Lake Superior State University
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Financial Aid Office

LOANS - GETTING READY FOR REPAYMENT

How much do I owe?

For your total federal loan debt, click the "My Financial Aid History" link at www.studentloans.gov . Then select "My Financial Aid History" and then "Financial Aid Review". You may owe a private education loan (alternative loan) as well. Contact your lender(s) for your total loan indebtedness through their program.

How do I educate myself about repayment options and my rights and responsibilities?

Complete the Exit Counseling session! It's a Federal requirement for subsidized and unsubsidized loan borrowers who:

  • Have graduated
  • Are attending less than 6 credits
  • Are not returning to LSSU

You will learn how to avoid repayment difficulties that could adversely affect your credit rating or your eligibility for student loans and other aid in the future if you return to college. Other important topics such as deferment, consolidation, and default are discussed. Also check out all the resources under the "Managing Repayment" section at the same site.

CAUTION: Consolidation of Federal Student Loans through a private loan company will convert the federal student loans to private loans and you will lose all military and federal repayment benefits. Learn more about consolidating your federal loans at www.studentloans.gov.

Who is my loan servicer? What is a loan servicer?

Your "servicer" is the company who will collect your payments and handle your loan account for your FEDERAL LOANS. They apply your payments to your loans and assist you with any questions or problems you have during repayment. If you have trouble making payments, contact your servicer! Remember: They don't handle private education loans. If you have questions or concerns regarding your private education loans (alternative loans), contact that particular lender.

To find out who your loan servicer is, go to www.nslds.ed.gov. Select "Financial Aid Review". When a listing of your loans appears, click on the loan number (1, 2, 3, etc). This provides the detail about that loan, including the name and contact information of your servicer.

What can I do at my servicer's web site?

You can access your loan account, much like you would access an on-line bank account or charge card account. You can make on-line payments, ensure that the payments you have made are properly credited, update your personal contact information, download important documents, view your loan balance, view accrued interest amount, and a host of other things.

Set up access to your account by creating your own login and password on their website.

Servicer's Contact Information:

Name Web Address

Phone

Aspire Resources Inc. www.aspireresourcesinc.com 1-855-475-3335
CornerStone www.mycornerstoneloan.org 1-800-663-1662
ESA/EdFinancial www.edfinancial.com 1-855-337-6884
FedLoan Servicing (PHEAA) www.myfedloan.org 1-800-699-2908
Granite State - GSMR www.gsmr.org 1-888-556-0022
Great Lakes Educational
Loan Services, Inc.
1-800-236-4300
MOHELA www.mohela.com 1-888-866-4352
Navient* www.navient.com 1-800-722-1300
Nelnet www.nelnet.com 1-888-486-4722
OSLA Servicing www.osla.org 1-866-264-9762
VSAC Federal Loans www.vsacfl.org 1-888-932-5626

* Sallie Mae made a transition into two separate companies (Sallie Mae and Navient) on October 13, 2014. Navient now services federal student loans for the Department of Education.

www.studentloans.gov

Go here for more information on your Federal Loans:

  • Public Service Loan Forgiveness
  • Loan Consolidation
  • Income-Based Repayment Plan
  • All Repayment Plan Options and Calculators
  • Teacher Loan Forgiveness
  • Trouble Making Payments

Helpful links:

The National Consumer Law Center: a site that contains step-by-step guides to help borrowers figure out whether they have private or federal loans, determine eligibility for federal loan forgiveness programs and find solutions to fit their repayment situations.

Consumer Financial Protection Bureau: this site contains a walk-through guide regarding information on managing repayment.

Repayment Tips for Struggling Borrowers

www.annualcreditreport.com a FREE credit report - no strings attached. You can request one per year.

Repayment Plan Options and Calculators: a description of the repayment plans available for your Federal loans and a calculator to see how much you would pay, under the different plans.

GreenPath Student Services: a debt solution company for students struggling with payments on student loans and/or any other type of consumer debt (credit card, car loan, mortgage). FREE one-hour discussion with a financial advisor who helps you explore options and create a plan for financial success.

Cohort Default Rate

The Cohort Default Rate refers to Federal subsidized, unsubsidized and consolidation loans. It is the percentage of students who go into repayment during one year and default either that year or the next. Soon, the period will involve three years of repayment period, instead of just two. Repayment occurs 6 months after a student no longer enrolls for at least 6 credit hours. Default occurs when a student is in repayment, but does not make their loan payment for 270 days or more. At LSSU, every effort is taken to ensure good stewardship of the aid provided to students. Data from the most recent years is provided below. Annual audits of the financial aid program are conducted and are available. Our auditors gave an unqualified opinion of the most recent Audit Report and no findings or questioned costs were reported.

2-Year Cohort Default Rate:

Academic Year Cohort
Default Rate
2010-11
10.1%
2009-10
5.2%
2008-09
4.8%
2007-08
5.0%
2006-07
5.5%
2005-06
5.2%

3-Year Cohort Default Rate:

Academic Year Cohort
Default Rate
2010-11
12.4%
2009-10
11.2%
2008-09
6.3%

 

 

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