#i was today days old when i read the faq and remembered 'combine them' is an option :')
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wolfiery · 3 months ago
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careen
For @merlinmicrofic August prompt: sunlight/"tell me"/shipwreck (yes all three) merthur | wc 200 | teen+, au, open/ambiguous ending please this is so vagueeee, i have no answers, this is a dream (or is it?)
Merlin smacks the fly that lands on his arm. It aggressively circles his head, further adding to his annoyance. If the fly is hungry, well so is he. Merlin wants to eat first, even if he can’t find the strength to move.
His lips are chapped, mouth dry and parched. Skin seeped with saltwater. He can hear the waves lap over what used to be the starboard, now flipped on its side, covered in barnacles. Merlin is sitting on a slat of wood that drifted, a barrier between him and the sand. The bow’s curve over his head is the only thing keeping him directly out of the sunlight.
“Tell me what happened.”
Merlin stays silent, terrified of what he may find. He needs to get up. Find food or water as soon as possible so he can —
“Tell me.”
He stays silent. Attempts to ready himself, but there is no possible readying for his heart to shatter, no amount of preparation to stop the wrecked sob when he opens his eyes to find no one there.
“I will drain the seas myself,” Merlin whispers at last, a tear borrowed from the expanse beyond him. “I will find you.”
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kuskmunkholm73-blog · 6 years ago
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5 Brilliant Ways To Use VBUCKS
Fortnite identifies a videogame series, from a post-apocalyptic, zombie-infested world. Fortnite is a cross-platform game, which means you can play with colleagues no matter what machines they have. If you hold a Xbox One, you can performance in the same squad what somebody with a PS4, Nintendo Switch, iPad, or a good Android phone. For making it do however, everyone needs to produce the Epic Games consideration, with they'll need to be colleagues on the Epic Games approach. The game's online FAQ explains how to do this. In Fortnite people should be able to hear what's happening all around anyone. I myself imagine a person need to use a headset with activity volume included. Using level with the TV may not help you hear which way another player is via. Getting your area may provide competitive help. After working in an open area try not necessarily to help go on in a direct approach that may get you sniped from the distance. 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Yet, while we can't guarantee you'll finish from the best five whenever you act, your pilot to performing Fortnite Battle Royale should help you out-survive your peers more frequently than not. That important to know exactly where chests are put into Fortnite - Battle Royale. It gives you an massive advantage. You can remember every one point but the easier method is to get them in this effort. At Childnet your Education Officers go into schools each day to deliver online safety Training Sessions to scholars, mothers with educator. Just inside these Education Sessions we have been noticing a growing amount of young folks talking about the game ‘Fortnite'. In this blog we are doing direction to help mothers about Fortnite, looking in what the game is and some of the things to get aware of. Epic's virtual currency can be obtained with real dollars, but how do you receive free V-Bucks? 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Along with main quest line you also get side quests in fortnite to accomplish, The number v bucks will be minor and they could go away faster. So if you find a side quest which is awarding people v bucks then try to complete it on the same day.
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Fortnite: Battle Royale is scheduled to alter the way we show games forever. Paradise Side- at the center on the wilderness biome in the map's south-east turn, this Fortnite locations story is Epic's solution to PUBG's Miramar. Currently, Fortnite can be played in the engagement of it is issue in PC, Mac, Xbox SINGLE with PlayStation 4. Unfortunately it is not designed for the Nintendo Switch, although there are reports that point to the Japanese system can combine into the catalog the Fray Royale of Epic Sport in the not overly distant future. Fortnite Battle Royale is available for download on the PS4, Xbox One, Windows, Mac, Android, and iOS. So just about everywhere but the Switch here. What I'm trying to display, happens that its old hearing about this game. That infuriating to so much attention has gone into a sport that absolutely doesn't deserve that when there are new large activity around to have not perceived like much publicity as they needs. With any chance, it'll blow over rapidly, after that you can all lower Fortnite into their important. Ultimately, Epic could prepare to release Fortnite as a paid early access call with September 2017, with ideas to release it because free-to-play a bit during 2019 while getting comment by players to improve the game. 9 10 11 12 With the release of Fortnite Battle Royale, the player-versus-environment form was singled out as "Save the World". In Myspace Fortnite participants reported issues with their V Bucks purchases. Your account safety is your top priority! Defend your bank account with allowing 2FA. As a prize for protecting your bill, you'll uncover the Boogiedown Emote in Fortnite Battle Royale. It's unclear at this time the way the Buried Treasure item will work, however. It'd make sense if the item somehow uncovered a pink, powerful tool hidden somewhere around the map—but most Fortnite fans don't know what to expect quite yet. The Dispute Royale part of Fortnite flows in times, with Time 8 scheduled to begin soon. These usually past for around 10 weeks, also bring in tons of themed events based on the summer, winter, autumn, next spring, as well as holidays like Halloween and Easter. Fortnite has come to mobile! Squad awake next compete to be the last one take into Battle Royale, or value your own imagination to build your vision Fortnite in Creative. Like the secret property Support, The Fort exists beyond Fortnite's other means, offering gamers their own particular individual Field near construct a everlasting construction. Epic has decided to seize the purpose customers to date, as opposed to just ban them, simply following deciding which the change of the game's value is versus Fortnite's Conclusion Consumer License Arrangement as well as Copyright Act. Actually while, you can tell Fortnite getting a recreation that we can very poor numerous hrs in as a result of fluid gameplay, a good co-op element and many to perform in exercise. Some reviewers call Fortnite too monotonous, but this not just. If we discuss consoles, then we could name it dull compared to PS4 Uncharted 4 or something like that. Mobile devices are not as good for very long marks and complicated gameplay features. That's why Fortnite is to come of any mobile timekiller. It's bright, fast and has multiple events every year to hold you engaged.
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kiaratori · 7 years ago
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Jason Spencer Student Loan Fedloan New Borrower FAQ
Jason Spencer Student Loan
Jason Spencer Student Loan Fedloan New Borrower FAQ
New Student Loan Relief Borrower FAQ
About FedLoan Servicing
About Federal Loans
If You Have Transferred Loans
If You Have Direct Loans
About FedLoan Servicing Who is FedLoan Servicing? FedLoan Servicing was established by the Pennsylvania Higher Education Assistance Agency (PHEAA) to support theU.S. Department of Education’s ability to service student loans owned by the federal government. FedLoan Servicing is one of a limited number of organizations approved by the U.S. Department of Education to service these loans and is dedicated to supporting borrowers with easy and convenient ways to manage their student loans. What types of loans does FedLoan Servicing service? FedLoan Servicing services two main types of federal loans, including:
FFELP (Federal Family Education Loan Program) Student Loans that were sold and transferred as a result of legislation known as the Ensuring Continued Access to Student Loans Act (ECASLA). Under ECASLA, the U.S.Department of Education offered to purchase FFELP Loans from third-party lenders, primarily from the 2008–2009 and 2009–2010 academic years. FedLoan Servicing is one of a limited number of organizations that the U.S.Department of Education uses to service these loans.
Direct Loans, which do not use third-party lenders. Rather, Direct Loans are provided directly through the U.S.Department of Education. FedLoan Servicing is one of a limited number of organizations that the U.S. Department of Education uses to service Direct Loans.
About Federal Loans How do I know what type of federal loan I have? There are a couple of ways to find out if you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan:
Sign in to Account Access. In Account Access, you will see a listing of all of your loans with FedLoan Servicing. Account Access provides details about each loan, including the loan type, the interest rate, the balance, and more.
Visit the National Student Loan Data System. Check NSLDS.ed.gov to see a complete snapshot of your FFELP Loans and Direct Loans. You’ll need your federal ID to access this information.
What are my responsibilities as a borrower? Regardless of whether you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan, your responsibilities are the same:
Borrow only what you need.
Read your promissory note (know what you agreed to).
Pay on time (consider paying early).
Keep in touch with FedLoan Servicing.
Remember, you MUST pay back your student loan even if you don’t graduate, do not finish your education within the regular time frame, aren’t satisfied with the education you receive, or can’t find a job. I have federal loans with multiple servicers. Is it possible to transfer them to just one servicer? Yes. Consolidation allows you to combine one or more existing eligible student loans into a single new loan, meaning you’ll make only one monthly payment to one servicer. If you are interested in learning more about consolidation or want to apply for a Direct Consolidation Loan, visit the Federal Direct Consolidation Loans Information Center or call 1-800-557-7392. What if I need more loan money? The process of applying for a federal loan has not changed. You must complete the FAFSA® (Free Application for Federal Student Aid) and update it annually. Schools use the information from your FAFSA to determine your financial aid award. If you have already filed a FAFSA but have questions on how to apply for additional student loans, contact the financial aid office at your school.
If You Have Transferred Loans Does the loan transfer affect all of my current student loans? Not necessarily. FedLoan Servicing will notify you of the loans we are now servicing. To get additional details about your loans with FedLoan Servicing, create an online account and sign in to Account Access. Please continue to make all payments for loans that remain with your previous servicer. If you are no longer certain who services your loans, visit the National Student Loan Data System at NSLDS.ed.gov for a complete list of your FFELP (Federal Family Education Loan Program) Loans and Direct Loans and their servicers. You will need your federal ID to access this information. I already have an online account with FedLoan Servicing. Do I need to create a new one? No. Your transferred loans roll under the same account number. However, if you do not have an account with FedLoan Servicing, you must create one through Account Access. Creating an online account takes only a few minutes and gives you access to a suite of online tools to easily manage your loan.
Will my account number remain the same? It depends:
If you already have an account with us, your transferred loans roll under the same account number.
If you do not have an account with us yet, we will assign you an account number. Look for this unique 10-digit number on all written correspondence, billing statements, etc.
Does the loan transfer affect my grace period? Do I need to begin making payments? No. If you have a Stafford Loan (subsidized or unsubsidized), you get a 6-month grace period that begins the day after you graduate, leave school, or drop below half-time status and ends the day before your repayment period begins. Will my monthly payments change? It’s possible there could be a change in your monthly payment amount. If your new payment amount is not affordable, FedLoan Servicing offers several payment plan options. Sign in to Account Access to see your monthly payment amount and explore the options available for lowering or postponing your payments. Will my due date change? Your due date may change. You can find your due date on your monthly billing statement or online. If the new due date is not convenient, or if it makes it difficult for you to make your payments, we can work with you to change it. Learn more about changing your due date. Can I make online payments, schedule payments in advance, and manage my loan as I did before? Yes. FedLoan Servicing’s Account Access allows you to make online payments from the bank account of your choice, schedule payments up to 60 days in advance, view details for your loan, plus much more. You will need an online account to access these features. Sign up today. I signed up for Paperless Billing with my previous servicer. Do I need to re-apply with FedLoan Servicing? Yes. You need to enroll in Paperless Billing (eBilling) with FedLoan Servicing if you have not done so already. To take advantage of this service, you must create an online account through Account Access. Then simply sign in to Account Access and indicate your paperless preferences under your Account Profile. I applied for a deferment/forbearance with my previous servicer. Do I need to re-apply with FedLoan Servicing?
If your previous servicer approved your deferment or forbearance before your loan was transferred, you do not need to re-apply.
If you did not receive confirmation from your previous servicer regarding the outcome of your request, please contact us to determine if additional action is necessary to complete the application process.
Learn more about deferment and forbearance. I just sent a payment to my previous servicer. What should I do? Do nothing. Your previous servicer will forward any payments and/or correspondence to FedLoan Servicing for a brief period of time after the transfer of a loan. Do I need to do anything if I was using a bill payer service with my previous servicer? Yes. Make sure your bill payer service knows that FedLoan Servicing is now the recipient of all future payments. Will my FedLoan Servicing 1098-E Student Loan Interest Statement include the interest for all of the payments I made this year? No. The 1098-E Student Loan Interest Statement from FedLoan Servicing applies only to the time period after the transfer of your loan. In most cases, you should receive separate notification of your tax information for loans serviced by your previous servicer. If you have additional questions, please contact us at 1-800-699-2908. I am still in school. How does the loan transfer affect me? As long as you maintain at least half-time enrollment at an approved school, the status of your loan remains unchanged. My co-maker/endorser had access to my account with my old servicer. Will he or she still have access to my loans? Co-makers and endorsers continue to have access to the loans on which they are an endorser or co-maker. They are assigned a unique 10-digit account number for safety and security purposes.
If You Have Direct Loans What kind of fees do Direct Loans have? The U.S. Department of Education charges an origination fee when you borrow a Direct Loan. The U.S. Department of Education deducts this fee from your loan disbursement. The origination fee is:
1% for Direct Stafford Loans (subsidized or unsubsidized) first disbursed between July 1, 2010 and June 30, 2011
4% for Direct PLUS Loans
Why did I receive more in unsubsidized loans than in subsidized loans? Please contact the financial aid office at your school for details. Your school must follow federal guidelines when determining the types of loans and loan amounts for which you are eligible. Am I eligible to receive a refund if there is money remaining from my loan disbursement after my tuition has been paid? Please contact the financial aid office at your school to discuss refund eligibility. FedLoan Servicing does not determine eligibility for loan disbursement refunds. When will I receive my loan refund check? Please contact the financial aid office at your school to discuss refund checks. FedLoan Servicing is not involved with the refund check process. When will my school receive my next disbursement? Please contact the financial aid office at your school to request your disbursement dates. Loan money is disbursed to schools in accordance with federal guidelines. Do I need to pay interest on my loan while in school? It depends on what type of loan you have:
Subsidized Loans—No. The government pays the interest on your loan while you are in school.*
Unsubsidized Loans—No. It is not necessary to pay the interest while you are in school or while you have an in-school deferment. However, paying interest early, before you have to, saves you money in the long run. Any interest that you do not pay during this period will be added to your principal balance (through capitalization). Because capitalization increases your principal, you end up paying more in interest, which leads to more overall costs.
Parent PLUS Loans—You can postpone making monthly payments on your loans while the student is enrolled at least half time and for 6 months after the student is no longer enrolled. Interest accrues from the day of disbursement. If you do not pay this interest, it will be added to your principal balance prior to your loans entering repayment.
* NOTE: If you are a first-time borrower on or after July 1, 2013, you could potentially lose the subsidy on your subsidized student loan if you do not complete your degree or certificate within 150% of the “normal time” allotted for completing the program in which you are enrolled. The loss of subsidy would continue through periods of enrollment and any grace or deferment periods according to Jason Spencer Student Loan.
Do Direct Loans have different repayment options than FFELP Loans do? Direct Loans have the same repayment options as FFELP (Federal Family Education Loan Program) Loans, with two exceptions:
The Income Sensitive Repayment Plan is not available for Direct Loans.
The Income-Contingent Repayment Plan is available for certain Direct Loans. Under this plan, your required monthly payment is based on your eligible loan debt and on your and on your spouse’s adjusted gross income and family size. The payment amount may be adjusted annually. The maximum repayment period under this plan is 25 years.
The Pay As You Earn Repayment Plan is available for certain Direct Loans. Under this plan, your monthly payment is based on your income and family size. Loan forgiveness is granted after 20 years of repayment.
For more detailed information on repayment plans, visit the U.S. Department of Education. What kind of incentives do Direct Loans offer? If you borrow a Direct Loan, you receive an up-front interest rebate of:
0.5% of the principal amount of any Direct Stafford Loan (subsidized or unsubsidized) first disbursed on or between July 1, 2010 and June 30, 2011
1.5% of the principal amount of any Direct PLUS Loan first disbursed on or after July 1, 2000 and June 30, 2011
To keep this rebate, you must make your first 12 monthly payments on time (no later than 6 days after your due date). If you do not make your first 12 payments on time, the rebate will be rescinded and added to your principal balance, increasing the amount you must repay. In addition to this rebate, you are eligible for an interest discount of 0.25% for using Direct Debit, our automated payment service, to repay your Direct Loans according to Jason Spencer. Whom do I contact if I have questions about my Direct Loan? Contact FedLoan Servicing by U.S. Mail, email, fax, or phone.
Jason Spencer Student Loan Student Loan Relief 1910 Pacific Avenue Suite 1100, Dallas, Texas 75201 855-693-3356
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daisyjade3 · 7 years ago
Text
Jason Spencer Student Loan Fedloan New Borrower FAQ
Jason Spencer Student Loan
Jason Spencer Student Loan Fedloan New Borrower FAQ
New Student Loan Relief Borrower FAQ
About FedLoan Servicing
About Federal Loans
If You Have Transferred Loans
If You Have Direct Loans
About FedLoan Servicing Who is FedLoan Servicing? FedLoan Servicing was established by the Pennsylvania Higher Education Assistance Agency (PHEAA) to support theU.S. Department of Education’s ability to service student loans owned by the federal government. FedLoan Servicing is one of a limited number of organizations approved by the U.S. Department of Education to service these loans and is dedicated to supporting borrowers with easy and convenient ways to manage their student loans. What types of loans does FedLoan Servicing service? FedLoan Servicing services two main types of federal loans, including:
FFELP (Federal Family Education Loan Program) Student Loans that were sold and transferred as a result of legislation known as the Ensuring Continued Access to Student Loans Act (ECASLA). Under ECASLA, the U.S.Department of Education offered to purchase FFELP Loans from third-party lenders, primarily from the 2008–2009 and 2009–2010 academic years. FedLoan Servicing is one of a limited number of organizations that the U.S.Department of Education uses to service these loans.
Direct Loans, which do not use third-party lenders. Rather, Direct Loans are provided directly through the U.S.Department of Education. FedLoan Servicing is one of a limited number of organizations that the U.S. Department of Education uses to service Direct Loans.
About Federal Loans How do I know what type of federal loan I have? There are a couple of ways to find out if you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan:
Sign in to Account Access. In Account Access, you will see a listing of all of your loans with FedLoan Servicing. Account Access provides details about each loan, including the loan type, the interest rate, the balance, and more.
Visit the National Student Loan Data System. Check NSLDS.ed.gov to see a complete snapshot of your FFELP Loans and Direct Loans. You’ll need your federal ID to access this information.
What are my responsibilities as a borrower? Regardless of whether you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan, your responsibilities are the same:
Borrow only what you need.
Read your promissory note (know what you agreed to).
Pay on time (consider paying early).
Keep in touch with FedLoan Servicing.
Remember, you MUST pay back your student loan even if you don’t graduate, do not finish your education within the regular time frame, aren’t satisfied with the education you receive, or can’t find a job. I have federal loans with multiple servicers. Is it possible to transfer them to just one servicer? Yes. Consolidation allows you to combine one or more existing eligible student loans into a single new loan, meaning you’ll make only one monthly payment to one servicer. If you are interested in learning more about consolidation or want to apply for a Direct Consolidation Loan, visit the Federal Direct Consolidation Loans Information Center or call 1-800-557-7392. What if I need more loan money? The process of applying for a federal loan has not changed. You must complete the FAFSA® (Free Application for Federal Student Aid) and update it annually. Schools use the information from your FAFSA to determine your financial aid award. If you have already filed a FAFSA but have questions on how to apply for additional student loans, contact the financial aid office at your school.
If You Have Transferred Loans Does the loan transfer affect all of my current student loans? Not necessarily. FedLoan Servicing will notify you of the loans we are now servicing. To get additional details about your loans with FedLoan Servicing, create an online account and sign in to Account Access. Please continue to make all payments for loans that remain with your previous servicer. If you are no longer certain who services your loans, visit the National Student Loan Data System at NSLDS.ed.gov for a complete list of your FFELP (Federal Family Education Loan Program) Loans and Direct Loans and their servicers. You will need your federal ID to access this information. I already have an online account with FedLoan Servicing. Do I need to create a new one? No. Your transferred loans roll under the same account number. However, if you do not have an account with FedLoan Servicing, you must create one through Account Access. Creating an online account takes only a few minutes and gives you access to a suite of online tools to easily manage your loan.
