Answering these three questions will put you on the path to repay your student loan balance. More information can be found at studentloans.gov.
1) Who is my loan servicer?
A loan servicer is a company that collects payments, responds to customer service inquiries, and performs other administrative tasks associated with maintaining a federal student loan on behalf of a lender. If you’re unsure of who your federal student loan servicer is, you can look it up in My Federal Student Aid. Temple graduates can also contact the Financial Aid office at THE TEMPLE.
2) What is my repayment plan?
There are several repayment plans available, providing the flexibility you need. Here are some things you should know:
- You’ll be asked to choose a plan. If you don’t choose one, you will be placed on the Standard Repayment Plan, which will have your loans paid off in 10 years.
- You can switch to a different plan at any time to suit your needs and goals.
- Your monthly payment can be based on how much you make. Learn about our income-driven repayment plans.
3) What if I can’t make my payments?
Paying off a student loan is a great way to establish or improve your credit rating. If you’re having trouble making payments, don’t ignore your loans! There are several options that can help keep your loans in good standing, even if your finances are tight.
- Change your Payment Due Date
- Change your Repayment Plan
- Consolidate your Loans
If the options above don’t work for you and you simply can’t make any payments right now, you might be eligible to postpone your payments through a deferment or forbearance. However, depending on the type of loan you have, interest may still accrue (accumulate) on your loan during the time you’re not making payments.
By Ingrid Nelson, Financial Aid Leader
About Ingrid: Ingrid brings years of real-world experience to THE TEMPLE. She was a Makeup Artist and Beauty Advisor for Elizabeth Arden, Lancôme and Jolie Day Spa & Hair Design in Bethesda, Maryland. She also has experience with the business side of beauty, having been Retail Manager, Assistant Director and Spa Director for Jolie Day Spa & Hair Design. In her time at THE TEMPLE, she has had the privilege of being on the Service Desk Team, Makeup Team for Lingerie Fashion Week 2013 & 2014 in New York City, Education Team & Enrollment Team. She loves to impart her years of experience to the next generation of our industry here at THE TEMPLE.