1. OFFICE OF STUDENT FINANCIAL AID MED S CHOOL L OAN R EPAYMENT A MY W HITFORD, F INANCIAL A ID C OUNSELOR, 608-262-3060, FINAID @ FINAID. WISC. EDU S ANDI N OWAKOWSKI, F EDERAL D IRECT & P RIVATE L OAN M ANAGER, 608-262-4987, DIRECTLOANS @ FINAID. WISC. EDU

2. B UILDING Y OUR R EPAYMENT S TRATEGY Identify Your Loan Debt Loan Types Evaluate my debt amounts, interest, and servicers How do I repay? Consolidation (www.studentloans.gov) Repayment Plans Forgiveness What if I need help? Forbearance & Income-Based Repayment Deferment F EDERAL D IRECT & P RIVATE L OANS, O FFICE OF S TUDENT F INANCIAL A ID Individual Repayment Counseling offered by appointment (phone or in-person) 608-262-4987, directloans@finaid.wisc.edu, finaid.wisc.edu/direct-loans.htm directloans@finaid.wisc.edu

3. I DENTIFY Y OUR L OAN D EBT - L OAN T YPES Federal Family Education Loan Program (FFELP) Stafford Subsidized Loan Stafford Unsubsidized Loan FFEL Consolidation Loan William D. Ford Direct Lending (DL) Federal Direct Stafford Subsidized Loan Federal Direct Stafford Unsubsidized Loan Direct Subsidized Consolidated Loan Direct Unsubsidized Consolidation Loan Perkins Loan Grad PLUS Loan (FFEL or DL) Institutional Loans F EDERAL D IRECT & P RIVATE L OANS, O FFICE OF S TUDENT F INANCIAL A ID Individual Repayment Counseling offered by appointment (phone or in-person) 608-262-4987, directloans@finaid.wisc.edu, finaid.wisc.edu/direct-loans.htm directloans@finaid.wisc.edu

4. F EDERAL S UBSIDIZED AND U NSUBSIDIZED L OANS F EDERAL D IRECT & P RIVATE L OANS, O FFICE OF S TUDENT F INANCIAL A ID Individual Repayment Counseling offered by appointment (phone or in-person) 608-262-4987, directloans@finaid.wisc.edu, finaid.wisc.edu/direct-loans.htm directloans@finaid.wisc.edu Federal Family Education Loan Program (FFELP) Chose a lender, payments go to servicer. No new loans originated after 2010. Subsidized Stafford Loan Didn’t accrue interest while you were in school. Fixed interest rates Unsubsidized Stafford Loan Fixed interest rate FFEL Consolidated Loan Loans paid into one consolidation loan. All borrower benefits adjusted. Interest based on consolidated average. William D. Ford Federal Direct Subsidized and Unsubsidized Loans Department of Education is the lender, payments go to servicer. Federal Direct Subsidized Loan Fixed interest did not accrue while you were in school. Federal Direct Unsubsidized Loan Fixed interest rate Direct Consolidated Subsidized or Unsubsidized Loan Paid into a consolidation loan All borrower benefits are adjusted. Interest rate built from a weighted average of loans consolidated.

5. F EDERAL D IRECT G RADUATE PLUS F EDERAL D IRECT & P RIVATE L OANS, O FFICE OF S TUDENT F INANCIAL A ID Individual Repayment Counseling offered by appointment (phone or in-person) 608-262-4987, directloans@finaid.wisc.edu, finaid.wisc.edu/direct-loans.htm directloans@finaid.wisc.edu Payment goes to servicer. Interest starts accruing after disbursement. Repayment begins 60 after the student falls below half-time enrollment.

6. P ERKINS L OAN F EDERAL D IRECT & P RIVATE L OANS, O FFICE OF S TUDENT F INANCIAL A ID Individual Repayment Counseling offered by appointment (phone or in-person) 608-262-4987, directloans@finaid.wisc.edu, finaid.wisc.edu/direct-loans.htm directloans@finaid.wisc.edu 5% interest rate. No interest during school 9 month grace period Lender is the school, payments go to the school. Can be consolidated with Subsidized and Unsubsidized loans. Letters sent in April for mandatory exit counseling at ECSI.net Forgiveness available

7. I NSTITUTIONAL L OANS F EDERAL D IRECT & P RIVATE L OANS, O FFICE OF S TUDENT F INANCIAL A ID Individual Repayment Counseling offered by appointment (phone or in-person) 608-262-4987, directloans@finaid.wisc.edu, finaid.wisc.edu/direct-loans.htm directloans@finaid.wisc.edu Dredge Loan & Manchester Loan No interest while in school 5 year grace period 5% interest which begins accruing after the grace period Letters sent in April for mandatory exit counseling at ECSI.net Primary Care Loan No interest while in school 1 year grace period but can request deferment during residency; no interest during grace or deferment 5% interest during repayment Must certify annually that you are practicing primary care until loan is paid in full Letters sent in April for mandatory exit counseling at ECSI.net

8. WI M EDICAL S OCIETY L OAN F EDERAL D IRECT & P RIVATE L OANS, O FFICE OF S TUDENT F INANCIAL A ID Individual Repayment Counseling offered by appointment (phone or in-person) 608-262-4987, directloans@finaid.wisc.edu, finaid.wisc.edu/direct-loans.htm directloans@finaid.wisc.edu WI Medical Society Loan 6.8% No interest accrual while in school 2 month grace period Interest starts accruing after the grace period. Forbearance can be requested with WMS. Exit Counseling included in packet.