Will my account number remain the same? It depends:
If you already have an account with us, your transferred loans roll under the same account number.
If you do not have an account with us yet, we will assign you an account number. Look for this unique 10-digit number on all written correspondence, billing statements, etc.
Does the loan transfer affect my grace period? Do I need to begin making payments? No. If you have a Stafford Loan (subsidized or unsubsidized), you get a 6-month grace period that begins the day after you graduate, leave school, or drop below half-time status and ends the day before your repayment period begins. Will my monthly payments change? It’s possible there could be a change in your monthly payment amount. If your new payment amount is not affordable, FedLoan Servicing offers several payment plan options. Sign in to Account Access to see your monthly payment amount and explore the options available for lowering or postponing your payments. Will my due date change? Your due date may change. You can find your due date on your monthly billing statement or online. If the new due date is not convenient, or if it makes it difficult for you to make your payments, we can work with you to change it. Learn more about changing your due date. Can I make online payments, schedule payments in advance, and manage my loan as I did before? Yes. FedLoan Servicing’s Account Access allows you to make online payments from the bank account of your choice, schedule payments up to 60 days in advance, view details for your loan, plus much more. You will need an online account to access these features. Sign up today. I signed up for Paperless Billing with my previous servicer. Do I need to re-apply with FedLoan Servicing? Yes. You need to enroll in Paperless Billing (eBilling) with FedLoan Servicing if you have not done so already. To take advantage of this service, you must create an online account through Account Access. Then simply sign in to Account Access and indicate your paperless preferences under your Account Profile. I applied for a deferment/forbearance with my previous servicer. Do I need to re-apply with FedLoan Servicing?
If your previous servicer approved your deferment or forbearance before your loan was transferred, you do not need to re-apply.
If you did not receive confirmation from your previous servicer regarding the outcome of your request, please contact us to determine if additional action is necessary to complete the application process.
Learn more about deferment and forbearance. I just sent a payment to my previous servicer. What should I do? Do nothing. Your previous servicer will forward any payments and/or correspondence to FedLoan Servicing for a brief period of time after the transfer of a loan. Do I need to do anything if I was using a bill payer service with my previous servicer? Yes. Make sure your bill payer service knows that FedLoan Servicing is now the recipient of all future payments. Will my FedLoan Servicing 1098-E Student Loan Interest Statement include the interest for all of the payments I made this year? No. The 1098-E Student Loan Interest Statement from FedLoan Servicing applies only to the time period after the transfer of your loan. In most cases, you should receive separate notification of your tax information for loans serviced by your previous servicer. If you have additional questions, please contact us at 1-800-699-2908. I am still in school. How does the loan transfer affect me? As long as you maintain at least half-time enrollment at an approved school, the status of your loan remains unchanged. My co-maker/endorser had access to my account with my old servicer. Will he or she still have access to my loans? Co-makers and endorsers continue to have access to the loans on which they are an endorser or co-maker. They are assigned a unique 10-digit account number for safety and security purposes.
If You Have Direct Loans What kind of fees do Direct Loans have? The U.S. Department of Education charges an origination fee when you borrow a Direct Loan. The U.S. Department of Education deducts this fee from your loan disbursement. The origination fee is:
1% for Direct Stafford Loans (subsidized or unsubsidized) first disbursed between July 1, 2010 and June 30, 2011
4% for Direct PLUS Loans
Why did I receive more in unsubsidized loans than in subsidized loans? Please contact the financial aid office at your school for details. Your school must follow federal guidelines when determining the types of loans and loan amounts for which you are eligible. Am I eligible to receive a refund if there is money remaining from my loan disbursement after my tuition has been paid? Please contact the financial aid office at your school to discuss refund eligibility. FedLoan Servicing does not determine eligibility for loan disbursement refunds. When will I receive my loan refund check? Please contact the financial aid office at your school to discuss refund checks. FedLoan Servicing is not involved with the refund check process. When will my school receive my next disbursement? Please contact the financial aid office at your school to request your disbursement dates. Loan money is disbursed to schools in accordance with federal guidelines. Do I need to pay interest on my loan while in school? It depends on what type of loan you have:
Subsidized Loans—No. The government pays the interest on your loan while you are in school.*
Unsubsidized Loans—No. It is not necessary to pay the interest while you are in school or while you have an in-school deferment. However, paying interest early, before you have to, saves you money in the long run. Any interest that you do not pay during this period will be added to your principal balance (through capitalization). Because capitalization increases your principal, you end up paying more in interest, which leads to more overall costs.
Parent PLUS Loans—You can postpone making monthly payments on your loans while the student is enrolled at least half time and for 6 months after the student is no longer enrolled. Interest accrues from the day of disbursement. If you do not pay this interest, it will be added to your principal balance prior to your loans entering repayment.
* NOTE: If you are a first-time borrower on or after July 1, 2013, you could potentially lose the subsidy on your subsidized student loan if you do not complete your degree or certificate within 150% of the “normal time” allotted for completing the program in which you are enrolled. The loss of subsidy would continue through periods of enrollment and any grace or deferment periods according to Jason Spencer Student Loan.
Do Direct Loans have different repayment options than FFELP Loans do? Direct Loans have the same repayment options as FFELP (Federal Family Education Loan Program) Loans, with two exceptions:
The Income Sensitive Repayment Plan is not available for Direct Loans.
The Income-Contingent Repayment Plan is available for certain Direct Loans. Under this plan, your required monthly payment is based on your eligible loan debt and on your and on your spouse’s adjusted gross income and family size. The payment amount may be adjusted annually. The maximum repayment period under this plan is 25 years.
The Pay As You Earn Repayment Plan is available for certain Direct Loans. Under this plan, your monthly payment is based on your income and family size. Loan forgiveness is granted after 20 years of repayment.
For more detailed information on repayment plans, visit the U.S. Department of Education. What kind of incentives do Direct Loans offer? If you borrow a Direct Loan, you receive an up-front interest rebate of:
0.5% of the principal amount of any Direct Stafford Loan (subsidized or unsubsidized) first disbursed on or between July 1, 2010 and June 30, 2011
1.5% of the principal amount of any Direct PLUS Loan first disbursed on or after July 1, 2000 and June 30, 2011
To keep this rebate, you must make your first 12 monthly payments on time (no later than 6 days after your due date). If you do not make your first 12 payments on time, the rebate will be rescinded and added to your principal balance, increasing the amount you must repay. In addition to this rebate, you are eligible for an interest discount of 0.25% for using Direct Debit, our automated payment service, to repay your Direct Loans according to Jason Spencer. Whom do I contact if I have questions about my Direct Loan? Contact FedLoan Servicing by U.S. Mail, email, fax, or phone.
Jason Spencer Student Loan Student Loan Relief 1910 Pacific Avenue Suite 1100, Dallas, Texas 75201 855-693-3356
The post Jason Spencer Student Loan Fedloan New Borrower FAQ appeared first on Jason Spencer Student Loan Relief | Jason Spencer Dallas. Jason Spencer Student Loan
Originally from Jason Spencer Student Loan Relief | Jason Spencer Dallas http://ift.tt/2ug2Sks
from http://www.jason-spencer-student-loan.com/blog/jason-spencer-student-loan-fedloan-new-borrower-faq4720430
from Jason Spencer Student Loan - Blog http://jasonspencerstudentloan.weebly.com/blog/jason-spencer-student-loan-fedloan-new-borrower-faq5748639
0 notes
jasonspencerstudentloan · 7 years ago
Text
Jason Spencer Student Loan Fedloan New Borrower FAQ
Jason Spencer Student Loan
Jason Spencer Student Loan Fedloan New Borrower FAQ
New Student Loan Relief Borrower FAQ
About FedLoan Servicing
About Federal Loans
If You Have Transferred Loans
If You Have Direct Loans
About FedLoan Servicing Who is FedLoan Servicing? FedLoan Servicing was established by the Pennsylvania Higher Education Assistance Agency (PHEAA) to support theU.S. Department of Education’s ability to service student loans owned by the federal government. FedLoan Servicing is one of a limited number of organizations approved by the U.S. Department of Education to service these loans and is dedicated to supporting borrowers with easy and convenient ways to manage their student loans. What types of loans does FedLoan Servicing service? FedLoan Servicing services two main types of federal loans, including:
FFELP (Federal Family Education Loan Program) Student Loans that were sold and transferred as a result of legislation known as the Ensuring Continued Access to Student Loans Act (ECASLA). Under ECASLA, the U.S.Department of Education offered to purchase FFELP Loans from third-party lenders, primarily from the 2008–2009 and 2009–2010 academic years. FedLoan Servicing is one of a limited number of organizations that the U.S.Department of Education uses to service these loans.
Direct Loans, which do not use third-party lenders. Rather, Direct Loans are provided directly through the U.S.Department of Education. FedLoan Servicing is one of a limited number of organizations that the U.S. Department of Education uses to service Direct Loans.
About Federal Loans How do I know what type of federal loan I have? There are a couple of ways to find out if you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan:
Sign in to Account Access. In Account Access, you will see a listing of all of your loans with FedLoan Servicing. Account Access provides details about each loan, including the loan type, the interest rate, the balance, and more.
Visit the National Student Loan Data System. Check NSLDS.ed.gov to see a complete snapshot of your FFELP Loans and Direct Loans. You’ll need your federal ID to access this information.
What are my responsibilities as a borrower? Regardless of whether you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan, your responsibilities are the same:
Borrow only what you need.
Read your promissory note (know what you agreed to).
Pay on time (consider paying early).
Keep in touch with FedLoan Servicing.
Remember, you MUST pay back your student loan even if you don’t graduate, do not finish your education within the regular time frame, aren’t satisfied with the education you receive, or can’t find a job. I have federal loans with multiple servicers. Is it possible to transfer them to just one servicer? Yes. Consolidation allows you to combine one or more existing eligible student loans into a single new loan, meaning you’ll make only one monthly payment to one servicer. If you are interested in learning more about consolidation or want to apply for a Direct Consolidation Loan, visit the Federal Direct Consolidation Loans Information Center or call 1-800-557-7392. What if I need more loan money? The process of applying for a federal loan has not changed. You must complete the FAFSA® (Free Application for Federal Student Aid) and update it annually. Schools use the information from your FAFSA to determine your financial aid award. If you have already filed a FAFSA but have questions on how to apply for additional student loans, contact the financial aid office at your school.
If You Have Transferred Loans Does the loan transfer affect all of my current student loans? Not necessarily. FedLoan Servicing will notify you of the loans we are now servicing. To get additional details about your loans with FedLoan Servicing, create an online account and sign in to Account Access. Please continue to make all payments for loans that remain with your previous servicer. If you are no longer certain who services your loans, visit the National Student Loan Data System at NSLDS.ed.gov for a complete list of your FFELP (Federal Family Education Loan Program) Loans and Direct Loans and their servicers. You will need your federal ID to access this information. I already have an online account with FedLoan Servicing. Do I need to create a new one? No. Your transferred loans roll under the same account number. However, if you do not have an account with FedLoan Servicing, you must create one through Account Access. Creating an online account takes only a few minutes and gives you access to a suite of online tools to easily manage your loan.
Will my account number remain the same? It depends:
If you already have an account with us, your transferred loans roll under the same account number.
If you do not have an account with us yet, we will assign you an account number. Look for this unique 10-digit number on all written correspondence, billing statements, etc.
Does the loan transfer affect my grace period? Do I need to begin making payments? No. If you have a Stafford Loan (subsidized or unsubsidized), you get a 6-month grace period that begins the day after you graduate, leave school, or drop below half-time status and ends the day before your repayment period begins. Will my monthly payments change? It’s possible there could be a change in your monthly payment amount. If your new payment amount is not affordable, FedLoan Servicing offers several payment plan options. Sign in to Account Access to see your monthly payment amount and explore the options available for lowering or postponing your payments. Will my due date change? Your due date may change. You can find your due date on your monthly billing statement or online. If the new due date is not convenient, or if it makes it difficult for you to make your payments, we can work with you to change it. Learn more about changing your due date. Can I make online payments, schedule payments in advance, and manage my loan as I did before? Yes. FedLoan Servicing’s Account Access allows you to make online payments from the bank account of your choice, schedule payments up to 60 days in advance, view details for your loan, plus much more. You will need an online account to access these features. Sign up today. I signed up for Paperless Billing with my previous servicer. Do I need to re-apply with FedLoan Servicing? Yes. You need to enroll in Paperless Billing (eBilling) with FedLoan Servicing if you have not done so already. To take advantage of this service, you must create an online account through Account Access. Then simply sign in to Account Access and indicate your paperless preferences under your Account Profile. I applied for a deferment/forbearance with my previous servicer. Do I need to re-apply with FedLoan Servicing?
If your previous servicer approved your deferment or forbearance before your loan was transferred, you do not need to re-apply.
If you did not receive confirmation from your previous servicer regarding the outcome of your request, please contact us to determine if additional action is necessary to complete the application process.
Learn more about deferment and forbearance. I just sent a payment to my previous servicer. What should I do? Do nothing. Your previous servicer will forward any payments and/or correspondence to FedLoan Servicing for a brief period of time after the transfer of a loan. Do I need to do anything if I was using a bill payer service with my previous servicer? Yes. Make sure your bill payer service knows that FedLoan Servicing is now the recipient of all future payments. Will my FedLoan Servicing 1098-E Student Loan Interest Statement include the interest for all of the payments I made this year? No. The 1098-E Student Loan Interest Statement from FedLoan Servicing applies only to the time period after the transfer of your loan. In most cases, you should receive separate notification of your tax information for loans serviced by your previous servicer. If you have additional questions, please contact us at 1-800-699-2908. I am still in school. How does the loan transfer affect me? As long as you maintain at least half-time enrollment at an approved school, the status of your loan remains unchanged. My co-maker/endorser had access to my account with my old servicer. Will he or she still have access to my loans? Co-makers and endorsers continue to have access to the loans on which they are an endorser or co-maker. They are assigned a unique 10-digit account number for safety and security purposes.
If You Have Direct Loans What kind of fees do Direct Loans have? The U.S. Department of Education charges an origination fee when you borrow a Direct Loan. The U.S. Department of Education deducts this fee from your loan disbursement. The origination fee is:
1% for Direct Stafford Loans (subsidized or unsubsidized) first disbursed between July 1, 2010 and June 30, 2011
4% for Direct PLUS Loans
Why did I receive more in unsubsidized loans than in subsidized loans? Please contact the financial aid office at your school for details. Your school must follow federal guidelines when determining the types of loans and loan amounts for which you are eligible. Am I eligible to receive a refund if there is money remaining from my loan disbursement after my tuition has been paid? Please contact the financial aid office at your school to discuss refund eligibility. FedLoan Servicing does not determine eligibility for loan disbursement refunds. When will I receive my loan refund check? Please contact the financial aid office at your school to discuss refund checks. FedLoan Servicing is not involved with the refund check process. When will my school receive my next disbursement? Please contact the financial aid office at your school to request your disbursement dates. Loan money is disbursed to schools in accordance with federal guidelines. Do I need to pay interest on my loan while in school? It depends on what type of loan you have:
Subsidized Loans—No. The government pays the interest on your loan while you are in school.*
Unsubsidized Loans—No. It is not necessary to pay the interest while you are in school or while you have an in-school deferment. However, paying interest early, before you have to, saves you money in the long run. Any interest that you do not pay during this period will be added to your principal balance (through capitalization). Because capitalization increases your principal, you end up paying more in interest, which leads to more overall costs.
Parent PLUS Loans—You can postpone making monthly payments on your loans while the student is enrolled at least half time and for 6 months after the student is no longer enrolled. Interest accrues from the day of disbursement. If you do not pay this interest, it will be added to your principal balance prior to your loans entering repayment.
* NOTE: If you are a first-time borrower on or after July 1, 2013, you could potentially lose the subsidy on your subsidized student loan if you do not complete your degree or certificate within 150% of the “normal time” allotted for completing the program in which you are enrolled. The loss of subsidy would continue through periods of enrollment and any grace or deferment periods according to Jason Spencer Student Loan.
Do Direct Loans have different repayment options than FFELP Loans do? Direct Loans have the same repayment options as FFELP (Federal Family Education Loan Program) Loans, with two exceptions:
The Income Sensitive Repayment Plan is not available for Direct Loans.
The Income-Contingent Repayment Plan is available for certain Direct Loans. Under this plan, your required monthly payment is based on your eligible loan debt and on your and on your spouse’s adjusted gross income and family size. The payment amount may be adjusted annually. The maximum repayment period under this plan is 25 years.
The Pay As You Earn Repayment Plan is available for certain Direct Loans. Under this plan, your monthly payment is based on your income and family size. Loan forgiveness is granted after 20 years of repayment.
For more detailed information on repayment plans, visit the U.S. Department of Education. What kind of incentives do Direct Loans offer? If you borrow a Direct Loan, you receive an up-front interest rebate of:
0.5% of the principal amount of any Direct Stafford Loan (subsidized or unsubsidized) first disbursed on or between July 1, 2010 and June 30, 2011
1.5% of the principal amount of any Direct PLUS Loan first disbursed on or after July 1, 2000 and June 30, 2011
To keep this rebate, you must make your first 12 monthly payments on time (no later than 6 days after your due date). If you do not make your first 12 payments on time, the rebate will be rescinded and added to your principal balance, increasing the amount you must repay. In addition to this rebate, you are eligible for an interest discount of 0.25% for using Direct Debit, our automated payment service, to repay your Direct Loans according to Jason Spencer. Whom do I contact if I have questions about my Direct Loan? Contact FedLoan Servicing by U.S. Mail, email, fax, or phone.
Jason Spencer Student Loan Student Loan Relief 1910 Pacific Avenue Suite 1100, Dallas, Texas 75201 855-693-3356
The post Jason Spencer Student Loan Fedloan New Borrower FAQ appeared first on Jason Spencer Student Loan Relief | Jason Spencer Dallas. Jason Spencer Student Loan
Originally from Jason Spencer Student Loan Relief | Jason Spencer Dallas http://ift.tt/2ug2Sks
from Jason-Spencer-Student-Loan - Blog http://www.jason-spencer-student-loan.com/blog/jason-spencer-student-loan-fedloan-new-borrower-faq4720430
0 notes
anatara3 · 7 years ago
Text
Jason Spencer Student Loan Fedloan New Borrower FAQ
Jason Spencer Student Loan
Jason Spencer Student Loan Fedloan New Borrower FAQ
New Student Loan Relief Borrower FAQ
About FedLoan Servicing
About Federal Loans
If You Have Transferred Loans
If You Have Direct Loans
About FedLoan Servicing Who is FedLoan Servicing? FedLoan Servicing was established by the Pennsylvania Higher Education Assistance Agency (PHEAA) to support theU.S. Department of Education’s ability to service student loans owned by the federal government. FedLoan Servicing is one of a limited number of organizations approved by the U.S. Department of Education to service these loans and is dedicated to supporting borrowers with easy and convenient ways to manage their student loans. What types of loans does FedLoan Servicing service? FedLoan Servicing services two main types of federal loans, including:
FFELP (Federal Family Education Loan Program) Student Loans that were sold and transferred as a result of legislation known as the Ensuring Continued Access to Student Loans Act (ECASLA). Under ECASLA, the U.S.Department of Education offered to purchase FFELP Loans from third-party lenders, primarily from the 2008–2009 and 2009–2010 academic years. FedLoan Servicing is one of a limited number of organizations that the U.S.Department of Education uses to service these loans.
