1. Managing Student Loan Debt

2. PICPA The Pennsylvania Institute of Certified Public Accountants PICPA is a professional association of more than 22,000 CPAs working together to improve the profession and serve the public interest.

3. Managing Student Loan Debt Know What You Owe Important information to know about your loan(s): How much is the principle? How much is the interest? How much is the monthly payment?

4. Managing Student Loan Debt Know Who You Owe Important information to know about your loan(s): Are they federal or private? – Slightly different rules and powers apply to federal and private lenders.

5. Managing Student Loan Debt Debt Reduction First step in debt reduction is making a budget! Calculate how much you make Record how much you spend See where you can save money Create a goal to pay down student loan debt

6. Managing Student Loan Debt Pay Off Sooner Always pay the minimum, try to pay more. Set monthly payments as high as you can afford to pay off quicker. You’ll save on interest and end up paying less overall!

7. Managing Student Loan Debt Pay Off Sooner Pay the loan with the highest interest rate off first. Look into consolidation. Non-traditional students may be able to get a home-equity line of credit.

8. Managing Student Loan Debt Struggling to Pay If you’re struggling to make your student loan payments, don’t stop paying them! This will hurt your credit, and may have serious consequences. There are other options to help you manage your loan payments.

9. Managing Student Loan Debt Struggling to Pay Repayment Options –Standard plan may not be the best fit Deferment or Forbearance—May be able to put loan payments on hold depending on your situation Cancellation of Debt– Can be granted in very select circumstances

10. Managing Student Loan Debt Note about Bankruptcy Personal bankruptcy will (usually) not get rid of student loan debt. Need to get a cancellation of debt from the lender to forgive the debt.

11. Managing Student Loan Debt Resources PICPA’s College Savings page www.picpa.org/collegesavings www.picpa.org/collegesavings 360 Degrees of Financial Literacy www.360financialliteracy.org www.360financialliteracy.org U.S. Department of Education www.college.gov www.college.gov

12. Managing Student Loan Debt Questions?