest rate loans quickly Manage private loan repayment Manage credit card repaymentnSample Leading Questions9Do you know what your scheduled monthly payments will be?:Z:lSample Leading Questions#Are you going to be ready to make payments as they become due, or will you need to reduce or even postpone payments? If the student will not be ready for payments, explore whether payments need to be reduced or postponed, consider asking why, and discuss how long repayment relief is needed.*uZZuWSample Leading QuestionsAre your loans with different lenders or servicers? If yes: Will it be difficult for you to manage making payments to different places? *4ZVZ4VmSample Leading QuestionsDo you need to reduce your monthly payment amount? If yes: Do you understand that reducing your monthly payment will ultimately result in higher interest costs? If yes: Do you need to reduce your payments for only a short period of time, or do you need long-term payment reductions?*3ZZ3XSample Leading QuestionsDo you intend to maintain a  hands on approach with your loans? Example: Do you plan on repaying your highest-rate loan quickly, then your next highest-rate loan, and so forth, in order to minimize your total interest costs? Explore further how the student wants to manage the debts so you can identify appropriate options.&AAkSample Leading QuestionsWith credit cards, do you tend to pay just the minimum balance, pay a little more that the minimum, or pay the entire balance off within just a month or two?oSample Leading Questions[For borrowers with variable rate loans] Are you uncomfortable with having a variable-rate loan? If yes: Explore whether there are reasons for the discomfort, e.g., perhaps the student doesn t realize there is a cap on the interest rate. &bbpSample Leading QuestionsWhat benefits do you have on your current loans? What do you have to do to earn the benefits? Do you expect that you will be able to earn them?&^2^2tSample Leading QuestionsDo you have student loans at different interest rates? Did you borrow private student loans? What additional debts (other than student loans), such as credit cards, do you have? What are the interest rates of those debts?&,,vSample Leading QuestionsqPrioritizing GoalspGiven the following possible financial goals, which are the most important to you, and how would you rank (prioritize) them? Minimize total interest costs Minimize monthly payment (short-term) Minimize monthly payment (long-term) Minimize payments to multiple companies Pay higher interest rate loans quickly Manage private loan repayment Manage credit card repayment&}}u(Developing a Personal Repayment Strategy))4$ Questions? 0~* Running the Numbers * Running the Numbers Interest Rate Trends/|68ehp !"#$%&'()*+,./0123456789:<=>BCDEGHX0  0` 33` Sf3f` 33g` f` www3PP` ZXdbmo` \ғ3y`Ӣ` 3f3ff` 3f3FKf` hk]wwwfܹ` ff>>\`Y{ff` R>&- {p_/̴>?" dd@Fl?" dd@  " @ ` n?" dd@   @@``PX    @ ` `#p>>   F> (    6T  ` `   T Click to edit Master title style! !  0W  @ `@   y9Click to edit Master text styles Second level Third level!   :  0[  ^   @Fl ZB  c $DFl"ZB  c $DFl"  B^ "w [+ 2008 Sallie Mae, Inc. 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