Direct Loans, which do not use third-party lenders. Rather, Direct Loans are provided directly through the U.S.Department of Education. FedLoan Servicing is one of a limited number of organizations that the U.S. Department of Education uses to service Direct Loans.
About Federal Loans How do I know what type of federal loan I have? There are a couple of ways to find out if you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan:
Sign in to Account Access. In Account Access, you will see a listing of all of your loans with FedLoan Servicing. Account Access provides details about each loan, including the loan type, the interest rate, the balance, and more.
Visit the National Student Loan Data System. Check NSLDS.ed.gov to see a complete snapshot of your FFELP Loans and Direct Loans. You’ll need your federal ID to access this information.
What are my responsibilities as a borrower? Regardless of whether you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan, your responsibilities are the same:
Borrow only what you need.
Read your promissory note (know what you agreed to).
Pay on time (consider paying early).
Keep in touch with FedLoan Servicing.
Remember, you MUST pay back your student loan even if you don’t graduate, do not finish your education within the regular time frame, aren’t satisfied with the education you receive, or can’t find a job. I have federal loans with multiple servicers. Is it possible to transfer them to just one servicer? Yes. Consolidation allows you to combine one or more existing eligible student loans into a single new loan, meaning you’ll make only one monthly payment to one servicer. If you are interested in learning more about consolidation or want to apply for a Direct Consolidation Loan, visit the Federal Direct Consolidation Loans Information Center or call 1-800-557-7392. What if I need more loan money? The process of applying for a federal loan has not changed. You must complete the FAFSA® (Free Application for Federal Student Aid) and update it annually. Schools use the information from your FAFSA to determine your financial aid award. If you have already filed a FAFSA but have questions on how to apply for additional student loans, contact the financial aid office at your school.
If You Have Transferred Loans Does the loan transfer affect all of my current student loans? Not necessarily. FedLoan Servicing will notify you of the loans we are now servicing. To get additional details about your loans with FedLoan Servicing, create an online account and sign in to Account Access. Please continue to make all payments for loans that remain with your previous servicer. If you are no longer certain who services your loans, visit the National Student Loan Data System at NSLDS.ed.gov for a complete list of your FFELP (Federal Family Education Loan Program) Loans and Direct Loans and their servicers. You will need your federal ID to access this information. I already have an online account with FedLoan Servicing. Do I need to create a new one? No. Your transferred loans roll under the same account number. However, if you do not have an account with FedLoan Servicing, you must create one through Account Access. Creating an online account takes only a few minutes and gives you access to a suite of online tools to easily manage your loan.
Will my account number remain the same? It depends:
If you already have an account with us, your transferred loans roll under the same account number.
If you do not have an account with us yet, we will assign you an account number. Look for this unique 10-digit number on all written correspondence, billing statements, etc.
Does the loan transfer affect my grace period? Do I need to begin making payments? No. If you have a Stafford Loan (subsidized or unsubsidized), you get a 6-month grace period that begins the day after you graduate, leave school, or drop below half-time status and ends the day before your repayment period begins. Will my monthly payments change? It’s possible there could be a change in your monthly payment amount. If your new payment amount is not affordable, FedLoan Servicing offers several payment plan options. Sign in to Account Access to see your monthly payment amount and explore the options available for lowering or postponing your payments. Will my due date change? Your due date may change. You can find your due date on your monthly billing statement or online. If the new due date is not convenient, or if it makes it difficult for you to make your payments, we can work with you to change it. Learn more about changing your due date. Can I make online payments, schedule payments in advance, and manage my loan as I did before? Yes. FedLoan Servicing’s Account Access allows you to make online payments from the bank account of your choice, schedule payments up to 60 days in advance, view details for your loan, plus much more. You will need an online account to access these features. Sign up today. I signed up for Paperless Billing with my previous servicer. Do I need to re-apply with FedLoan Servicing? Yes. You need to enroll in Paperless Billing (eBilling) with FedLoan Servicing if you have not done so already. To take advantage of this service, you must create an online account through Account Access. Then simply sign in to Account Access and indicate your paperless preferences under your Account Profile. I applied for a deferment/forbearance with my previous servicer. Do I need to re-apply with FedLoan Servicing?
If your previous servicer approved your deferment or forbearance before your loan was transferred, you do not need to re-apply.
If you did not receive confirmation from your previous servicer regarding the outcome of your request, please contact us to determine if additional action is necessary to complete the application process.
Learn more about deferment and forbearance. I just sent a payment to my previous servicer. What should I do? Do nothing. Your previous servicer will forward any payments and/or correspondence to FedLoan Servicing for a brief period of time after the transfer of a loan. Do I need to do anything if I was using a bill payer service with my previous servicer? Yes. Make sure your bill payer service knows that FedLoan Servicing is now the recipient of all future payments. Will my FedLoan Servicing 1098-E Student Loan Interest Statement include the interest for all of the payments I made this year? No. The 1098-E Student Loan Interest Statement from FedLoan Servicing applies only to the time period after the transfer of your loan. In most cases, you should receive separate notification of your tax information for loans serviced by your previous servicer. If you have additional questions, please contact us at 1-800-699-2908. I am still in school. How does the loan transfer affect me? As long as you maintain at least half-time enrollment at an approved school, the status of your loan remains unchanged. My co-maker/endorser had access to my account with my old servicer. Will he or she still have access to my loans? Co-makers and endorsers continue to have access to the loans on which they are an endorser or co-maker. They are assigned a unique 10-digit account number for safety and security purposes.
If You Have Direct Loans What kind of fees do Direct Loans have? The U.S. Department of Education charges an origination fee when you borrow a Direct Loan. The U.S. Department of Education deducts this fee from your loan disbursement. The origination fee is:
1% for Direct Stafford Loans (subsidized or unsubsidized) first disbursed between July 1, 2010 and June 30, 2011
4% for Direct PLUS Loans
Why did I receive more in unsubsidized loans than in subsidized loans? Please contact the financial aid office at your school for details. Your school must follow federal guidelines when determining the types of loans and loan amounts for which you are eligible. Am I eligible to receive a refund if there is money remaining from my loan disbursement after my tuition has been paid? Please contact the financial aid office at your school to discuss refund eligibility. FedLoan Servicing does not determine eligibility for loan disbursement refunds. When will I receive my loan refund check? Please contact the financial aid office at your school to discuss refund checks. FedLoan Servicing is not involved with the refund check process. When will my school receive my next disbursement? Please contact the financial aid office at your school to request your disbursement dates. Loan money is disbursed to schools in accordance with federal guidelines. Do I need to pay interest on my loan while in school? It depends on what type of loan you have:
Subsidized Loans—No. The government pays the interest on your loan while you are in school.*
Unsubsidized Loans—No. It is not necessary to pay the interest while you are in school or while you have an in-school deferment. However, paying interest early, before you have to, saves you money in the long run. Any interest that you do not pay during this period will be added to your principal balance (through capitalization). Because capitalization increases your principal, you end up paying more in interest, which leads to more overall costs.
Parent PLUS Loans—You can postpone making monthly payments on your loans while the student is enrolled at least half time and for 6 months after the student is no longer enrolled. Interest accrues from the day of disbursement. If you do not pay this interest, it will be added to your principal balance prior to your loans entering repayment.
* NOTE: If you are a first-time borrower on or after July 1, 2013, you could potentially lose the subsidy on your subsidized student loan if you do not complete your degree or certificate within 150% of the “normal time” allotted for completing the program in which you are enrolled. The loss of subsidy would continue through periods of enrollment and any grace or deferment periods according to Jason Spencer Student Loan.
Do Direct Loans have different repayment options than FFELP Loans do? Direct Loans have the same repayment options as FFELP (Federal Family Education Loan Program) Loans, with two exceptions:
The Income Sensitive Repayment Plan is not available for Direct Loans.
The Income-Contingent Repayment Plan is available for certain Direct Loans. Under this plan, your required monthly payment is based on your eligible loan debt and on your and on your spouse’s adjusted gross income and family size. The payment amount may be adjusted annually. The maximum repayment period under this plan is 25 years.
The Pay As You Earn Repayment Plan is available for certain Direct Loans. Under this plan, your monthly payment is based on your income and family size. Loan forgiveness is granted after 20 years of repayment.
For more detailed information on repayment plans, visit the U.S. Department of Education. What kind of incentives do Direct Loans offer? If you borrow a Direct Loan, you receive an up-front interest rebate of:
0.5% of the principal amount of any Direct Stafford Loan (subsidized or unsubsidized) first disbursed on or between July 1, 2010 and June 30, 2011
1.5% of the principal amount of any Direct PLUS Loan first disbursed on or after July 1, 2000 and June 30, 2011
To keep this rebate, you must make your first 12 monthly payments on time (no later than 6 days after your due date). If you do not make your first 12 payments on time, the rebate will be rescinded and added to your principal balance, increasing the amount you must repay. In addition to this rebate, you are eligible for an interest discount of 0.25% for using Direct Debit, our automated payment service, to repay your Direct Loans according to Jason Spencer. Whom do I contact if I have questions about my Direct Loan? Contact FedLoan Servicing by U.S. Mail, email, fax, or phone.
Jason Spencer Student Loan Student Loan Relief 1910 Pacific Avenue Suite 1100, Dallas, Texas 75201 855-693-3356
The post Jason Spencer Student Loan Fedloan New Borrower FAQ appeared first on Jason Spencer Student Loan Relief | Jason Spencer Dallas. Jason Spencer Student Loan
Originally from Jason Spencer Student Loan Relief | Jason Spencer Dallas http://ift.tt/2ug2Sks
from http://www.jason-spencer-student-loan.com/blog/jason-spencer-student-loan-fedloan-new-borrower-faq4720430 from Jason Spencer Student Loan http://jasonspencerstudentloan.blogspot.com/2017/08/jason-spencer-student-loan-fedloan-new_86.html
0 notes
jctt · 7 years ago
Text
Jason Spencer Student Loan Fedloan New Borrower FAQ
Jason Spencer Student Loan
Jason Spencer Student Loan Fedloan New Borrower FAQ
New Student Loan Relief Borrower FAQ
About FedLoan Servicing
About Federal Loans
If You Have Transferred Loans
If You Have Direct Loans
About FedLoan Servicing Who is FedLoan Servicing? FedLoan Servicing was established by the Pennsylvania Higher Education Assistance Agency (PHEAA) to support theU.S. Department of Education’s ability to service student loans owned by the federal government. FedLoan Servicing is one of a limited number of organizations approved by the U.S. Department of Education to service these loans and is dedicated to supporting borrowers with easy and convenient ways to manage their student loans. What types of loans does FedLoan Servicing service? FedLoan Servicing services two main types of federal loans, including:
FFELP (Federal Family Education Loan Program) Student Loans that were sold and transferred as a result of legislation known as the Ensuring Continued Access to Student Loans Act (ECASLA). Under ECASLA, the U.S.Department of Education offered to purchase FFELP Loans from third-party lenders, primarily from the 2008–2009 and 2009–2010 academic years. FedLoan Servicing is one of a limited number of organizations that the U.S.Department of Education uses to service these loans.
Direct Loans, which do not use third-party lenders. Rather, Direct Loans are provided directly through the U.S.Department of Education. FedLoan Servicing is one of a limited number of organizations that the U.S. Department of Education uses to service Direct Loans.
About Federal Loans How do I know what type of federal loan I have? There are a couple of ways to find out if you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan:
Sign in to Account Access. In Account Access, you will see a listing of all of your loans with FedLoan Servicing. Account Access provides details about each loan, including the loan type, the interest rate, the balance, and more.
Visit the National Student Loan Data System. Check NSLDS.ed.gov to see a complete snapshot of your FFELP Loans and Direct Loans. You’ll need your federal ID to access this information.
What are my responsibilities as a borrower? Regardless of whether you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan, your responsibilities are the same:
Borrow only what you need.
Read your promissory note (know what you agreed to).
Pay on time (consider paying early).
Keep in touch with FedLoan Servicing.
Remember, you MUST pay back your student loan even if you don’t graduate, do not finish your education within the regular time frame, aren’t satisfied with the education you receive, or can’t find a job. I have federal loans with multiple servicers. Is it possible to transfer them to just one servicer? Yes. Consolidation allows you to combine one or more existing eligible student loans into a single new loan, meaning you’ll make only one monthly payment to one servicer. If you are interested in learning more about consolidation or want to apply for a Direct Consolidation Loan, visit the Federal Direct Consolidation Loans Information Center or call 1-800-557-7392. What if I need more loan money? The process of applying for a federal loan has not changed. You must complete the FAFSA® (Free Application for Federal Student Aid) and update it annually. Schools use the information from your FAFSA to determine your financial aid award. If you have already filed a FAFSA but have questions on how to apply for additional student loans, contact the financial aid office at your school.
If You Have Transferred Loans Does the loan transfer affect all of my current student loans? Not necessarily. FedLoan Servicing will notify you of the loans we are now servicing. To get additional details about your loans with FedLoan Servicing, create an online account and sign in to Account Access. Please continue to make all payments for loans that remain with your previous servicer. If you are no longer certain who services your loans, visit the National Student Loan Data System at NSLDS.ed.gov for a complete list of your FFELP (Federal Family Education Loan Program) Loans and Direct Loans and their servicers. You will need your federal ID to access this information. I already have an online account with FedLoan Servicing. Do I need to create a new one? No. Your transferred loans roll under the same account number. However, if you do not have an account with FedLoan Servicing, you must create one through Account Access. Creating an online account takes only a few minutes and gives you access to a suite of online tools to easily manage your loan.
Will my account number remain the same? It depends:
If you already have an account with us, your transferred loans roll under the same account number.
If you do not have an account with us yet, we will assign you an account number. Look for this unique 10-digit number on all written correspondence, billing statements, etc.
Does the loan transfer affect my grace period? Do I need to begin making payments? No. If you have a Stafford Loan (subsidized or unsubsidized), you get a 6-month grace period that begins the day after you graduate, leave school, or drop below half-time status and ends the day before your repayment period begins. Will my monthly payments change? It’s possible there could be a change in your monthly payment amount. If your new payment amount is not affordable, FedLoan Servicing offers several payment plan options. Sign in to Account Access to see your monthly payment amount and explore the options available for lowering or postponing your payments. Will my due date change? Your due date may change. You can find your due date on your monthly billing statement or online. If the new due date is not convenient, or if it makes it difficult for you to make your payments, we can work with you to change it. Learn more about changing your due date. Can I make online payments, schedule payments in advance, and manage my loan as I did before? Yes. FedLoan Servicing’s Account Access allows you to make online payments from the bank account of your choice, schedule payments up to 60 days in advance, view details for your loan, plus much more. You will need an online account to access these features. Sign up today. I signed up for Paperless Billing with my previous servicer. Do I need to re-apply with FedLoan Servicing? Yes. You need to enroll in Paperless Billing (eBilling) with FedLoan Servicing if you have not done so already. To take advantage of this service, you must create an online account through Account Access. Then simply sign in to Account Access and indicate your paperless preferences under your Account Profile. I applied for a deferment/forbearance with my previous servicer. Do I need to re-apply with FedLoan Servicing?
If your previous servicer approved your deferment or forbearance before your loan was transferred, you do not need to re-apply.
If you did not receive confirmation from your previous servicer regarding the outcome of your request, please contact us to determine if additional action is necessary to complete the application process.
Learn more about deferment and forbearance. I just sent a payment to my previous servicer. What should I do? Do nothing. Your previous servicer will forward any payments and/or correspondence to FedLoan Servicing for a brief period of time after the transfer of a loan. Do I need to do anything if I was using a bill payer service with my previous servicer? Yes. Make sure your bill payer service knows that FedLoan Servicing is now the recipient of all future payments. Will my FedLoan Servicing 1098-E Student Loan Interest Statement include the interest for all of the payments I made this year? No. The 1098-E Student Loan Interest Statement from FedLoan Servicing applies only to the time period after the transfer of your loan. In most cases, you should receive separate notification of your tax information for loans serviced by your previous servicer. If you have additional questions, please contact us at 1-800-699-2908. I am still in school. How does the loan transfer affect me? As long as you maintain at least half-time enrollment at an approved school, the status of your loan remains unchanged. My co-maker/endorser had access to my account with my old servicer. Will he or she still have access to my loans? Co-makers and endorsers continue to have access to the loans on which they are an endorser or co-maker. They are assigned a unique 10-digit account number for safety and security purposes.
If You Have Direct Loans What kind of fees do Direct Loans have? The U.S. Department of Education charges an origination fee when you borrow a Direct Loan. The U.S. Department of Education deducts this fee from your loan disbursement. The origination fee is:
1% for Direct Stafford Loans (subsidized or unsubsidized) first disbursed between July 1, 2010 and June 30, 2011
4% for Direct PLUS Loans
Why did I receive more in unsubsidized loans than in subsidized loans? Please contact the financial aid office at your school for details. Your school must follow federal guidelines when determining the types of loans and loan amounts for which you are eligible. Am I eligible to receive a refund if there is money remaining from my loan disbursement after my tuition has been paid? Please contact the financial aid office at your school to discuss refund eligibility. FedLoan Servicing does not determine eligibility for loan disbursement refunds. When will I receive my loan refund check? Please contact the financial aid office at your school to discuss refund checks. FedLoan Servicing is not involved with the refund check process. When will my school receive my next disbursement? Please contact the financial aid office at your school to request your disbursement dates. Loan money is disbursed to schools in accordance with federal guidelines. Do I need to pay interest on my loan while in school? It depends on what type of loan you have:
Subsidized Loans—No. The government pays the interest on your loan while you are in school.*
Unsubsidized Loans—No. It is not necessary to pay the interest while you are in school or while you have an in-school deferment. However, paying interest early, before you have to, saves you money in the long run. Any interest that you do not pay during this period will be added to your principal balance (through capitalization). Because capitalization increases your principal, you end up paying more in interest, which leads to more overall costs.
Parent PLUS Loans—You can postpone making monthly payments on your loans while the student is enrolled at least half time and for 6 months after the student is no longer enrolled. Interest accrues from the day of disbursement. If you do not pay this interest, it will be added to your principal balance prior to your loans entering repayment.
* NOTE: If you are a first-time borrower on or after July 1, 2013, you could potentially lose the subsidy on your subsidized student loan if you do not complete your degree or certificate within 150% of the “normal time” allotted for completing the program in which you are enrolled. The loss of subsidy would continue through periods of enrollment and any grace or deferment periods according to Jason Spencer Student Loan.
Do Direct Loans have different repayment options than FFELP Loans do? Direct Loans have the same repayment options as FFELP (Federal Family Education Loan Program) Loans, with two exceptions:
The Income Sensitive Repayment Plan is not available for Direct Loans.
The Income-Contingent Repayment Plan is available for certain Direct Loans. Under this plan, your required monthly payment is based on your eligible loan debt and on your and on your spouse’s adjusted gross income and family size. The payment amount may be adjusted annually. The maximum repayment period under this plan is 25 years.
The Pay As You Earn Repayment Plan is available for certain Direct Loans. Under this plan, your monthly payment is based on your income and family size. Loan forgiveness is granted after 20 years of repayment.
For more detailed information on repayment plans, visit the U.S. Department of Education. What kind of incentives do Direct Loans offer? If you borrow a Direct Loan, you receive an up-front interest rebate of:
0.5% of the principal amount of any Direct Stafford Loan (subsidized or unsubsidized) first disbursed on or between July 1, 2010 and June 30, 2011
1.5% of the principal amount of any Direct PLUS Loan first disbursed on or after July 1, 2000 and June 30, 2011
To keep this rebate, you must make your first 12 monthly payments on time (no later than 6 days after your due date). If you do not make your first 12 payments on time, the rebate will be rescinded and added to your principal balance, increasing the amount you must repay. In addition to this rebate, you are eligible for an interest discount of 0.25% for using Direct Debit, our automated payment service, to repay your Direct Loans according to Jason Spencer. Whom do I contact if I have questions about my Direct Loan? Contact FedLoan Servicing by U.S. Mail, email, fax, or phone.