9. H OW DO I REPAY ? F EDERAL D IRECT & P RIVATE L OANS, O FFICE OF S TUDENT F INANCIAL A ID Individual Repayment Counseling offered by appointment (phone or in-person) 608-262-4987, directloans@finaid.wisc.edu, finaid.wisc.edu/direct-loans.htm directloans@finaid.wisc.edu 1.Determine when your grace periods end for each loan. Sub & Unsub - 6 months. Perkins - 9 months PPLUS has no grace period Manchester & Dredge – 5 yrs. WMS – 2 months 2.Do you need to consolidate? Done with school? Split servicer? Mixture of FFEL & DL if I’m entering PSLF? 3.Complete Stafford Exit Counseling at nslds.ed.gov Get a good idea of repayment plans that fit your borrower profile. 4.Complete Institutional and Perkins Loan Exit Counseling at ECSI.net 5.Create an action plan & payment priority. How long will it take you to repay and what are your career/life goals? What is the most expensive loan you owe and how quickly can it be paid? Graduate School Plans? Be aware about the elimination of graduate professional subsidy. 6.Setup your payment plan(s) and auto-debiting (.25% interest reduction). Repayment plan and Auto-debit can be setup on the servicer’s website or over the phone.

10. E VALUATE Y OUR F EDERAL L OANS F EDERAL D IRECT & P RIVATE L OANS, O FFICE OF S TUDENT F INANCIAL A ID Individual Repayment Counseling offered by appointment (phone or in-person) 608-262-4987, directloans@finaid.wisc.edu, finaid.wisc.edu/direct-loans.htm directloans@finaid.wisc.edu Log onto nslds.ed.gov – National Student Loan Data System (NSLDS)

11. Identify your Campus-based and private loan debt on your free credit report. Lenders Amounts Interest rate

12. L OAN F ORGIVENESS F EDERAL D IRECT & P RIVATE L OANS, O FFICE OF S TUDENT F INANCIAL A ID Individual Repayment Counseling offered by appointment (phone or in-person) 608-262-4987, directloans@finaid.wisc.edu, finaid.wisc.edu/direct-loans.htm directloans@finaid.wisc.edu Public Service Forgiveness Work full-time for 10 years state, federal, or non-profit 120 monthly consecutive on-time payments IBR, ICR, Standard repayment plan Non-Profit Agency Search Engines http://www2.guidestar.org/Home.asp x http://www2.guidestar.org/Home.asp x http://www.ahadataviewer.com/#

13. P ERKINS L OAN F ORGIVENESS F EDERAL D IRECT & P RIVATE L OANS, O FFICE OF S TUDENT F INANCIAL A ID Individual Repayment Counseling offered by appointment (phone or in-person) 608-262-4987, directloans@finaid.wisc.edu, finaid.wisc.edu/direct-loans.htm directloans@finaid.wisc.edu ECSI.net http://www.ecsi.net/bwr/forms/r7-index.htmlhttp://www.ecsi.net/bwr/forms/r7-index.html Application for Partial Loan Forgiveness Peace Corp or Vista Volunteer Criminal Justice System Nurse or Medical Technician Providing a public or non-profit service to high-risk children Provider of early intervention services Employed Firefighter

14. C ONSOLIDATION F EDERAL D IRECT & P RIVATE L OANS, O FFICE OF S TUDENT F INANCIAL A ID Individual Repayment Counseling offered by appointment (phone or in-person) 608-262-4987, directloans@finaid.wisc.edu, finaid.wisc.edu/direct-loans.htm directloans@finaid.wisc.edu Consolidation Criteria Done attending school At least 2 outstanding federal loans Grace period has ended Private loans can’t be consolidated Mixture of FFEL & DL loans Multiple servicers DL Split Servicer Initiative

15. C ONSOLIDATION F EDERAL D IRECT & P RIVATE L OANS, O FFICE OF S TUDENT F INANCIAL A ID Individual Repayment Counseling offered by appointment (phone or in-person) 608-262-4987, directloans@finaid.wisc.edu, finaid.wisc.edu/direct-loans.htm directloans@finaid.wisc.edu Complete consolidation at www.loanconsolidation.ed.govwww.loanconsolidation.ed.gov Application Process Application & MPN required 3 month processing time *Report loan type (FFEL or DL) on the application *Report principle + outstanding interest = total loan amount on the application *DO NOT forget a loan when reporting on the application Setup interim consolidation processing repayment plan Consolidation Outcome Weighted average determines interest rate of DL Consolidation loan. Creates a new DL Sub Consolidation Loan or DL Unsub Consolidation Loan. One loan, one servicer, access to DL borrower benefits.

