Federal Student Loan Counseling

          

REPAYMENT OPTIONS

To make it easier to repay your loan, investigate all the repayment options that your lender or servicer offers. These options include:

Standard Repayment

Graduated Repayment

Income-Sensitive Repayment

Extended Repayment

Income-Based Repayment (effective July 1, 2009)

Loan Consolidation

To consolidate your loans and for more information, go to www.loanconsolidation.ed.gov.

Loan Consolidation Disadvantages

Lenders offering consolidation loans:

Tax Benefits

Tax benefits are available for certain higher education expenses, including a deduction for student loan interest that you paid. The student loan interest deduction applies to loans used to pay for qualified postsecondary education costs. (The loans cannot be from a related person or made under a qualified employer plan.) Internal Revenue Service (IRS) Publication 970, Tax Benefits for Higher Education, explains the student loan interest deduction and the other tax benefits. You can get more information online at www.irs.gov or by calling the IRS at 1-800-829-1040.


QUIZ QUESTION:

I must repay a Stafford Loan and/or a Grad PLUS Loan with all accrued interest and deducted fees.
True False

In order to complete your loan counseling session, it is important that you read all of the provided information. You will then need to complete the form at the end of the six information pages provided.