Jason Spencer Student Loan Student Loan Relief 1910 Pacific Avenue Suite 1100, Dallas, Texas 75201 855-693-3356
The post Jason Spencer Student Loan Fedloan New Borrower FAQ appeared first on Jason Spencer Student Loan Relief | Jason Spencer Dallas. Jason Spencer Student Loan
source https://studentloanrelief.us/jason-spencer-student-loan-fedloan-new-borrower-faq/
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anatara3 · 7 years ago
Text
Jason Spencer Student Loan Fedloan New Borrower FAQ
Jason Spencer Student Loan Fedloan New Borrower FAQ New Student Loan Relief Borrower FAQ
About FedLoan Servicing
About Federal Loans
If You Have Transferred Loans
If You Have Direct Loans
About FedLoan Servicing Who is FedLoan Servicing? FedLoan Servicing was established by the Pennsylvania Higher Education Assistance Agency (PHEAA) to support theU.S. Department of Education's ability to service student loans owned by the federal government. FedLoan Servicing is one of a limited number of organizations approved by the U.S. Department of Education to service these loans and is dedicated to supporting borrowers with easy and convenient ways to manage their student loans. What types of loans does FedLoan Servicing service? FedLoan Servicing services two main types of federal loans, including:
FFELP (Federal Family Education Loan Program) Student Loans that were sold and transferred as a result of legislation known as the Ensuring Continued Access to Student Loans Act (ECASLA). Under ECASLA, the U.S.Department of Education offered to purchase FFELP Loans from third-party lenders, primarily from the 2008–2009 and 2009–2010 academic years. FedLoan Servicing is one of a limited number of organizations that the U.S.Department of Education uses to service these loans.
Direct Loans, which do not use third-party lenders. Rather, Direct Loans are provided directly through the U.S.Department of Education. FedLoan Servicing is one of a limited number of organizations that the U.S. Department of Education uses to service Direct Loans.
About Federal Loans How do I know what type of federal loan I have? There are a couple of ways to find out if you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan:
Sign in to Account Access. In Account Access, you will see a listing of all of your loans with FedLoan Servicing. Account Access provides details about each loan, including the loan type, the interest rate, the balance, and more.
Visit the National Student Loan Data System. Check NSLDS.ed.gov to see a complete snapshot of your FFELP Loans and Direct Loans. You'll need your federal ID to access this information.
What are my responsibilities as a borrower? Regardless of whether you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan, your responsibilities are the same:
Borrow only what you need.
Read your promissory note (know what you agreed to).
Pay on time (consider paying early).
Keep in touch with FedLoan Servicing.
Remember, you MUST pay back your student loan even if you don't graduate, do not finish your education within the regular time frame, aren't satisfied with the education you receive, or can't find a job. I have federal loans with multiple servicers. Is it possible to transfer them to just one servicer? Yes. Consolidation allows you to combine one or more existing eligible student loans into a single new loan, meaning you'll make only one monthly payment to one servicer. If you are interested in learning more about consolidation or want to apply for a Direct Consolidation Loan, visit the Federal Direct Consolidation Loans Information Center or call 1-800-557-7392. What if I need more loan money? The process of applying for a federal loan has not changed. You must complete the FAFSA® (Free Application for Federal Student Aid) and update it annually. Schools use the information from your FAFSA to determine your financial aid award. If you have already filed a FAFSA but have questions on how to apply for additional loans, contact the financial aid office at your school. If You Have Transferred Loans Does the loan transfer affect all of my current student loans? Not necessarily. FedLoan Servicing will notify you of the loans we are now servicing. To get additional details about your loans with FedLoan Servicing, create an online account and sign in to Account Access. Please continue to make all payments for loans that remain with your previous servicer. If you are no longer certain who services your loans, visit the National Student Loan Data System at NSLDS.ed.gov for a complete list of your FFELP (Federal Family Education Loan Program) Loans and Direct Loans and their servicers. You will need your federal ID to access this information. I already have an online account with FedLoan Servicing. Do I need to create a new one? No. Your transferred loans roll under the same account number. However, if you do not have an account with FedLoan Servicing, you must create one through Account Access. Creating an online account takes only a few minutes and gives you access to a suite of online tools to easily manage your loan. Will my account number remain the same? It depends:
If you already have an account with us, your transferred loans roll under the same account number.
If you do not have an account with us yet, we will assign you an account number. Look for this unique 10-digit number on all written correspondence, billing statements, etc.
Does the loan transfer affect my grace period? Do I need to begin making payments? No. If you have a Stafford Loan (subsidized or unsubsidized), you get a 6-month grace period that begins the day after you graduate, leave school, or drop below half-time status and ends the day before your repayment period begins. Will my monthly payments change? It's possible there could be a change in your monthly payment amount. If your new payment amount is not affordable, FedLoan Servicing offers several payment plan options. Sign in to Account Access to see your monthly payment amount and explore the options available for lowering or postponing your payments. Will my due date change? Your due date may change. You can find your due date on your monthly billing statement or online. If the new due date is not convenient, or if it makes it difficult for you to make your payments, we can work with you to change it. Learn more about changing your due date. Can I make online payments, schedule payments in advance, and manage my loan as I did before? Yes. FedLoan Servicing's Account Access allows you to make online payments from the bank account of your choice, schedule payments up to 60 days in advance, view details for your loan, plus much more. You will need an online account to access these features. Sign up today. I signed up for Paperless Billing with my previous servicer. Do I need to re-apply with FedLoan Servicing? Yes. You need to enroll in Paperless Billing (eBilling) with FedLoan Servicing if you have not done so already. To take advantage of this service, you must create an online account through Account Access. Then simply sign in to Account Access and indicate your paperless preferences under your Account Profile. I applied for a deferment/forbearance with my previous servicer. Do I need to re-apply with FedLoan Servicing?
If your previous servicer approved your deferment or forbearance before your loan was transferred, you do not need to re-apply.
If you did not receive confirmation from your previous servicer regarding the outcome of your request, please contact us to determine if additional action is necessary to complete the application process.
Learn more about deferment and forbearance. I just sent a payment to my previous servicer. What should I do? Do nothing. Your previous servicer will forward any payments and/or correspondence to FedLoan Servicing for a brief period of time after the transfer of a loan. Do I need to do anything if I was using a bill payer service with my previous servicer? Yes. Make sure your bill payer service knows that FedLoan Servicing is now the recipient of all future payments. Will my FedLoan Servicing 1098-E Student Loan Interest Statement include the interest for all of the payments I made this year? No. The 1098-E Student Loan Interest Statement from FedLoan Servicing applies only to the time period after the transfer of your loan. In most cases, you should receive separate notification of your tax information for loans serviced by your previous servicer. If you have additional questions, please contact us at 1-800-699-2908. I am still in school. How does the loan transfer affect me? As long as you maintain at least half-time enrollment at an approved school, the status of your loan remains unchanged. My co-maker/endorser had access to my account with my old servicer. Will he or she still have access to my loans? Co-makers and endorsers continue to have access to the loans on which they are an endorser or co-maker. They are assigned a unique 10-digit account number for safety and security purposes. If You Have Direct Loans What kind of fees do Direct Loans have? The U.S. Department of Education charges an origination fee when you borrow a Direct Loan. The U.S. Department of Education deducts this fee from your loan disbursement. The origination fee is:
1% for Direct Stafford Loans (subsidized or unsubsidized) first disbursed between July 1, 2010 and June 30, 2011
4% for Direct PLUS Loans
Why did I receive more in unsubsidized loans than in subsidized loans? Please contact the financial aid office at your school for details. Your school must follow federal guidelines when determining the types of loans and loan amounts for which you are eligible. Am I eligible to receive a refund if there is money remaining from my loan disbursement after my tuition has been paid? Please contact the financial aid office at your school to discuss refund eligibility. FedLoan Servicing does not determine eligibility for loan disbursement refunds. When will I receive my loan refund check? Please contact the financial aid office at your school to discuss refund checks. FedLoan Servicing is not involved with the refund check process. When will my school receive my next disbursement? Please contact the financial aid office at your school to request your disbursement dates. Loan money is disbursed to schools in accordance with federal guidelines. Do I need to pay interest on my loan while in school? It depends on what type of loan you have:
Subsidized Loans—No. The government pays the interest on your loan while you are in school.*
Unsubsidized Loans—No. It is not necessary to pay the interest while you are in school or while you have an in-school deferment. However, paying interest early, before you have to, saves you money in the long run. Any interest that you do not pay during this period will be added to your principal balance (through capitalization). Because capitalization increases your principal, you end up paying more in interest, which leads to more overall costs.
Parent PLUS Loans—You can postpone making monthly payments on your loans while the student is enrolled at least half time and for 6 months after the student is no longer enrolled. Interest accrues from the day of disbursement. If you do not pay this interest, it will be added to your principal balance prior to your loans entering repayment.
* NOTE: If you are a first-time borrower on or after July 1, 2013, you could potentially lose the subsidy on your subsidized student loan if you do not complete your degree or certificate within 150% of the "normal time" allotted for completing the program in which you are enrolled. The loss of subsidy would continue through periods of enrollment and any grace or deferment periods according to Jason Spencer Student Loan. Do Direct Loans have different repayment options than FFELP Loans do? Direct Loans have the same repayment options as FFELP (Federal Family Education Loan Program) Loans, with two exceptions:
The Income Sensitive Repayment Plan is not available for Direct Loans.
The Income-Contingent Repayment Plan is available for certain Direct Loans. Under this plan, your required monthly payment is based on your eligible loan debt and on your and on your spouse's adjusted gross income and family size. The payment amount may be adjusted annually. The maximum repayment period under this plan is 25 years.
The Pay As You Earn Repayment Plan is available for certain Direct Loans. Under this plan, your monthly payment is based on your income and family size. Loan forgiveness is granted after 20 years of repayment.
For more detailed information on repayment plans, visit the U.S. Department of Education. What kind of incentives do Direct Loans offer? If you borrow a Direct Loan, you receive an up-front interest rebate of:
0.5% of the principal amount of any Direct Stafford Loan (subsidized or unsubsidized) first disbursed on or between July 1, 2010 and June 30, 2011
1.5% of the principal amount of any Direct PLUS Loan first disbursed on or between July 1, 2000 and June 30, 2011
To keep this rebate, you must make your first 12 monthly payments on time (no later than 6 days after your due date). If you do not make your first 12 payments on time, the rebate will be rescinded and added to your principal balance, increasing the amount you must repay. In addition to this rebate, you are eligible for an interest discount of 0.25% for using Direct Debit, our automated payment service, to repay your Direct Loans according to Jason Spencer. Whom do I contact if I have questions about my Direct Loan? Contact FedLoan Servicing by U.S. Mail, email, fax, or phone. Jason Spencer Student Loan Student Loan Relief 1910 Pacific Avenue Suite 1100, Dallas, Texas 75201 855-693-3356
via Jason Spencer Student Loan Expert in Dallas Texas - jason-spencer-dallas-blog http://ift.tt/2vCXgjt
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from http://www.jason-spencer-student-loan.com/blog/jason-spencer-student-loan-fedloan-new-borrower-faq5126932 from Jason Spencer Student Loan http://jasonspencerstudentloan.blogspot.com/2017/08/jason-spencer-student-loan-fedloan-new_31.html
0 notes
anatara3 · 7 years ago
Text
Jason Spencer Student Loan Fedloan New Borrower FAQ
Jason Spencer Student Loan Fedloan New Borrower FAQ New Student Loan Relief Borrower FAQ
About FedLoan Servicing
About Federal Loans
If You Have Transferred Loans
If You Have Direct Loans
About FedLoan Servicing Who is FedLoan Servicing? FedLoan Servicing was established by the Pennsylvania Higher Education Assistance Agency (PHEAA) to support theU.S. Department of Education's ability to service student loans owned by the federal government. FedLoan Servicing is one of a limited number of organizations approved by the U.S. Department of Education to service these loans and is dedicated to supporting borrowers with easy and convenient ways to manage their student loans. What types of loans does FedLoan Servicing service? FedLoan Servicing services two main types of federal loans, including:
FFELP (Federal Family Education Loan Program) Student Loans that were sold and transferred as a result of legislation known as the Ensuring Continued Access to Student Loans Act (ECASLA). Under ECASLA, the U.S.Department of Education offered to purchase FFELP Loans from third-party lenders, primarily from the 2008–2009 and 2009–2010 academic years. FedLoan Servicing is one of a limited number of organizations that the U.S.Department of Education uses to service these loans.
Direct Loans, which do not use third-party lenders. Rather, Direct Loans are provided directly through the U.S.Department of Education. FedLoan Servicing is one of a limited number of organizations that the U.S. Department of Education uses to service Direct Loans.
About Federal Loans How do I know what type of federal loan I have? There are a couple of ways to find out if you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan:
Sign in to Account Access. In Account Access, you will see a listing of all of your loans with FedLoan Servicing. Account Access provides details about each loan, including the loan type, the interest rate, the balance, and more.
Visit the National Student Loan Data System. Check NSLDS.ed.gov to see a complete snapshot of your FFELP Loans and Direct Loans. You'll need your federal ID to access this information.
What are my responsibilities as a borrower? Regardless of whether you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan, your responsibilities are the same:
Borrow only what you need.
Read your promissory note (know what you agreed to).
Pay on time (consider paying early).
Keep in touch with FedLoan Servicing.
Remember, you MUST pay back your student loan even if you don't graduate, do not finish your education within the regular time frame, aren't satisfied with the education you receive, or can't find a job. I have federal loans with multiple servicers. Is it possible to transfer them to just one servicer? Yes. Consolidation allows you to combine one or more existing eligible student loans into a single new loan, meaning you'll make only one monthly payment to one servicer. If you are interested in learning more about consolidation or want to apply for a Direct Consolidation Loan, visit the Federal Direct Consolidation Loans Information Center or call 1-800-557-7392. What if I need more loan money? The process of applying for a federal loan has not changed. You must complete the FAFSA® (Free Application for Federal Student Aid) and update it annually. Schools use the information from your FAFSA to determine your financial aid award. If you have already filed a FAFSA but have questions on how to apply for additional loans, contact the financial aid office at your school. If You Have Transferred Loans Does the loan transfer affect all of my current student loans? Not necessarily. FedLoan Servicing will notify you of the loans we are now servicing. To get additional details about your loans with FedLoan Servicing, create an online account and sign in to Account Access. Please continue to make all payments for loans that remain with your previous servicer. If you are no longer certain who services your loans, visit the National Student Loan Data System at NSLDS.ed.gov for a complete list of your FFELP (Federal Family Education Loan Program) Loans and Direct Loans and their servicers. You will need your federal ID to access this information. I already have an online account with FedLoan Servicing. Do I need to create a new one? No. Your transferred loans roll under the same account number. However, if you do not have an account with FedLoan Servicing, you must create one through Account Access. Creating an online account takes only a few minutes and gives you access to a suite of online tools to easily manage your loan. Will my account number remain the same? It depends:
If you already have an account with us, your transferred loans roll under the same account number.
If you do not have an account with us yet, we will assign you an account number. Look for this unique 10-digit number on all written correspondence, billing statements, etc.
Does the loan transfer affect my grace period? Do I need to begin making payments? No. If you have a Stafford Loan (subsidized or unsubsidized), you get a 6-month grace period that begins the day after you graduate, leave school, or drop below half-time status and ends the day before your repayment period begins. Will my monthly payments change? It's possible there could be a change in your monthly payment amount. If your new payment amount is not affordable, FedLoan Servicing offers several payment plan options. Sign in to Account Access to see your monthly payment amount and explore the options available for lowering or postponing your payments. Will my due date change? Your due date may change. You can find your due date on your monthly billing statement or online. If the new due date is not convenient, or if it makes it difficult for you to make your payments, we can work with you to change it. Learn more about changing your due date. Can I make online payments, schedule payments in advance, and manage my loan as I did before? Yes. FedLoan Servicing's Account Access allows you to make online payments from the bank account of your choice, schedule payments up to 60 days in advance, view details for your loan, plus much more. You will need an online account to access these features. Sign up today. I signed up for Paperless Billing with my previous servicer. Do I need to re-apply with FedLoan Servicing? Yes. You need to enroll in Paperless Billing (eBilling) with FedLoan Servicing if you have not done so already. To take advantage of this service, you must create an online account through Account Access. Then simply sign in to Account Access and indicate your paperless preferences under your Account Profile. I applied for a deferment/forbearance with my previous servicer. Do I need to re-apply with FedLoan Servicing?
If your previous servicer approved your deferment or forbearance before your loan was transferred, you do not need to re-apply.
If you did not receive confirmation from your previous servicer regarding the outcome of your request, please contact us to determine if additional action is necessary to complete the application process.
Learn more about deferment and forbearance. I just sent a payment to my previous servicer. What should I do? Do nothing. Your previous servicer will forward any payments and/or correspondence to FedLoan Servicing for a brief period of time after the transfer of a loan. Do I need to do anything if I was using a bill payer service with my previous servicer? Yes. Make sure your bill payer service knows that FedLoan Servicing is now the recipient of all future payments. Will my FedLoan Servicing 1098-E Student Loan Interest Statement include the interest for all of the payments I made this year? No. The 1098-E Student Loan Interest Statement from FedLoan Servicing applies only to the time period after the transfer of your loan. In most cases, you should receive separate notification of your tax information for loans serviced by your previous servicer. If you have additional questions, please contact us at 1-800-699-2908. I am still in school. How does the loan transfer affect me? As long as you maintain at least half-time enrollment at an approved school, the status of your loan remains unchanged. My co-maker/endorser had access to my account with my old servicer. Will he or she still have access to my loans? Co-makers and endorsers continue to have access to the loans on which they are an endorser or co-maker. They are assigned a unique 10-digit account number for safety and security purposes. If You Have Direct Loans What kind of fees do Direct Loans have? The U.S. Department of Education charges an origination fee when you borrow a Direct Loan. The U.S. Department of Education deducts this fee from your loan disbursement. The origination fee is:
1% for Direct Stafford Loans (subsidized or unsubsidized) first disbursed between July 1, 2010 and June 30, 2011
4% for Direct PLUS Loans
Why did I receive more in unsubsidized loans than in subsidized loans? Please contact the financial aid office at your school for details. Your school must follow federal guidelines when determining the types of loans and loan amounts for which you are eligible. Am I eligible to receive a refund if there is money remaining from my loan disbursement after my tuition has been paid? Please contact the financial aid office at your school to discuss refund eligibility. FedLoan Servicing does not determine eligibility for loan disbursement refunds. When will I receive my loan refund check? Please contact the financial aid office at your school to discuss refund checks. FedLoan Servicing is not involved with the refund check process. When will my school receive my next disbursement? Please contact the financial aid office at your school to request your disbursement dates. Loan money is disbursed to schools in accordance with federal guidelines. Do I need to pay interest on my loan while in school? It depends on what type of loan you have:
Subsidized Loans—No. The government pays the interest on your loan while you are in school.*
Unsubsidized Loans—No. It is not necessary to pay the interest while you are in school or while you have an in-school deferment. However, paying interest early, before you have to, saves you money in the long run. Any interest that you do not pay during this period will be added to your principal balance (through capitalization). Because capitalization increases your principal, you end up paying more in interest, which leads to more overall costs.