16. R EPAYMENT P LANS F EDERAL D IRECT & P RIVATE L OANS, O FFICE OF S TUDENT F INANCIAL A ID Individual Repayment Counseling offered by appointment (phone or in-person) 608-262-4987, directloans@finaid.wisc.edu, finaid.wisc.edu/direct-loans.htm directloans@finaid.wisc.edu

17. R EPAYMENT P LANS F EDERAL D IRECT & P RIVATE L OANS, O FFICE OF S TUDENT F INANCIAL A ID Individual Repayment Counseling offered by appointment (phone or in-person) 608-262-4987, directloans@finaid.wisc.edu, finaid.wisc.edu/direct-loans.htm directloans@finaid.wisc.edu

18. R EPAYMENT P LANS F EDERAL D IRECT & P RIVATE L OANS, O FFICE OF S TUDENT F INANCIAL A ID Individual Repayment Counseling offered by appointment (phone or in-person) 608-262-4987, directloans@finaid.wisc.edu, finaid.wisc.edu/direct-loans.htm directloans@finaid.wisc.edu

19. R EPAYMENT P LANS F EDERAL D IRECT & P RIVATE L OANS, O FFICE OF S TUDENT F INANCIAL A ID Individual Repayment Counseling offered by appointment (phone or in-person) 608-262-4987, directloans@finaid.wisc.edu, finaid.wisc.edu/direct-loans.htm directloans@finaid.wisc.edu

20. M ARRIED S TUDENTS & IBR F EDERAL D IRECT & P RIVATE L OANS, O FFICE OF S TUDENT F INANCIAL A ID Individual Repayment Counseling offered by appointment (phone or in-person) 608-262-4987, directloans@finaid.wisc.edu, finaid.wisc.edu/direct-loans.htm directloans@finaid.wisc.edu Married Filing Taxes Jointly – Only one spouse has educational loan debt - both spouses’ income and only your debt is considered. Both spouses have educational loan debt – both spouses’ income and both spouses’ educational debt is considered. Can’t deduct loan interest payments in taxes. Married Filing Taxes Separately – Only your income and debt is considered. Consult a tax advisor regarding the benefits of filing jointly or separately with regards to your tax refund.

21. E STIMATED T IME OF R EPAYMENT F EDERAL D IRECT & P RIVATE L OANS, O FFICE OF S TUDENT F INANCIAL A ID Individual Repayment Counseling offered by appointment (phone or in-person) 608-262-4987, directloans@finaid.wisc.edu, finaid.wisc.edu/direct-loans.htm directloans@finaid.wisc.edu AAMC Example Income-Based Repayment Plan – Principal Debt amount $140,000 During 4 years of residency with a median stipend - loan payment of $420-$540 per month. Increase in salary after 4 year residency - $200,000 starting salary Family size of 1 Payment amount of $1,838 for 11.8 years to pay loan off in full.

22. W HAT IF I NEED HELP ? F EDERAL D IRECT & P RIVATE L OANS, O FFICE OF S TUDENT F INANCIAL A ID Individual Repayment Counseling offered by appointment (phone or in-person) 608-262-4987, directloans@finaid.wisc.edu, finaid.wisc.edu/direct-loans.htm directloans@finaid.wisc.edu Environment of support Stay in contact with your servicer. Repayment plans are fluid. Contact our office if you need advice. Partial Financial Hardship Deferment Reduction in income Contact servicer Billing postponed Interest frozen on Sub and Perkins Use really sparingly…Interest capitalizes when deferment ends

23. W HAT IF I NEED HELP ? F EDERAL D IRECT & P RIVATE L OANS, O FFICE OF S TUDENT F INANCIAL A ID Individual Repayment Counseling offered by appointment (phone or in-person) 608-262-4987, directloans@finaid.wisc.edu, finaid.wisc.edu/direct-loans.htm directloans@finaid.wisc.edu Income-Based Repayment Plan Lowest monthly payment required can be zero. Forbearance and deferment capitalizes interest Best to make some payment rather than no payment at all Forbearance USE SPARINGLY! Interest still accrues and capitalization occurs! Contact servicer for billing to be postponed Example: $150,000 of student loans placed in forbearance for 4 years ADDITIONAL interest of $56,343 Monthly payment after forbearance would increase from $1,726 to $2,195 (based on 10 year repayment period & 6.8% interest rate)

24. OFFICE OF STUDENT FINANCIAL AID MED S CHOOL L OAN R EPAYMENT Q UESTIONS ? A MY W HITFORD, F INANCIAL A ID C OUNSELOR 608-262-3060, FINAID @ FINAID. WISC. EDU FINAID @ FINAID. WISC. EDU FINAID @ FINAID. WISC. EDU S ANDI N OWAKOWSKI, F EDERAL D IRECT & P RIVATE L OAN M ANAGER 608-262-4987, DIRECTLOANS @ FINAID. WISC. EDU DIRECTLOANS @ FINAID. WISC. EDU DIRECTLOANS @ FINAID. WISC. EDU