Successful Student Loan Repayment

Do you know what your total student loan balance is?

Take a look, you may be surprised. www.nslds.ed.gov and select Financial Aid Review

To determine your monthly loan payment, use this loan calculator to plan ahead and not be surprised at your loan payments.

Education lenders generally recommend that your student loan payments not exceed 8 to 10 percent of your monthly income.

Are you struggling to make your student loan payments?

A different repayment option may work for you. You may be eligible to lower your payments for a period of time. It may be possible to change your current standard repayment option on your student loan to a graduated, income-sensitive, extended repayment, or consolidation plan. Contact your lender for additional information, and be sure you understand how this will affect your overall loan amount.

If you are unable to make payments on your student loans due to personal financial difficulties, unemployment, or serving on active duty, avoid delinquency and default by checking to see if you qualify for a temporary deferment or forbearance. These will give you temporary payment relief. Contact Yavapai College or your lender to see if you qualify.

Be aware of the consequences of defaulting on your student loan. Contact your lender or school if your loans are in danger of default. There are many things that are available to prevent your loans from defaulting. Some of the consequences may include:

• Your wages or your entire tax refund may be garnished
• Your credit rating will suffer
• Your loans become immediately due and payable
• You lose your eligibility for additional federal student financial aid
• You may not be eligible for certain federal and state jobs
• You may lose your professional license

Deferment Forms

• Unemployment
• Economic Hardship
• Military Service
• In School
• Public Service
• and more

Loan Forgiveness and Discharge Forms

• Teacher Loan Forgiveness
• Child Care Provider Forgiveness
• Total Permanent Disability Discharge
• and more