Parent PLUS Loans—You can postpone making monthly payments on your loans while the student is enrolled at least half time and for 6 months after the student is no longer enrolled. Interest accrues from the day of disbursement. If you do not pay this interest, it will be added to your principal balance prior to your loans entering repayment.
* NOTE: If you are a first-time borrower on or after July 1, 2013, you could potentially lose the subsidy on your subsidized student loan if you do not complete your degree or certificate within 150% of the "normal time" allotted for completing the program in which you are enrolled. The loss of subsidy would continue through periods of enrollment and any grace or deferment periods according to Jason Spencer Student Loan. Do Direct Loans have different repayment options than FFELP Loans do? Direct Loans have the same repayment options as FFELP (Federal Family Education Loan Program) Loans, with two exceptions:
The Income Sensitive Repayment Plan is not available for Direct Loans.
The Income-Contingent Repayment Plan is available for certain Direct Loans. Under this plan, your required monthly payment is based on your eligible loan debt and on your and on your spouse's adjusted gross income and family size. The payment amount may be adjusted annually. The maximum repayment period under this plan is 25 years.
The Pay As You Earn Repayment Plan is available for certain Direct Loans. Under this plan, your monthly payment is based on your income and family size. Loan forgiveness is granted after 20 years of repayment.
For more detailed information on repayment plans, visit the U.S. Department of Education. What kind of incentives do Direct Loans offer? If you borrow a Direct Loan, you receive an up-front interest rebate of:
0.5% of the principal amount of any Direct Stafford Loan (subsidized or unsubsidized) first disbursed on or between July 1, 2010 and June 30, 2011
1.5% of the principal amount of any Direct PLUS Loan first disbursed on or between July 1, 2000 and June 30, 2011
To keep this rebate, you must make your first 12 monthly payments on time (no later than 6 days after your due date). If you do not make your first 12 payments on time, the rebate will be rescinded and added to your principal balance, increasing the amount you must repay. In addition to this rebate, you are eligible for an interest discount of 0.25% for using Direct Debit, our automated payment service, to repay your Direct Loans according to Jason Spencer. Whom do I contact if I have questions about my Direct Loan? Contact FedLoan Servicing by U.S. Mail, email, fax, or phone. Jason Spencer Student Loan Student Loan Relief 1910 Pacific Avenue Suite 1100, Dallas, Texas 75201 855-693-3356
via Jason Spencer Student Loan Expert in Dallas Texas - jason-spencer-dallas-blog http://ift.tt/2vCXgjt http://ift.tt/eA8V8J
from http://www.jason-spencer-student-loan.com/blog/jason-spencer-student-loan-fedloan-new-borrower-faq from Jason Spencer Student Loan http://jasonspencerstudentloan.blogspot.com/2017/08/jason-spencer-student-loan-fedloan-new.html
0 notes
anatara3 · 7 years ago
Text
Jason Spencer Student Loan Fedloan New Borrower FAQ
Jason Spencer Student Loan Fedloan New Borrower FAQ New Student Loan Relief Borrower FAQ
About FedLoan Servicing
About Federal Loans
If You Have Transferred Loans
If You Have Direct Loans
About FedLoan Servicing Who is FedLoan Servicing? FedLoan Servicing was established by the Pennsylvania Higher Education Assistance Agency (PHEAA) to support theU.S. Department of Education's ability to service student loans owned by the federal government. FedLoan Servicing is one of a limited number of organizations approved by the U.S. Department of Education to service these loans and is dedicated to supporting borrowers with easy and convenient ways to manage their student loans. What types of loans does FedLoan Servicing service? FedLoan Servicing services two main types of federal loans, including:
FFELP (Federal Family Education Loan Program) Student Loans that were sold and transferred as a result of legislation known as the Ensuring Continued Access to Student Loans Act (ECASLA). Under ECASLA, the U.S.Department of Education offered to purchase FFELP Loans from third-party lenders, primarily from the 2008–2009 and 2009–2010 academic years. FedLoan Servicing is one of a limited number of organizations that the U.S.Department of Education uses to service these loans.
Direct Loans, which do not use third-party lenders. Rather, Direct Loans are provided directly through the U.S.Department of Education. FedLoan Servicing is one of a limited number of organizations that the U.S. Department of Education uses to service Direct Loans.
About Federal Loans How do I know what type of federal loan I have? There are a couple of ways to find out if you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan:
Sign in to Account Access. In Account Access, you will see a listing of all of your loans with FedLoan Servicing. Account Access provides details about each loan, including the loan type, the interest rate, the balance, and more.
Visit the National Student Loan Data System. Check NSLDS.ed.gov to see a complete snapshot of your FFELP Loans and Direct Loans. You'll need your federal ID to access this information.
What are my responsibilities as a borrower? Regardless of whether you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan, your responsibilities are the same:
Borrow only what you need.
Read your promissory note (know what you agreed to).
Pay on time (consider paying early).
Keep in touch with FedLoan Servicing.
Remember, you MUST pay back your student loan even if you don't graduate, do not finish your education within the regular time frame, aren't satisfied with the education you receive, or can't find a job. I have federal loans with multiple servicers. Is it possible to transfer them to just one servicer? Yes. Consolidation allows you to combine one or more existing eligible student loans into a single new loan, meaning you'll make only one monthly payment to one servicer. If you are interested in learning more about consolidation or want to apply for a Direct Consolidation Loan, visit the Federal Direct Consolidation Loans Information Center or call 1-800-557-7392. What if I need more loan money? The process of applying for a federal loan has not changed. You must complete the FAFSA® (Free Application for Federal Student Aid) and update it annually. Schools use the information from your FAFSA to determine your financial aid award. If you have already filed a FAFSA but have questions on how to apply for additional loans, contact the financial aid office at your school. If You Have Transferred Loans Does the loan transfer affect all of my current student loans? Not necessarily. FedLoan Servicing will notify you of the loans we are now servicing. To get additional details about your loans with FedLoan Servicing, create an online account and sign in to Account Access. Please continue to make all payments for loans that remain with your previous servicer. If you are no longer certain who services your loans, visit the National Student Loan Data System at NSLDS.ed.gov for a complete list of your FFELP (Federal Family Education Loan Program) Loans and Direct Loans and their servicers. You will need your federal ID to access this information. I already have an online account with FedLoan Servicing. Do I need to create a new one? No. Your transferred loans roll under the same account number. However, if you do not have an account with FedLoan Servicing, you must create one through Account Access. Creating an online account takes only a few minutes and gives you access to a suite of online tools to easily manage your loan. Will my account number remain the same? It depends:
If you already have an account with us, your transferred loans roll under the same account number.
If you do not have an account with us yet, we will assign you an account number. Look for this unique 10-digit number on all written correspondence, billing statements, etc.
Does the loan transfer affect my grace period? Do I need to begin making payments? No. If you have a Stafford Loan (subsidized or unsubsidized), you get a 6-month grace period that begins the day after you graduate, leave school, or drop below half-time status and ends the day before your repayment period begins. Will my monthly payments change? It's possible there could be a change in your monthly payment amount. If your new payment amount is not affordable, FedLoan Servicing offers several payment plan options. Sign in to Account Access to see your monthly payment amount and explore the options available for lowering or postponing your payments. Will my due date change? Your due date may change. You can find your due date on your monthly billing statement or online. If the new due date is not convenient, or if it makes it difficult for you to make your payments, we can work with you to change it. Learn more about changing your due date. Can I make online payments, schedule payments in advance, and manage my loan as I did before? Yes. FedLoan Servicing's Account Access allows you to make online payments from the bank account of your choice, schedule payments up to 60 days in advance, view details for your loan, plus much more. You will need an online account to access these features. Sign up today. I signed up for Paperless Billing with my previous servicer. Do I need to re-apply with FedLoan Servicing? Yes. You need to enroll in Paperless Billing (eBilling) with FedLoan Servicing if you have not done so already. To take advantage of this service, you must create an online account through Account Access. Then simply sign in to Account Access and indicate your paperless preferences under your Account Profile. I applied for a deferment/forbearance with my previous servicer. Do I need to re-apply with FedLoan Servicing?
If your previous servicer approved your deferment or forbearance before your loan was transferred, you do not need to re-apply.
If you did not receive confirmation from your previous servicer regarding the outcome of your request, please contact us to determine if additional action is necessary to complete the application process.
Learn more about deferment and forbearance. I just sent a payment to my previous servicer. What should I do? Do nothing. Your previous servicer will forward any payments and/or correspondence to FedLoan Servicing for a brief period of time after the transfer of a loan. Do I need to do anything if I was using a bill payer service with my previous servicer? Yes. Make sure your bill payer service knows that FedLoan Servicing is now the recipient of all future payments. Will my FedLoan Servicing 1098-E Student Loan Interest Statement include the interest for all of the payments I made this year? No. The 1098-E Student Loan Interest Statement from FedLoan Servicing applies only to the time period after the transfer of your loan. In most cases, you should receive separate notification of your tax information for loans serviced by your previous servicer. If you have additional questions, please contact us at 1-800-699-2908. I am still in school. How does the loan transfer affect me? As long as you maintain at least half-time enrollment at an approved school, the status of your loan remains unchanged. My co-maker/endorser had access to my account with my old servicer. Will he or she still have access to my loans? Co-makers and endorsers continue to have access to the loans on which they are an endorser or co-maker. They are assigned a unique 10-digit account number for safety and security purposes. If You Have Direct Loans What kind of fees do Direct Loans have? The U.S. Department of Education charges an origination fee when you borrow a Direct Loan. The U.S. Department of Education deducts this fee from your loan disbursement. The origination fee is:
1% for Direct Stafford Loans (subsidized or unsubsidized) first disbursed between July 1, 2010 and June 30, 2011
4% for Direct PLUS Loans
Why did I receive more in unsubsidized loans than in subsidized loans? Please contact the financial aid office at your school for details. Your school must follow federal guidelines when determining the types of loans and loan amounts for which you are eligible. Am I eligible to receive a refund if there is money remaining from my loan disbursement after my tuition has been paid? Please contact the financial aid office at your school to discuss refund eligibility. FedLoan Servicing does not determine eligibility for loan disbursement refunds. When will I receive my loan refund check? Please contact the financial aid office at your school to discuss refund checks. FedLoan Servicing is not involved with the refund check process. When will my school receive my next disbursement? Please contact the financial aid office at your school to request your disbursement dates. Loan money is disbursed to schools in accordance with federal guidelines. Do I need to pay interest on my loan while in school? It depends on what type of loan you have:
Subsidized Loans—No. The government pays the interest on your loan while you are in school.*
Unsubsidized Loans—No. It is not necessary to pay the interest while you are in school or while you have an in-school deferment. However, paying interest early, before you have to, saves you money in the long run. Any interest that you do not pay during this period will be added to your principal balance (through capitalization). Because capitalization increases your principal, you end up paying more in interest, which leads to more overall costs.
Parent PLUS Loans—You can postpone making monthly payments on your loans while the student is enrolled at least half time and for 6 months after the student is no longer enrolled. Interest accrues from the day of disbursement. If you do not pay this interest, it will be added to your principal balance prior to your loans entering repayment.
* NOTE: If you are a first-time borrower on or after July 1, 2013, you could potentially lose the subsidy on your subsidized student loan if you do not complete your degree or certificate within 150% of the "normal time" allotted for completing the program in which you are enrolled. The loss of subsidy would continue through periods of enrollment and any grace or deferment periods according to Jason Spencer Student Loan. Do Direct Loans have different repayment options than FFELP Loans do? Direct Loans have the same repayment options as FFELP (Federal Family Education Loan Program) Loans, with two exceptions:
The Income Sensitive Repayment Plan is not available for Direct Loans.
The Income-Contingent Repayment Plan is available for certain Direct Loans. Under this plan, your required monthly payment is based on your eligible loan debt and on your and on your spouse's adjusted gross income and family size. The payment amount may be adjusted annually. The maximum repayment period under this plan is 25 years.
The Pay As You Earn Repayment Plan is available for certain Direct Loans. Under this plan, your monthly payment is based on your income and family size. Loan forgiveness is granted after 20 years of repayment.
For more detailed information on repayment plans, visit the U.S. Department of Education. What kind of incentives do Direct Loans offer? If you borrow a Direct Loan, you receive an up-front interest rebate of:
0.5% of the principal amount of any Direct Stafford Loan (subsidized or unsubsidized) first disbursed on or between July 1, 2010 and June 30, 2011
1.5% of the principal amount of any Direct PLUS Loan first disbursed on or between July 1, 2000 and June 30, 2011
To keep this rebate, you must make your first 12 monthly payments on time (no later than 6 days after your due date). If you do not make your first 12 payments on time, the rebate will be rescinded and added to your principal balance, increasing the amount you must repay. In addition to this rebate, you are eligible for an interest discount of 0.25% for using Direct Debit, our automated payment service, to repay your Direct Loans according to Jason Spencer. Whom do I contact if I have questions about my Direct Loan? Contact FedLoan Servicing by U.S. Mail, email, fax, or phone. Jason Spencer Student Loan Student Loan Relief 1910 Pacific Avenue Suite 1100, Dallas, Texas 75201 855-693-3356
via http://ift.tt/eA8V8J
via Jason Spencer Dallas Student Loan Relief Inc - Blog http://ift.tt/2vEk7fl
from http://www.jason-spencer-student-loan.com/blog/jason-spencer-student-loan-fedloan-new-borrower-faq1082663 from Jason Spencer Student Loan http://jasonspencerstudentloan.blogspot.com/2017/08/jason-spencer-student-loan-fedloan-new_6.html
0 notes
kiaratori · 7 years ago
Text
Jason Spencer Student Loan Fedloan New Borrower FAQ
Jason Spencer Student Loan Fedloan New Borrower FAQ New Student Loan Relief Borrower FAQ
About FedLoan Servicing
About Federal Loans
If You Have Transferred Loans
If You Have Direct Loans
About FedLoan Servicing Who is FedLoan Servicing? FedLoan Servicing was established by the Pennsylvania Higher Education Assistance Agency (PHEAA) to support theU.S. Department of Education’s ability to service student loans owned by the federal government. FedLoan Servicing is one of a limited number of organizations approved by the U.S. Department of Education to service these loans and is dedicated to supporting borrowers with easy and convenient ways to manage their student loans. What types of loans does FedLoan Servicing service? FedLoan Servicing services two main types of federal loans, including:
FFELP (Federal Family Education Loan Program) Student Loans that were sold and transferred as a result of legislation known as the Ensuring Continued Access to Student Loans Act (ECASLA). Under ECASLA, the U.S.Department of Education offered to purchase FFELP Loans from third-party lenders, primarily from the 2008–2009 and 2009–2010 academic years. FedLoan Servicing is one of a limited number of organizations that the U.S.Department of Education uses to service these loans.
Direct Loans, which do not use third-party lenders. Rather, Direct Loans are provided directly through the U.S.Department of Education. FedLoan Servicing is one of a limited number of organizations that the U.S. Department of Education uses to service Direct Loans.
About Federal Loans How do I know what type of federal loan I have? There are a couple of ways to find out if you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan:
Sign in to Account Access. In Account Access, you will see a listing of all of your loans with FedLoan Servicing. Account Access provides details about each loan, including the loan type, the interest rate, the balance, and more.
Visit the National Student Loan Data System. Check NSLDS.ed.gov to see a complete snapshot of your FFELP Loans and Direct Loans. You’ll need your federal ID to access this information.
What are my responsibilities as a borrower? Regardless of whether you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan, your responsibilities are the same:
Borrow only what you need.
Read your promissory note (know what you agreed to).
Pay on time (consider paying early).
Keep in touch with FedLoan Servicing.
Remember, you MUST pay back your student loan even if you don’t graduate, do not finish your education within the regular time frame, aren’t satisfied with the education you receive, or can’t find a job. I have federal loans with multiple servicers. Is it possible to transfer them to just one servicer? Yes. Consolidation allows you to combine one or more existing eligible student loans into a single new loan, meaning you’ll make only one monthly payment to one servicer. If you are interested in learning more about consolidation or want to apply for a Direct Consolidation Loan, visit the Federal Direct Consolidation Loans Information Center or call 1-800-557-7392. What if I need more loan money? The process of applying for a federal loan has not changed. You must complete the FAFSA® (Free Application for Federal Student Aid) and update it annually. Schools use the information from your FAFSA to determine your financial aid award. If you have already filed a FAFSA but have questions on how to apply for additional loans, contact the financial aid office at your school. If You Have Transferred Loans Does the loan transfer affect all of my current student loans? Not necessarily. FedLoan Servicing will notify you of the loans we are now servicing. To get additional details about your loans with FedLoan Servicing, create an online account and sign in to Account Access. Please continue to make all payments for loans that remain with your previous servicer. If you are no longer certain who services your loans, visit the National Student Loan Data System at NSLDS.ed.gov for a complete list of your FFELP (Federal Family Education Loan Program) Loans and Direct Loans and their servicers. You will need your federal ID to access this information. I already have an online account with FedLoan Servicing. Do I need to create a new one? No. Your transferred loans roll under the same account number. However, if you do not have an account with FedLoan Servicing, you must create one through Account Access. Creating an online account takes only a few minutes and gives you access to a suite of online tools to easily manage your loan. Will my account number remain the same? It depends:
If you already have an account with us, your transferred loans roll under the same account number.
If you do not have an account with us yet, we will assign you an account number. Look for this unique 10-digit number on all written correspondence, billing statements, etc.
Does the loan transfer affect my grace period? Do I need to begin making payments? No. If you have a Stafford Loan (subsidized or unsubsidized), you get a 6-month grace period that begins the day after you graduate, leave school, or drop below half-time status and ends the day before your repayment period begins. Will my monthly payments change? It’s possible there could be a change in your monthly payment amount. If your new payment amount is not affordable, FedLoan Servicing offers several payment plan options. Sign in to Account Access to see your monthly payment amount and explore the options available for lowering or postponing your payments. Will my due date change? Your due date may change. You can find your due date on your monthly billing statement or online. If the new due date is not convenient, or if it makes it difficult for you to make your payments, we can work with you to change it. Learn more about changing your due date. Can I make online payments, schedule payments in advance, and manage my loan as I did before? Yes. FedLoan Servicing’s Account Access allows you to make online payments from the bank account of your choice, schedule payments up to 60 days in advance, view details for your loan, plus much more. You will need an online account to access these features. Sign up today. I signed up for Paperless Billing with my previous servicer. Do I need to re-apply with FedLoan Servicing? Yes. You need to enroll in Paperless Billing (eBilling) with FedLoan Servicing if you have not done so already. To take advantage of this service, you must create an online account through Account Access. Then simply sign in to Account Access and indicate your paperless preferences under your Account Profile. I applied for a deferment/forbearance with my previous servicer. Do I need to re-apply with FedLoan Servicing?
If your previous servicer approved your deferment or forbearance before your loan was transferred, you do not need to re-apply.
If you did not receive confirmation from your previous servicer regarding the outcome of your request, please contact us to determine if additional action is necessary to complete the application process.
