LOAN COUNSELING - GUIDE TO REPAYMENT
Having Trouble Paying Back Your Student Loans? We're here to help.
MI's Student Affairs office employs a Loan Counselor to assist graduates in beginning the repayment process for their student loans. The process of repayment is confusing, and many may not know about the many options available to simplify the process. MI's Loan Counselor is available to all graduates to discuss their particular case and offer guidance regarding ways to make repayment easier for them.
If you're already in repayment, make sure you still discuss loan consolidation and payment plans available through your servicer. There may be a better option available to fit your budget. If you are making multiple payments for more than one loan, consolidation can help you minimize that process to one monthly payment.
If you're still in school, serving in the military, are currently unemployed or are suffering economic hardship, you may be eligible to defer your loans for repayment for up to three years. Speak with the Loan Counselor about whether or not you qualify for this status and inquire about how to apply for a temporary deferment or forbearance.
Missing payments can put your loan in a delinquent or "past due" status, which can lead to default. If you have missed payments on your loan, talk to the Loan Counselor about how to clear delinquency by either paying your past due balance, or by requesting forbearance. By requesting forbearance, you can avoid paying the total balance past due and instead restore the loan into a 'good standing' status, allowing you to begin repayment again on the right foot.
If you do not qualify for deferment or forbearance and you have not made a payment on your past due loan balance for 270 days
or more, your loan can fall into a "default" status. This status affects your credit score and can prevent eligibility for
other types of loans like a car loan or home loan. If you currently have a student loan in default, you will not be eligible
for any additional Title IV financial aid provided by the US Department of Education, and the government may garnish wages
or hold tax returns to cover the balance past due. To clear default, speak with the Loan Counselor about contacting your
collections agency to request a monthly payment plan. Successfully completing 10 on-time monthly payments may clear this
status from your credit report. If you are currently in repayment on another loan, you may also be able to consolidate your
defaulted loan with those that are already in repayment.
Repaying your student loans is a long process, but can be achieved over time. Thousands of Americans undergo this process every year and with a proper understanding of your responsibilities and options for success, you too can build a plan to repay your loans successfully. MI's Loan Counselor is available between 9:00 AM and 5:00 PM, Monday through Friday, to discuss your case and ways that will make repayment easier for you.
Cher Atchison - Loan Counselor
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