Learn more about deferment and forbearance. I just sent a payment to my previous servicer. What should I do? Do nothing. Your previous servicer will forward any payments and/or correspondence to FedLoan Servicing for a brief period of time after the transfer of a loan. Do I need to do anything if I was using a bill payer service with my previous servicer? Yes. Make sure your bill payer service knows that FedLoan Servicing is now the recipient of all future payments. Will my FedLoan Servicing 1098-E Student Loan Interest Statement include the interest for all of the payments I made this year? No. The 1098-E Student Loan Interest Statement from FedLoan Servicing applies only to the time period after the transfer of your loan. In most cases, you should receive separate notification of your tax information for loans serviced by your previous servicer. If you have additional questions, please contact us at 1-800-699-2908. I am still in school. How does the loan transfer affect me? As long as you maintain at least half-time enrollment at an approved school, the status of your loan remains unchanged. My co-maker/endorser had access to my account with my old servicer. Will he or she still have access to my loans? Co-makers and endorsers continue to have access to the loans on which they are an endorser or co-maker. They are assigned a unique 10-digit account number for safety and security purposes. If You Have Direct Loans What kind of fees do Direct Loans have? The U.S. Department of Education charges an origination fee when you borrow a Direct Loan. The U.S. Department of Education deducts this fee from your loan disbursement. The origination fee is:
1% for Direct Stafford Loans (subsidized or unsubsidized) first disbursed between July 1, 2010 and June 30, 2011
4% for Direct PLUS Loans
Why did I receive more in unsubsidized loans than in subsidized loans? Please contact the financial aid office at your school for details. Your school must follow federal guidelines when determining the types of loans and loan amounts for which you are eligible. Am I eligible to receive a refund if there is money remaining from my loan disbursement after my tuition has been paid? Please contact the financial aid office at your school to discuss refund eligibility. FedLoan Servicing does not determine eligibility for loan disbursement refunds. When will I receive my loan refund check? Please contact the financial aid office at your school to discuss refund checks. FedLoan Servicing is not involved with the refund check process. When will my school receive my next disbursement? Please contact the financial aid office at your school to request your disbursement dates. Loan money is disbursed to schools in accordance with federal guidelines. Do I need to pay interest on my loan while in school? It depends on what type of loan you have:
Subsidized Loans—No. The government pays the interest on your loan while you are in school.*
Unsubsidized Loans—No. It is not necessary to pay the interest while you are in school or while you have an in-school deferment. However, paying interest early, before you have to, saves you money in the long run. Any interest that you do not pay during this period will be added to your principal balance (through capitalization). Because capitalization increases your principal, you end up paying more in interest, which leads to more overall costs.
Parent PLUS Loans—You can postpone making monthly payments on your loans while the student is enrolled at least half time and for 6 months after the student is no longer enrolled. Interest accrues from the day of disbursement. If you do not pay this interest, it will be added to your principal balance prior to your loans entering repayment.
* NOTE: If you are a first-time borrower on or after July 1, 2013, you could potentially lose the subsidy on your subsidized student loan if you do not complete your degree or certificate within 150% of the “normal time” allotted for completing the program in which you are enrolled. The loss of subsidy would continue through periods of enrollment and any grace or deferment periods according to Jason Spencer Student Loan. Do Direct Loans have different repayment options than FFELP Loans do? Direct Loans have the same repayment options as FFELP (Federal Family Education Loan Program) Loans, with two exceptions:
The Income Sensitive Repayment Plan is not available for Direct Loans.
The Income-Contingent Repayment Plan is available for certain Direct Loans. Under this plan, your required monthly payment is based on your eligible loan debt and on your and on your spouse’s adjusted gross income and family size. The payment amount may be adjusted annually. The maximum repayment period under this plan is 25 years.
The Pay As You Earn Repayment Plan is available for certain Direct Loans. Under this plan, your monthly payment is based on your income and family size. Loan forgiveness is granted after 20 years of repayment.
For more detailed information on repayment plans, visit the U.S. Department of Education. What kind of incentives do Direct Loans offer? If you borrow a Direct Loan, you receive an up-front interest rebate of:
0.5% of the principal amount of any Direct Stafford Loan (subsidized or unsubsidized) first disbursed on or between July 1, 2010 and June 30, 2011
1.5% of the principal amount of any Direct PLUS Loan first disbursed on or between July 1, 2000 and June 30, 2011
To keep this rebate, you must make your first 12 monthly payments on time (no later than 6 days after your due date). If you do not make your first 12 payments on time, the rebate will be rescinded and added to your principal balance, increasing the amount you must repay. In addition to this rebate, you are eligible for an interest discount of 0.25% for using Direct Debit, our automated payment service, to repay your Direct Loans according to Jason Spencer. Whom do I contact if I have questions about my Direct Loan? Contact FedLoan Servicing by U.S. Mail, email, fax, or phone. Jason Spencer Student Loan Student Loan Relief 1910 Pacific Avenue Suite 1100, Dallas, Texas 75201 855-693-3356
via Jason Spencer Student Loan Expert in Dallas Texas - jason-spencer-dallas-blog http://ift.tt/2vCXgjt
via Jason Spencer Dallas Student Loan Relief Inc - Blog http://ift.tt/2wx6f2Y
from Jason-Spencer-Student-Loan - Blog http://www.jason-spencer-student-loan.com/blog/jason-spencer-student-loan-fedloan-new-borrower-faq5126932 from Jason Spencer Student Loan https://jasonspencerstudentloan.tumblr.com/post/163870377326
0 notes
kiaratori · 7 years ago
Text
Jason Spencer Student Loan Fedloan New Borrower FAQ
Jason Spencer Student Loan Fedloan New Borrower FAQ New Student Loan Relief Borrower FAQ
About FedLoan Servicing
About Federal Loans
If You Have Transferred Loans
If You Have Direct Loans
About FedLoan Servicing Who is FedLoan Servicing? FedLoan Servicing was established by the Pennsylvania Higher Education Assistance Agency (PHEAA) to support theU.S. Department of Education’s ability to service student loans owned by the federal government. FedLoan Servicing is one of a limited number of organizations approved by the U.S. Department of Education to service these loans and is dedicated to supporting borrowers with easy and convenient ways to manage their student loans. What types of loans does FedLoan Servicing service? FedLoan Servicing services two main types of federal loans, including:
FFELP (Federal Family Education Loan Program) Student Loans that were sold and transferred as a result of legislation known as the Ensuring Continued Access to Student Loans Act (ECASLA). Under ECASLA, the U.S.Department of Education offered to purchase FFELP Loans from third-party lenders, primarily from the 2008–2009 and 2009–2010 academic years. FedLoan Servicing is one of a limited number of organizations that the U.S.Department of Education uses to service these loans.
Direct Loans, which do not use third-party lenders. Rather, Direct Loans are provided directly through the U.S.Department of Education. FedLoan Servicing is one of a limited number of organizations that the U.S. Department of Education uses to service Direct Loans.
About Federal Loans How do I know what type of federal loan I have? There are a couple of ways to find out if you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan:
Sign in to Account Access. In Account Access, you will see a listing of all of your loans with FedLoan Servicing. Account Access provides details about each loan, including the loan type, the interest rate, the balance, and more.
Visit the National Student Loan Data System. Check NSLDS.ed.gov to see a complete snapshot of your FFELP Loans and Direct Loans. You’ll need your federal ID to access this information.
What are my responsibilities as a borrower? Regardless of whether you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan, your responsibilities are the same:
Borrow only what you need.
Read your promissory note (know what you agreed to).
Pay on time (consider paying early).
Keep in touch with FedLoan Servicing.
Remember, you MUST pay back your student loan even if you don’t graduate, do not finish your education within the regular time frame, aren’t satisfied with the education you receive, or can’t find a job. I have federal loans with multiple servicers. Is it possible to transfer them to just one servicer? Yes. Consolidation allows you to combine one or more existing eligible student loans into a single new loan, meaning you’ll make only one monthly payment to one servicer. If you are interested in learning more about consolidation or want to apply for a Direct Consolidation Loan, visit the Federal Direct Consolidation Loans Information Center or call 1-800-557-7392. What if I need more loan money? The process of applying for a federal loan has not changed. You must complete the FAFSA® (Free Application for Federal Student Aid) and update it annually. Schools use the information from your FAFSA to determine your financial aid award. If you have already filed a FAFSA but have questions on how to apply for additional loans, contact the financial aid office at your school. If You Have Transferred Loans Does the loan transfer affect all of my current student loans? Not necessarily. FedLoan Servicing will notify you of the loans we are now servicing. To get additional details about your loans with FedLoan Servicing, create an online account and sign in to Account Access. Please continue to make all payments for loans that remain with your previous servicer. If you are no longer certain who services your loans, visit the National Student Loan Data System at NSLDS.ed.gov for a complete list of your FFELP (Federal Family Education Loan Program) Loans and Direct Loans and their servicers. You will need your federal ID to access this information. I already have an online account with FedLoan Servicing. Do I need to create a new one? No. Your transferred loans roll under the same account number. However, if you do not have an account with FedLoan Servicing, you must create one through Account Access. Creating an online account takes only a few minutes and gives you access to a suite of online tools to easily manage your loan. Will my account number remain the same? It depends:
If you already have an account with us, your transferred loans roll under the same account number.
If you do not have an account with us yet, we will assign you an account number. Look for this unique 10-digit number on all written correspondence, billing statements, etc.
Does the loan transfer affect my grace period? Do I need to begin making payments? No. If you have a Stafford Loan (subsidized or unsubsidized), you get a 6-month grace period that begins the day after you graduate, leave school, or drop below half-time status and ends the day before your repayment period begins. Will my monthly payments change? It’s possible there could be a change in your monthly payment amount. If your new payment amount is not affordable, FedLoan Servicing offers several payment plan options. Sign in to Account Access to see your monthly payment amount and explore the options available for lowering or postponing your payments. Will my due date change? Your due date may change. You can find your due date on your monthly billing statement or online. If the new due date is not convenient, or if it makes it difficult for you to make your payments, we can work with you to change it. Learn more about changing your due date. Can I make online payments, schedule payments in advance, and manage my loan as I did before? Yes. FedLoan Servicing’s Account Access allows you to make online payments from the bank account of your choice, schedule payments up to 60 days in advance, view details for your loan, plus much more. You will need an online account to access these features. Sign up today. I signed up for Paperless Billing with my previous servicer. Do I need to re-apply with FedLoan Servicing? Yes. You need to enroll in Paperless Billing (eBilling) with FedLoan Servicing if you have not done so already. To take advantage of this service, you must create an online account through Account Access. Then simply sign in to Account Access and indicate your paperless preferences under your Account Profile. I applied for a deferment/forbearance with my previous servicer. Do I need to re-apply with FedLoan Servicing?
If your previous servicer approved your deferment or forbearance before your loan was transferred, you do not need to re-apply.
If you did not receive confirmation from your previous servicer regarding the outcome of your request, please contact us to determine if additional action is necessary to complete the application process.
Learn more about deferment and forbearance. I just sent a payment to my previous servicer. What should I do? Do nothing. Your previous servicer will forward any payments and/or correspondence to FedLoan Servicing for a brief period of time after the transfer of a loan. Do I need to do anything if I was using a bill payer service with my previous servicer? Yes. Make sure your bill payer service knows that FedLoan Servicing is now the recipient of all future payments. Will my FedLoan Servicing 1098-E Student Loan Interest Statement include the interest for all of the payments I made this year? No. The 1098-E Student Loan Interest Statement from FedLoan Servicing applies only to the time period after the transfer of your loan. In most cases, you should receive separate notification of your tax information for loans serviced by your previous servicer. If you have additional questions, please contact us at 1-800-699-2908. I am still in school. How does the loan transfer affect me? As long as you maintain at least half-time enrollment at an approved school, the status of your loan remains unchanged. My co-maker/endorser had access to my account with my old servicer. Will he or she still have access to my loans? Co-makers and endorsers continue to have access to the loans on which they are an endorser or co-maker. They are assigned a unique 10-digit account number for safety and security purposes. If You Have Direct Loans What kind of fees do Direct Loans have? The U.S. Department of Education charges an origination fee when you borrow a Direct Loan. The U.S. Department of Education deducts this fee from your loan disbursement. The origination fee is:
1% for Direct Stafford Loans (subsidized or unsubsidized) first disbursed between July 1, 2010 and June 30, 2011
4% for Direct PLUS Loans
Why did I receive more in unsubsidized loans than in subsidized loans? Please contact the financial aid office at your school for details. Your school must follow federal guidelines when determining the types of loans and loan amounts for which you are eligible. Am I eligible to receive a refund if there is money remaining from my loan disbursement after my tuition has been paid? Please contact the financial aid office at your school to discuss refund eligibility. FedLoan Servicing does not determine eligibility for loan disbursement refunds. When will I receive my loan refund check? Please contact the financial aid office at your school to discuss refund checks. FedLoan Servicing is not involved with the refund check process. When will my school receive my next disbursement? Please contact the financial aid office at your school to request your disbursement dates. Loan money is disbursed to schools in accordance with federal guidelines. Do I need to pay interest on my loan while in school? It depends on what type of loan you have:
Subsidized Loans—No. The government pays the interest on your loan while you are in school.*
Unsubsidized Loans—No. It is not necessary to pay the interest while you are in school or while you have an in-school deferment. However, paying interest early, before you have to, saves you money in the long run. Any interest that you do not pay during this period will be added to your principal balance (through capitalization). Because capitalization increases your principal, you end up paying more in interest, which leads to more overall costs.
Parent PLUS Loans—You can postpone making monthly payments on your loans while the student is enrolled at least half time and for 6 months after the student is no longer enrolled. Interest accrues from the day of disbursement. If you do not pay this interest, it will be added to your principal balance prior to your loans entering repayment.
* NOTE: If you are a first-time borrower on or after July 1, 2013, you could potentially lose the subsidy on your subsidized student loan if you do not complete your degree or certificate within 150% of the “normal time” allotted for completing the program in which you are enrolled. The loss of subsidy would continue through periods of enrollment and any grace or deferment periods according to Jason Spencer Student Loan. Do Direct Loans have different repayment options than FFELP Loans do? Direct Loans have the same repayment options as FFELP (Federal Family Education Loan Program) Loans, with two exceptions:
The Income Sensitive Repayment Plan is not available for Direct Loans.
The Income-Contingent Repayment Plan is available for certain Direct Loans. Under this plan, your required monthly payment is based on your eligible loan debt and on your and on your spouse’s adjusted gross income and family size. The payment amount may be adjusted annually. The maximum repayment period under this plan is 25 years.
The Pay As You Earn Repayment Plan is available for certain Direct Loans. Under this plan, your monthly payment is based on your income and family size. Loan forgiveness is granted after 20 years of repayment.
For more detailed information on repayment plans, visit the U.S. Department of Education. What kind of incentives do Direct Loans offer? If you borrow a Direct Loan, you receive an up-front interest rebate of:
0.5% of the principal amount of any Direct Stafford Loan (subsidized or unsubsidized) first disbursed on or between July 1, 2010 and June 30, 2011
1.5% of the principal amount of any Direct PLUS Loan first disbursed on or between July 1, 2000 and June 30, 2011
To keep this rebate, you must make your first 12 monthly payments on time (no later than 6 days after your due date). If you do not make your first 12 payments on time, the rebate will be rescinded and added to your principal balance, increasing the amount you must repay. In addition to this rebate, you are eligible for an interest discount of 0.25% for using Direct Debit, our automated payment service, to repay your Direct Loans according to Jason Spencer. Whom do I contact if I have questions about my Direct Loan? Contact FedLoan Servicing by U.S. Mail, email, fax, or phone. Jason Spencer Student Loan Student Loan Relief 1910 Pacific Avenue Suite 1100, Dallas, Texas 75201 855-693-3356
via http://ift.tt/eA8V8J
via Jason Spencer Dallas Student Loan Relief Inc - Blog http://ift.tt/2vEk7fl
from Jason-Spencer-Student-Loan - Blog http://www.jason-spencer-student-loan.com/blog/jason-spencer-student-loan-fedloan-new-borrower-faq1082663 from Jason Spencer Student Loan https://jasonspencerstudentloan.tumblr.com/post/163870376966
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daisyjade3 · 7 years ago
Text
Jason Spencer Student Loan Fedloan New Borrower FAQ
Jason Spencer Student Loan Fedloan New Borrower FAQ New Student Loan Relief Borrower FAQ
About FedLoan Servicing
About Federal Loans
If You Have Transferred Loans
If You Have Direct Loans
About FedLoan Servicing Who is FedLoan Servicing? FedLoan Servicing was established by the Pennsylvania Higher Education Assistance Agency (PHEAA) to support theU.S. Department of Education's ability to service student loans owned by the federal government. FedLoan Servicing is one of a limited number of organizations approved by the U.S. Department of Education to service these loans and is dedicated to supporting borrowers with easy and convenient ways to manage their student loans. What types of loans does FedLoan Servicing service? FedLoan Servicing services two main types of federal loans, including:
FFELP (Federal Family Education Loan Program) Student Loans that were sold and transferred as a result of legislation known as the Ensuring Continued Access to Student Loans Act (ECASLA). Under ECASLA, the U.S.Department of Education offered to purchase FFELP Loans from third-party lenders, primarily from the 2008–2009 and 2009–2010 academic years. FedLoan Servicing is one of a limited number of organizations that the U.S.Department of Education uses to service these loans.
Direct Loans, which do not use third-party lenders. Rather, Direct Loans are provided directly through the U.S.Department of Education. FedLoan Servicing is one of a limited number of organizations that the U.S. Department of Education uses to service Direct Loans.
About Federal Loans How do I know what type of federal loan I have? There are a couple of ways to find out if you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan:
Sign in to Account Access. In Account Access, you will see a listing of all of your loans with FedLoan Servicing. Account Access provides details about each loan, including the loan type, the interest rate, the balance, and more.
Visit the National Student Loan Data System. Check NSLDS.ed.gov to see a complete snapshot of your FFELP Loans and Direct Loans. You'll need your federal ID to access this information.
What are my responsibilities as a borrower? Regardless of whether you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan, your responsibilities are the same:
Borrow only what you need.
Read your promissory note (know what you agreed to).
Pay on time (consider paying early).
Keep in touch with FedLoan Servicing.
Remember, you MUST pay back your student loan even if you don't graduate, do not finish your education within the regular time frame, aren't satisfied with the education you receive, or can't find a job. I have federal loans with multiple servicers. Is it possible to transfer them to just one servicer? Yes. Consolidation allows you to combine one or more existing eligible student loans into a single new loan, meaning you'll make only one monthly payment to one servicer. If you are interested in learning more about consolidation or want to apply for a Direct Consolidation Loan, visit the Federal Direct Consolidation Loans Information Center or call 1-800-557-7392. What if I need more loan money? The process of applying for a federal loan has not changed. You must complete the FAFSA® (Free Application for Federal Student Aid) and update it annually. Schools use the information from your FAFSA to determine your financial aid award. If you have already filed a FAFSA but have questions on how to apply for additional loans, contact the financial aid office at your school. If You Have Transferred Loans Does the loan transfer affect all of my current student loans? Not necessarily. FedLoan Servicing will notify you of the loans we are now servicing. To get additional details about your loans with FedLoan Servicing, create an online account and sign in to Account Access. Please continue to make all payments for loans that remain with your previous servicer. If you are no longer certain who services your loans, visit the National Student Loan Data System at NSLDS.ed.gov for a complete list of your FFELP (Federal Family Education Loan Program) Loans and Direct Loans and their servicers. You will need your federal ID to access this information. I already have an online account with FedLoan Servicing. Do I need to create a new one? No. Your transferred loans roll under the same account number. However, if you do not have an account with FedLoan Servicing, you must create one through Account Access. Creating an online account takes only a few minutes and gives you access to a suite of online tools to easily manage your loan. Will my account number remain the same? It depends:
If you already have an account with us, your transferred loans roll under the same account number.
If you do not have an account with us yet, we will assign you an account number. Look for this unique 10-digit number on all written correspondence, billing statements, etc.
Does the loan transfer affect my grace period? Do I need to begin making payments? No. If you have a Stafford Loan (subsidized or unsubsidized), you get a 6-month grace period that begins the day after you graduate, leave school, or drop below half-time status and ends the day before your repayment period begins. Will my monthly payments change? It's possible there could be a change in your monthly payment amount. If your new payment amount is not affordable, FedLoan Servicing offers several payment plan options. Sign in to Account Access to see your monthly payment amount and explore the options available for lowering or postponing your payments. Will my due date change? Your due date may change. You can find your due date on your monthly billing statement or online. If the new due date is not convenient, or if it makes it difficult for you to make your payments, we can work with you to change it. Learn more about changing your due date. Can I make online payments, schedule payments in advance, and manage my loan as I did before? Yes. FedLoan Servicing's Account Access allows you to make online payments from the bank account of your choice, schedule payments up to 60 days in advance, view details for your loan, plus much more. You will need an online account to access these features. Sign up today. I signed up for Paperless Billing with my previous servicer. Do I need to re-apply with FedLoan Servicing? Yes. You need to enroll in Paperless Billing (eBilling) with FedLoan Servicing if you have not done so already. To take advantage of this service, you must create an online account through Account Access. Then simply sign in to Account Access and indicate your paperless preferences under your Account Profile. I applied for a deferment/forbearance with my previous servicer. Do I need to re-apply with FedLoan Servicing?
If your previous servicer approved your deferment or forbearance before your loan was transferred, you do not need to re-apply.
If you did not receive confirmation from your previous servicer regarding the outcome of your request, please contact us to determine if additional action is necessary to complete the application process.
Learn more about deferment and forbearance. I just sent a payment to my previous servicer. What should I do? Do nothing. Your previous servicer will forward any payments and/or correspondence to FedLoan Servicing for a brief period of time after the transfer of a loan. Do I need to do anything if I was using a bill payer service with my previous servicer? Yes. Make sure your bill payer service knows that FedLoan Servicing is now the recipient of all future payments. Will my FedLoan Servicing 1098-E Student Loan Interest Statement include the interest for all of the payments I made this year? No. The 1098-E Student Loan Interest Statement from FedLoan Servicing applies only to the time period after the transfer of your loan. In most cases, you should receive separate notification of your tax information for loans serviced by your previous servicer. If you have additional questions, please contact us at 1-800-699-2908. I am still in school. How does the loan transfer affect me? As long as you maintain at least half-time enrollment at an approved school, the status of your loan remains unchanged. My co-maker/endorser had access to my account with my old servicer. Will he or she still have access to my loans? Co-makers and endorsers continue to have access to the loans on which they are an endorser or co-maker. They are assigned a unique 10-digit account number for safety and security purposes. If You Have Direct Loans What kind of fees do Direct Loans have? The U.S. Department of Education charges an origination fee when you borrow a Direct Loan. The U.S. Department of Education deducts this fee from your loan disbursement. The origination fee is:
1% for Direct Stafford Loans (subsidized or unsubsidized) first disbursed between July 1, 2010 and June 30, 2011
4% for Direct PLUS Loans
Why did I receive more in unsubsidized loans than in subsidized loans? Please contact the financial aid office at your school for details. Your school must follow federal guidelines when determining the types of loans and loan amounts for which you are eligible. Am I eligible to receive a refund if there is money remaining from my loan disbursement after my tuition has been paid? Please contact the financial aid office at your school to discuss refund eligibility. FedLoan Servicing does not determine eligibility for loan disbursement refunds. When will I receive my loan refund check? Please contact the financial aid office at your school to discuss refund checks. FedLoan Servicing is not involved with the refund check process. When will my school receive my next disbursement? Please contact the financial aid office at your school to request your disbursement dates. Loan money is disbursed to schools in accordance with federal guidelines. Do I need to pay interest on my loan while in school? It depends on what type of loan you have:
Subsidized Loans—No. The government pays the interest on your loan while you are in school.*
Unsubsidized Loans—No. It is not necessary to pay the interest while you are in school or while you have an in-school deferment. However, paying interest early, before you have to, saves you money in the long run. Any interest that you do not pay during this period will be added to your principal balance (through capitalization). Because capitalization increases your principal, you end up paying more in interest, which leads to more overall costs.
Parent PLUS Loans—You can postpone making monthly payments on your loans while the student is enrolled at least half time and for 6 months after the student is no longer enrolled. Interest accrues from the day of disbursement. If you do not pay this interest, it will be added to your principal balance prior to your loans entering repayment.
* NOTE: If you are a first-time borrower on or after July 1, 2013, you could potentially lose the subsidy on your subsidized student loan if you do not complete your degree or certificate within 150% of the "normal time" allotted for completing the program in which you are enrolled. The loss of subsidy would continue through periods of enrollment and any grace or deferment periods according to Jason Spencer Student Loan. Do Direct Loans have different repayment options than FFELP Loans do? Direct Loans have the same repayment options as FFELP (Federal Family Education Loan Program) Loans, with two exceptions:
The Income Sensitive Repayment Plan is not available for Direct Loans.
The Income-Contingent Repayment Plan is available for certain Direct Loans. Under this plan, your required monthly payment is based on your eligible loan debt and on your and on your spouse's adjusted gross income and family size. The payment amount may be adjusted annually. The maximum repayment period under this plan is 25 years.
The Pay As You Earn Repayment Plan is available for certain Direct Loans. Under this plan, your monthly payment is based on your income and family size. Loan forgiveness is granted after 20 years of repayment.
For more detailed information on repayment plans, visit the U.S. Department of Education. What kind of incentives do Direct Loans offer? If you borrow a Direct Loan, you receive an up-front interest rebate of:
0.5% of the principal amount of any Direct Stafford Loan (subsidized or unsubsidized) first disbursed on or between July 1, 2010 and June 30, 2011
1.5% of the principal amount of any Direct PLUS Loan first disbursed on or between July 1, 2000 and June 30, 2011
To keep this rebate, you must make your first 12 monthly payments on time (no later than 6 days after your due date). If you do not make your first 12 payments on time, the rebate will be rescinded and added to your principal balance, increasing the amount you must repay. In addition to this rebate, you are eligible for an interest discount of 0.25% for using Direct Debit, our automated payment service, to repay your Direct Loans according to Jason Spencer. Whom do I contact if I have questions about my Direct Loan? Contact FedLoan Servicing by U.S. Mail, email, fax, or phone. Jason Spencer Student Loan Student Loan Relief 1910 Pacific Avenue Suite 1100, Dallas, Texas 75201 855-693-3356
via Jason Spencer Student Loan Expert in Dallas Texas - jason-spencer-dallas-blog http://ift.tt/2vCXgjt
via Jason Spencer Dallas Student Loan Relief Inc - Blog http://ift.tt/2wx6f2Y
from http://www.jason-spencer-student-loan.com/blog/jason-spencer-student-loan-fedloan-new-borrower-faq5126932
from Jason Spencer Student Loan - Blog http://jasonspencerstudentloan.weebly.com/blog/jason-spencer-student-loan-fedloan-new-borrower-faq5424977
0 notes
daisyjade3 · 7 years ago
Text
Jason Spencer Student Loan Fedloan New Borrower FAQ
Jason Spencer Student Loan Fedloan New Borrower FAQ New Student Loan Relief Borrower FAQ
About FedLoan Servicing
About Federal Loans
If You Have Transferred Loans
If You Have Direct Loans
About FedLoan Servicing Who is FedLoan Servicing? FedLoan Servicing was established by the Pennsylvania Higher Education Assistance Agency (PHEAA) to support theU.S. Department of Education's ability to service student loans owned by the federal government. FedLoan Servicing is one of a limited number of organizations approved by the U.S. Department of Education to service these loans and is dedicated to supporting borrowers with easy and convenient ways to manage their student loans. What types of loans does FedLoan Servicing service? FedLoan Servicing services two main types of federal loans, including:
FFELP (Federal Family Education Loan Program) Student Loans that were sold and transferred as a result of legislation known as the Ensuring Continued Access to Student Loans Act (ECASLA). Under ECASLA, the U.S.Department of Education offered to purchase FFELP Loans from third-party lenders, primarily from the 2008–2009 and 2009–2010 academic years. FedLoan Servicing is one of a limited number of organizations that the U.S.Department of Education uses to service these loans.
Direct Loans, which do not use third-party lenders. Rather, Direct Loans are provided directly through the U.S.Department of Education. FedLoan Servicing is one of a limited number of organizations that the U.S. Department of Education uses to service Direct Loans.
About Federal Loans How do I know what type of federal loan I have? There are a couple of ways to find out if you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan:
Sign in to Account Access. In Account Access, you will see a listing of all of your loans with FedLoan Servicing. Account Access provides details about each loan, including the loan type, the interest rate, the balance, and more.
Visit the National Student Loan Data System. Check NSLDS.ed.gov to see a complete snapshot of your FFELP Loans and Direct Loans. You'll need your federal ID to access this information.
What are my responsibilities as a borrower? Regardless of whether you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan, your responsibilities are the same:
Borrow only what you need.
Read your promissory note (know what you agreed to).
Pay on time (consider paying early).
Keep in touch with FedLoan Servicing.
Remember, you MUST pay back your student loan even if you don't graduate, do not finish your education within the regular time frame, aren't satisfied with the education you receive, or can't find a job. I have federal loans with multiple servicers. Is it possible to transfer them to just one servicer? Yes. Consolidation allows you to combine one or more existing eligible student loans into a single new loan, meaning you'll make only one monthly payment to one servicer. If you are interested in learning more about consolidation or want to apply for a Direct Consolidation Loan, visit the Federal Direct Consolidation Loans Information Center or call 1-800-557-7392. What if I need more loan money? The process of applying for a federal loan has not changed. You must complete the FAFSA® (Free Application for Federal Student Aid) and update it annually. Schools use the information from your FAFSA to determine your financial aid award. If you have already filed a FAFSA but have questions on how to apply for additional loans, contact the financial aid office at your school. If You Have Transferred Loans Does the loan transfer affect all of my current student loans? Not necessarily. FedLoan Servicing will notify you of the loans we are now servicing. To get additional details about your loans with FedLoan Servicing, create an online account and sign in to Account Access. Please continue to make all payments for loans that remain with your previous servicer. If you are no longer certain who services your loans, visit the National Student Loan Data System at NSLDS.ed.gov for a complete list of your FFELP (Federal Family Education Loan Program) Loans and Direct Loans and their servicers. You will need your federal ID to access this information. I already have an online account with FedLoan Servicing. Do I need to create a new one? No. Your transferred loans roll under the same account number. However, if you do not have an account with FedLoan Servicing, you must create one through Account Access. Creating an online account takes only a few minutes and gives you access to a suite of online tools to easily manage your loan. Will my account number remain the same? It depends:
If you already have an account with us, your transferred loans roll under the same account number.
If you do not have an account with us yet, we will assign you an account number. Look for this unique 10-digit number on all written correspondence, billing statements, etc.
Does the loan transfer affect my grace period? Do I need to begin making payments? No. If you have a Stafford Loan (subsidized or unsubsidized), you get a 6-month grace period that begins the day after you graduate, leave school, or drop below half-time status and ends the day before your repayment period begins. Will my monthly payments change? It's possible there could be a change in your monthly payment amount. If your new payment amount is not affordable, FedLoan Servicing offers several payment plan options. Sign in to Account Access to see your monthly payment amount and explore the options available for lowering or postponing your payments. Will my due date change? Your due date may change. You can find your due date on your monthly billing statement or online. If the new due date is not convenient, or if it makes it difficult for you to make your payments, we can work with you to change it. Learn more about changing your due date. Can I make online payments, schedule payments in advance, and manage my loan as I did before? Yes. FedLoan Servicing's Account Access allows you to make online payments from the bank account of your choice, schedule payments up to 60 days in advance, view details for your loan, plus much more. You will need an online account to access these features. Sign up today. I signed up for Paperless Billing with my previous servicer. Do I need to re-apply with FedLoan Servicing? Yes. You need to enroll in Paperless Billing (eBilling) with FedLoan Servicing if you have not done so already. To take advantage of this service, you must create an online account through Account Access. Then simply sign in to Account Access and indicate your paperless preferences under your Account Profile. I applied for a deferment/forbearance with my previous servicer. Do I need to re-apply with FedLoan Servicing?
If your previous servicer approved your deferment or forbearance before your loan was transferred, you do not need to re-apply.
If you did not receive confirmation from your previous servicer regarding the outcome of your request, please contact us to determine if additional action is necessary to complete the application process.
Learn more about deferment and forbearance. I just sent a payment to my previous servicer. What should I do? Do nothing. Your previous servicer will forward any payments and/or correspondence to FedLoan Servicing for a brief period of time after the transfer of a loan. Do I need to do anything if I was using a bill payer service with my previous servicer? Yes. Make sure your bill payer service knows that FedLoan Servicing is now the recipient of all future payments. Will my FedLoan Servicing 1098-E Student Loan Interest Statement include the interest for all of the payments I made this year? No. The 1098-E Student Loan Interest Statement from FedLoan Servicing applies only to the time period after the transfer of your loan. In most cases, you should receive separate notification of your tax information for loans serviced by your previous servicer. If you have additional questions, please contact us at 1-800-699-2908. I am still in school. How does the loan transfer affect me? As long as you maintain at least half-time enrollment at an approved school, the status of your loan remains unchanged. My co-maker/endorser had access to my account with my old servicer. Will he or she still have access to my loans? Co-makers and endorsers continue to have access to the loans on which they are an endorser or co-maker. They are assigned a unique 10-digit account number for safety and security purposes. If You Have Direct Loans What kind of fees do Direct Loans have? The U.S. Department of Education charges an origination fee when you borrow a Direct Loan. The U.S. Department of Education deducts this fee from your loan disbursement. The origination fee is:
1% for Direct Stafford Loans (subsidized or unsubsidized) first disbursed between July 1, 2010 and June 30, 2011
4% for Direct PLUS Loans
Why did I receive more in unsubsidized loans than in subsidized loans? Please contact the financial aid office at your school for details. Your school must follow federal guidelines when determining the types of loans and loan amounts for which you are eligible. Am I eligible to receive a refund if there is money remaining from my loan disbursement after my tuition has been paid? Please contact the financial aid office at your school to discuss refund eligibility. FedLoan Servicing does not determine eligibility for loan disbursement refunds. When will I receive my loan refund check? Please contact the financial aid office at your school to discuss refund checks. FedLoan Servicing is not involved with the refund check process. When will my school receive my next disbursement? Please contact the financial aid office at your school to request your disbursement dates. Loan money is disbursed to schools in accordance with federal guidelines. Do I need to pay interest on my loan while in school? It depends on what type of loan you have:
Subsidized Loans—No. The government pays the interest on your loan while you are in school.*
Unsubsidized Loans—No. It is not necessary to pay the interest while you are in school or while you have an in-school deferment. However, paying interest early, before you have to, saves you money in the long run. Any interest that you do not pay during this period will be added to your principal balance (through capitalization). Because capitalization increases your principal, you end up paying more in interest, which leads to more overall costs.
Parent PLUS Loans—You can postpone making monthly payments on your loans while the student is enrolled at least half time and for 6 months after the student is no longer enrolled. Interest accrues from the day of disbursement. If you do not pay this interest, it will be added to your principal balance prior to your loans entering repayment.
* NOTE: If you are a first-time borrower on or after July 1, 2013, you could potentially lose the subsidy on your subsidized student loan if you do not complete your degree or certificate within 150% of the "normal time" allotted for completing the program in which you are enrolled. The loss of subsidy would continue through periods of enrollment and any grace or deferment periods according to Jason Spencer Student Loan. Do Direct Loans have different repayment options than FFELP Loans do? Direct Loans have the same repayment options as FFELP (Federal Family Education Loan Program) Loans, with two exceptions:
The Income Sensitive Repayment Plan is not available for Direct Loans.
The Income-Contingent Repayment Plan is available for certain Direct Loans. Under this plan, your required monthly payment is based on your eligible loan debt and on your and on your spouse's adjusted gross income and family size. The payment amount may be adjusted annually. The maximum repayment period under this plan is 25 years.
The Pay As You Earn Repayment Plan is available for certain Direct Loans. Under this plan, your monthly payment is based on your income and family size. Loan forgiveness is granted after 20 years of repayment.
For more detailed information on repayment plans, visit the U.S. Department of Education. What kind of incentives do Direct Loans offer? If you borrow a Direct Loan, you receive an up-front interest rebate of:
0.5% of the principal amount of any Direct Stafford Loan (subsidized or unsubsidized) first disbursed on or between July 1, 2010 and June 30, 2011
1.5% of the principal amount of any Direct PLUS Loan first disbursed on or between July 1, 2000 and June 30, 2011
To keep this rebate, you must make your first 12 monthly payments on time (no later than 6 days after your due date). If you do not make your first 12 payments on time, the rebate will be rescinded and added to your principal balance, increasing the amount you must repay. In addition to this rebate, you are eligible for an interest discount of 0.25% for using Direct Debit, our automated payment service, to repay your Direct Loans according to Jason Spencer. Whom do I contact if I have questions about my Direct Loan? Contact FedLoan Servicing by U.S. Mail, email, fax, or phone. Jason Spencer Student Loan Student Loan Relief 1910 Pacific Avenue Suite 1100, Dallas, Texas 75201 855-693-3356
via http://ift.tt/eA8V8J
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from http://www.jason-spencer-student-loan.com/blog/jason-spencer-student-loan-fedloan-new-borrower-faq1082663
from Jason Spencer Student Loan - Blog http://jasonspencerstudentloan.weebly.com/blog/jason-spencer-student-loan-fedloan-new-borrower-faq6870230
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kiaratori · 7 years ago
Text
Jason Spencer Student Loan Fedloan New Borrower FAQ
Jason Spencer Student Loan Fedloan New Borrower FAQ New Student Loan Relief Borrower FAQ
About FedLoan Servicing
About Federal Loans
If You Have Transferred Loans
If You Have Direct Loans
About FedLoan Servicing Who is FedLoan Servicing? FedLoan Servicing was established by the Pennsylvania Higher Education Assistance Agency (PHEAA) to support theU.S. Department of Education’s ability to service student loans owned by the federal government. FedLoan Servicing is one of a limited number of organizations approved by the U.S. Department of Education to service these loans and is dedicated to supporting borrowers with easy and convenient ways to manage their student loans. What types of loans does FedLoan Servicing service? FedLoan Servicing services two main types of federal loans, including:
FFELP (Federal Family Education Loan Program) Student Loans that were sold and transferred as a result of legislation known as the Ensuring Continued Access to Student Loans Act (ECASLA). Under ECASLA, the U.S.Department of Education offered to purchase FFELP Loans from third-party lenders, primarily from the 2008–2009 and 2009–2010 academic years. FedLoan Servicing is one of a limited number of organizations that the U.S.Department of Education uses to service these loans.
Direct Loans, which do not use third-party lenders. Rather, Direct Loans are provided directly through the U.S.Department of Education. FedLoan Servicing is one of a limited number of organizations that the U.S. Department of Education uses to service Direct Loans.
About Federal Loans How do I know what type of federal loan I have? There are a couple of ways to find out if you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan:
Sign in to Account Access. In Account Access, you will see a listing of all of your loans with FedLoan Servicing. Account Access provides details about each loan, including the loan type, the interest rate, the balance, and more.
Visit the National Student Loan Data System. Check NSLDS.ed.gov to see a complete snapshot of your FFELP Loans and Direct Loans. You’ll need your federal ID to access this information.
What are my responsibilities as a borrower? Regardless of whether you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan, your responsibilities are the same:
Borrow only what you need.
Read your promissory note (know what you agreed to).
Pay on time (consider paying early).
Keep in touch with FedLoan Servicing.
Remember, you MUST pay back your student loan even if you don’t graduate, do not finish your education within the regular time frame, aren’t satisfied with the education you receive, or can’t find a job. I have federal loans with multiple servicers. Is it possible to transfer them to just one servicer? Yes. Consolidation allows you to combine one or more existing eligible student loans into a single new loan, meaning you’ll make only one monthly payment to one servicer. If you are interested in learning more about consolidation or want to apply for a Direct Consolidation Loan, visit the Federal Direct Consolidation Loans Information Center or call 1-800-557-7392. What if I need more loan money? The process of applying for a federal loan has not changed. You must complete the FAFSA® (Free Application for Federal Student Aid) and update it annually. Schools use the information from your FAFSA to determine your financial aid award. If you have already filed a FAFSA but have questions on how to apply for additional loans, contact the financial aid office at your school. If You Have Transferred Loans Does the loan transfer affect all of my current student loans? Not necessarily. FedLoan Servicing will notify you of the loans we are now servicing. To get additional details about your loans with FedLoan Servicing, create an online account and sign in to Account Access. Please continue to make all payments for loans that remain with your previous servicer. If you are no longer certain who services your loans, visit the National Student Loan Data System at NSLDS.ed.gov for a complete list of your FFELP (Federal Family Education Loan Program) Loans and Direct Loans and their servicers. You will need your federal ID to access this information. I already have an online account with FedLoan Servicing. Do I need to create a new one? No. Your transferred loans roll under the same account number. However, if you do not have an account with FedLoan Servicing, you must create one through Account Access. Creating an online account takes only a few minutes and gives you access to a suite of online tools to easily manage your loan. Will my account number remain the same? It depends:
If you already have an account with us, your transferred loans roll under the same account number.
If you do not have an account with us yet, we will assign you an account number. Look for this unique 10-digit number on all written correspondence, billing statements, etc.
Does the loan transfer affect my grace period? Do I need to begin making payments? No. If you have a Stafford Loan (subsidized or unsubsidized), you get a 6-month grace period that begins the day after you graduate, leave school, or drop below half-time status and ends the day before your repayment period begins. Will my monthly payments change? It’s possible there could be a change in your monthly payment amount. If your new payment amount is not affordable, FedLoan Servicing offers several payment plan options. Sign in to Account Access to see your monthly payment amount and explore the options available for lowering or postponing your payments. Will my due date change? Your due date may change. You can find your due date on your monthly billing statement or online. If the new due date is not convenient, or if it makes it difficult for you to make your payments, we can work with you to change it. Learn more about changing your due date. Can I make online payments, schedule payments in advance, and manage my loan as I did before? Yes. FedLoan Servicing’s Account Access allows you to make online payments from the bank account of your choice, schedule payments up to 60 days in advance, view details for your loan, plus much more. You will need an online account to access these features. Sign up today. I signed up for Paperless Billing with my previous servicer. Do I need to re-apply with FedLoan Servicing? Yes. You need to enroll in Paperless Billing (eBilling) with FedLoan Servicing if you have not done so already. To take advantage of this service, you must create an online account through Account Access. Then simply sign in to Account Access and indicate your paperless preferences under your Account Profile. I applied for a deferment/forbearance with my previous servicer. Do I need to re-apply with FedLoan Servicing?
If your previous servicer approved your deferment or forbearance before your loan was transferred, you do not need to re-apply.
If you did not receive confirmation from your previous servicer regarding the outcome of your request, please contact us to determine if additional action is necessary to complete the application process.
Learn more about deferment and forbearance. I just sent a payment to my previous servicer. What should I do? Do nothing. Your previous servicer will forward any payments and/or correspondence to FedLoan Servicing for a brief period of time after the transfer of a loan. Do I need to do anything if I was using a bill payer service with my previous servicer? Yes. Make sure your bill payer service knows that FedLoan Servicing is now the recipient of all future payments. Will my FedLoan Servicing 1098-E Student Loan Interest Statement include the interest for all of the payments I made this year? No. The 1098-E Student Loan Interest Statement from FedLoan Servicing applies only to the time period after the transfer of your loan. In most cases, you should receive separate notification of your tax information for loans serviced by your previous servicer. If you have additional questions, please contact us at 1-800-699-2908. I am still in school. How does the loan transfer affect me? As long as you maintain at least half-time enrollment at an approved school, the status of your loan remains unchanged. My co-maker/endorser had access to my account with my old servicer. Will he or she still have access to my loans? Co-makers and endorsers continue to have access to the loans on which they are an endorser or co-maker. They are assigned a unique 10-digit account number for safety and security purposes. If You Have Direct Loans What kind of fees do Direct Loans have? The U.S. Department of Education charges an origination fee when you borrow a Direct Loan. The U.S. Department of Education deducts this fee from your loan disbursement. The origination fee is:
1% for Direct Stafford Loans (subsidized or unsubsidized) first disbursed between July 1, 2010 and June 30, 2011
4% for Direct PLUS Loans
Why did I receive more in unsubsidized loans than in subsidized loans? Please contact the financial aid office at your school for details. Your school must follow federal guidelines when determining the types of loans and loan amounts for which you are eligible. Am I eligible to receive a refund if there is money remaining from my loan disbursement after my tuition has been paid? Please contact the financial aid office at your school to discuss refund eligibility. FedLoan Servicing does not determine eligibility for loan disbursement refunds. When will I receive my loan refund check? Please contact the financial aid office at your school to discuss refund checks. FedLoan Servicing is not involved with the refund check process. When will my school receive my next disbursement? Please contact the financial aid office at your school to request your disbursement dates. Loan money is disbursed to schools in accordance with federal guidelines. Do I need to pay interest on my loan while in school? It depends on what type of loan you have:
Subsidized Loans—No. The government pays the interest on your loan while you are in school.*
Unsubsidized Loans—No. It is not necessary to pay the interest while you are in school or while you have an in-school deferment. However, paying interest early, before you have to, saves you money in the long run. Any interest that you do not pay during this period will be added to your principal balance (through capitalization). Because capitalization increases your principal, you end up paying more in interest, which leads to more overall costs.
Parent PLUS Loans—You can postpone making monthly payments on your loans while the student is enrolled at least half time and for 6 months after the student is no longer enrolled. Interest accrues from the day of disbursement. If you do not pay this interest, it will be added to your principal balance prior to your loans entering repayment.
* NOTE: If you are a first-time borrower on or after July 1, 2013, you could potentially lose the subsidy on your subsidized student loan if you do not complete your degree or certificate within 150% of the “normal time” allotted for completing the program in which you are enrolled. The loss of subsidy would continue through periods of enrollment and any grace or deferment periods according to Jason Spencer Student Loan. Do Direct Loans have different repayment options than FFELP Loans do? Direct Loans have the same repayment options as FFELP (Federal Family Education Loan Program) Loans, with two exceptions:
The Income Sensitive Repayment Plan is not available for Direct Loans.
The Income-Contingent Repayment Plan is available for certain Direct Loans. Under this plan, your required monthly payment is based on your eligible loan debt and on your and on your spouse’s adjusted gross income and family size. The payment amount may be adjusted annually. The maximum repayment period under this plan is 25 years.
The Pay As You Earn Repayment Plan is available for certain Direct Loans. Under this plan, your monthly payment is based on your income and family size. Loan forgiveness is granted after 20 years of repayment.
For more detailed information on repayment plans, visit the U.S. Department of Education. What kind of incentives do Direct Loans offer? If you borrow a Direct Loan, you receive an up-front interest rebate of:
0.5% of the principal amount of any Direct Stafford Loan (subsidized or unsubsidized) first disbursed on or between July 1, 2010 and June 30, 2011
1.5% of the principal amount of any Direct PLUS Loan first disbursed on or between July 1, 2000 and June 30, 2011
To keep this rebate, you must make your first 12 monthly payments on time (no later than 6 days after your due date). If you do not make your first 12 payments on time, the rebate will be rescinded and added to your principal balance, increasing the amount you must repay. In addition to this rebate, you are eligible for an interest discount of 0.25% for using Direct Debit, our automated payment service, to repay your Direct Loans according to Jason Spencer. Whom do I contact if I have questions about my Direct Loan? Contact FedLoan Servicing by U.S. Mail, email, fax, or phone. Jason Spencer Student Loan Student Loan Relief 1910 Pacific Avenue Suite 1100, Dallas, Texas 75201 855-693-3356
via Jason Spencer Student Loan Expert in Dallas Texas - jason-spencer-dallas-blog http://ift.tt/2vCXgjt http://ift.tt/eA8V8J
from Jason-Spencer-Student-Loan - Blog http://www.jason-spencer-student-loan.com/blog/jason-spencer-student-loan-fedloan-new-borrower-faq from Jason Spencer Student Loan https://jasonspencerstudentloan.tumblr.com/post/163870230311
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jasonspencerstudentloan · 7 years ago
Text
Jason Spencer Student Loan Fedloan New Borrower FAQ
Jason Spencer Student Loan Fedloan New Borrower FAQ New Student Loan Relief Borrower FAQ
About FedLoan Servicing
About Federal Loans
If You Have Transferred Loans
If You Have Direct Loans
About FedLoan Servicing Who is FedLoan Servicing? FedLoan Servicing was established by the Pennsylvania Higher Education Assistance Agency (PHEAA) to support theU.S. Department of Education's ability to service student loans owned by the federal government. FedLoan Servicing is one of a limited number of organizations approved by the U.S. Department of Education to service these loans and is dedicated to supporting borrowers with easy and convenient ways to manage their student loans. What types of loans does FedLoan Servicing service? FedLoan Servicing services two main types of federal loans, including:
FFELP (Federal Family Education Loan Program) Student Loans that were sold and transferred as a result of legislation known as the Ensuring Continued Access to Student Loans Act (ECASLA). Under ECASLA, the U.S.Department of Education offered to purchase FFELP Loans from third-party lenders, primarily from the 2008–2009 and 2009–2010 academic years. FedLoan Servicing is one of a limited number of organizations that the U.S.Department of Education uses to service these loans.
Direct Loans, which do not use third-party lenders. Rather, Direct Loans are provided directly through the U.S.Department of Education. FedLoan Servicing is one of a limited number of organizations that the U.S. Department of Education uses to service Direct Loans.
About Federal Loans How do I know what type of federal loan I have? There are a couple of ways to find out if you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan:
Sign in to Account Access. In Account Access, you will see a listing of all of your loans with FedLoan Servicing. Account Access provides details about each loan, including the loan type, the interest rate, the balance, and more.
Visit the National Student Loan Data System. Check NSLDS.ed.gov to see a complete snapshot of your FFELP Loans and Direct Loans. You'll need your federal ID to access this information.
What are my responsibilities as a borrower? Regardless of whether you have a FFELP (Federal Family Education Loan Program) Loan or a Direct Loan, your responsibilities are the same:
Borrow only what you need.
Read your promissory note (know what you agreed to).
Pay on time (consider paying early).
Keep in touch with FedLoan Servicing.
Remember, you MUST pay back your student loan even if you don't graduate, do not finish your education within the regular time frame, aren't satisfied with the education you receive, or can't find a job. I have federal loans with multiple servicers. Is it possible to transfer them to just one servicer? Yes. Consolidation allows you to combine one or more existing eligible student loans into a single new loan, meaning you'll make only one monthly payment to one servicer. If you are interested in learning more about consolidation or want to apply for a Direct Consolidation Loan, visit the Federal Direct Consolidation Loans Information Center or call 1-800-557-7392. What if I need more loan money? The process of applying for a federal loan has not changed. You must complete the FAFSA® (Free Application for Federal Student Aid) and update it annually. Schools use the information from your FAFSA to determine your financial aid award. If you have already filed a FAFSA but have questions on how to apply for additional loans, contact the financial aid office at your school. If You Have Transferred Loans Does the loan transfer affect all of my current student loans? Not necessarily. FedLoan Servicing will notify you of the loans we are now servicing. To get additional details about your loans with FedLoan Servicing, create an online account and sign in to Account Access. Please continue to make all payments for loans that remain with your previous servicer. If you are no longer certain who services your loans, visit the National Student Loan Data System at NSLDS.ed.gov for a complete list of your FFELP (Federal Family Education Loan Program) Loans and Direct Loans and their servicers. You will need your federal ID to access this information. I already have an online account with FedLoan Servicing. Do I need to create a new one? No. Your transferred loans roll under the same account number. However, if you do not have an account with FedLoan Servicing, you must create one through Account Access. Creating an online account takes only a few minutes and gives you access to a suite of online tools to easily manage your loan. Will my account number remain the same? It depends:
If you already have an account with us, your transferred loans roll under the same account number.
If you do not have an account with us yet, we will assign you an account number. Look for this unique 10-digit number on all written correspondence, billing statements, etc.
Does the loan transfer affect my grace period? Do I need to begin making payments? No. If you have a Stafford Loan (subsidized or unsubsidized), you get a 6-month grace period that begins the day after you graduate, leave school, or drop below half-time status and ends the day before your repayment period begins. Will my monthly payments change? It's possible there could be a change in your monthly payment amount. If your new payment amount is not affordable, FedLoan Servicing offers several payment plan options. Sign in to Account Access to see your monthly payment amount and explore the options available for lowering or postponing your payments. Will my due date change? Your due date may change. You can find your due date on your monthly billing statement or online. If the new due date is not convenient, or if it makes it difficult for you to make your payments, we can work with you to change it. Learn more about changing your due date. Can I make online payments, schedule payments in advance, and manage my loan as I did before? Yes. FedLoan Servicing's Account Access allows you to make online payments from the bank account of your choice, schedule payments up to 60 days in advance, view details for your loan, plus much more. You will need an online account to access these features. Sign up today. I signed up for Paperless Billing with my previous servicer. Do I need to re-apply with FedLoan Servicing? Yes. You need to enroll in Paperless Billing (eBilling) with FedLoan Servicing if you have not done so already. To take advantage of this service, you must create an online account through Account Access. Then simply sign in to Account Access and indicate your paperless preferences under your Account Profile. I applied for a deferment/forbearance with my previous servicer. Do I need to re-apply with FedLoan Servicing?
If your previous servicer approved your deferment or forbearance before your loan was transferred, you do not need to re-apply.
If you did not receive confirmation from your previous servicer regarding the outcome of your request, please contact us to determine if additional action is necessary to complete the application process.
Learn more about deferment and forbearance. I just sent a payment to my previous servicer. What should I do? Do nothing. Your previous servicer will forward any payments and/or correspondence to FedLoan Servicing for a brief period of time after the transfer of a loan. Do I need to do anything if I was using a bill payer service with my previous servicer? Yes. Make sure your bill payer service knows that FedLoan Servicing is now the recipient of all future payments. Will my FedLoan Servicing 1098-E Student Loan Interest Statement include the interest for all of the payments I made this year? No. The 1098-E Student Loan Interest Statement from FedLoan Servicing applies only to the time period after the transfer of your loan. In most cases, you should receive separate notification of your tax information for loans serviced by your previous servicer. If you have additional questions, please contact us at 1-800-699-2908. I am still in school. How does the loan transfer affect me? As long as you maintain at least half-time enrollment at an approved school, the status of your loan remains unchanged. My co-maker/endorser had access to my account with my old servicer. Will he or she still have access to my loans? Co-makers and endorsers continue to have access to the loans on which they are an endorser or co-maker. They are assigned a unique 10-digit account number for safety and security purposes. If You Have Direct Loans What kind of fees do Direct Loans have? The U.S. Department of Education charges an origination fee when you borrow a Direct Loan. The U.S. Department of Education deducts this fee from your loan disbursement. The origination fee is:
1% for Direct Stafford Loans (subsidized or unsubsidized) first disbursed between July 1, 2010 and June 30, 2011
4% for Direct PLUS Loans
Why did I receive more in unsubsidized loans than in subsidized loans? Please contact the financial aid office at your school for details. Your school must follow federal guidelines when determining the types of loans and loan amounts for which you are eligible. Am I eligible to receive a refund if there is money remaining from my loan disbursement after my tuition has been paid? Please contact the financial aid office at your school to discuss refund eligibility. FedLoan Servicing does not determine eligibility for loan disbursement refunds. When will I receive my loan refund check? Please contact the financial aid office at your school to discuss refund checks. FedLoan Servicing is not involved with the refund check process. When will my school receive my next disbursement? Please contact the financial aid office at your school to request your disbursement dates. Loan money is disbursed to schools in accordance with federal guidelines. Do I need to pay interest on my loan while in school? It depends on what type of loan you have:
Subsidized Loans—No. The government pays the interest on your loan while you are in school.*
Unsubsidized Loans—No. It is not necessary to pay the interest while you are in school or while you have an in-school deferment. However, paying interest early, before you have to, saves you money in the long run. Any interest that you do not pay during this period will be added to your principal balance (through capitalization). Because capitalization increases your principal, you end up paying more in interest, which leads to more overall costs.
Parent PLUS Loans—You can postpone making monthly payments on your loans while the student is enrolled at least half time and for 6 months after the student is no longer enrolled. Interest accrues from the day of disbursement. If you do not pay this interest, it will be added to your principal balance prior to your loans entering repayment.
* NOTE: If you are a first-time borrower on or after July 1, 2013, you could potentially lose the subsidy on your subsidized student loan if you do not complete your degree or certificate within 150% of the "normal time" allotted for completing the program in which you are enrolled. The loss of subsidy would continue through periods of enrollment and any grace or deferment periods according to Jason Spencer Student Loan. Do Direct Loans have different repayment options than FFELP Loans do? Direct Loans have the same repayment options as FFELP (Federal Family Education Loan Program) Loans, with two exceptions:
The Income Sensitive Repayment Plan is not available for Direct Loans.
The Income-Contingent Repayment Plan is available for certain Direct Loans. Under this plan, your required monthly payment is based on your eligible loan debt and on your and on your spouse's adjusted gross income and family size. The payment amount may be adjusted annually. The maximum repayment period under this plan is 25 years.
The Pay As You Earn Repayment Plan is available for certain Direct Loans. Under this plan, your monthly payment is based on your income and family size. Loan forgiveness is granted after 20 years of repayment.
For more detailed information on repayment plans, visit the U.S. Department of Education. What kind of incentives do Direct Loans offer? If you borrow a Direct Loan, you receive an up-front interest rebate of:
0.5% of the principal amount of any Direct Stafford Loan (subsidized or unsubsidized) first disbursed on or between July 1, 2010 and June 30, 2011
1.5% of the principal amount of any Direct PLUS Loan first disbursed on or between July 1, 2000 and June 30, 2011
To keep this rebate, you must make your first 12 monthly payments on time (no later than 6 days after your due date). If you do not make your first 12 payments on time, the rebate will be rescinded and added to your principal balance, increasing the amount you must repay. In addition to this rebate, you are eligible for an interest discount of 0.25% for using Direct Debit, our automated payment service, to repay your Direct Loans according to Jason Spencer. Whom do I contact if I have questions about my Direct Loan? Contact FedLoan Servicing by U.S. Mail, email, fax, or phone. Jason Spencer Student Loan Student Loan Relief 1910 Pacific Avenue Suite 1100, Dallas, Texas 75201 855-693-3356
via Jason Spencer Student Loan Expert in Dallas Texas - jason-spencer-dallas-blog http://ift.tt/2vCXgjt
via Jason Spencer Dallas Student Loan Relief Inc - Blog http://ift.tt/2wx6f2Y
from Jason-Spencer-Student-Loan - Blog http://www.jason-spencer-student-loan.com/blog/jason-spencer-student-loan-fedloan-new-borrower-faq5126932
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