|
Special Direct Loan Consolidation Information The U.S. Department of Education (the Department) will offer Special Direct Consolidation Loans to eligible borrowers, beginning in January 2012. This is a short-term consolidation opportunity, ending June 30, 2012, for borrowers with
Special Direct Consolidation Loans are intended to help borrowers manage their debt by ensuring all of their federal loans are serviced by the same entity, resulting in one bill and one payment (borrowers repay loans to a loan servicer). Borrowers will also receive an interest rate reduction on Special Direct Consolidation Loans as a repayment incentive. The information attached describes the eligibility requirements and benefits of taking out a Special Direct Consolidation Loan. PLEASE KEEP IN MIND: Who will contact me if I am eligible for a Special Direct Consolidation Loan? You will be contacted by one of the Department of Education’s servicers if you are eligible for this special consolidation opportunity. The Department of Education servicers for this special initiative are FedLoan Servicing (PHEAA), Great Lakes Educational Loan Services, Inc., Nelnet, and Sallie Mae. Do not assume that it is a sales pitch. Please speak with them. |
Get Your Loan Information
As the borrower of student loans, it’s important that you are knowledgeable about the types of loans you have, the amounts you have borrowed and how much you will have to pay back after you leave college.
You may have federal Stafford loans, federal Perkins loans or alternative (non-federal) student loans by the time you have graduated.
Federal Loan Information
The U.S. Department of Education's National Student Loan Data System (NSLDS) provides information on your federal loans including loan types, disbursed amounts, outstanding principal and interest, and the total amount of all your loans. To access NSLDS, go to www.nslds.ed.govand click on “Financial Aid Review.”
To calculate the monthly repayment amount of your federal student loans, visit the Department of Education's Repayment Plans and Calulators, or check out the Student Loan Repayment/Interest Rate Tables provided by NASFAA (National Association of Financial Aid Administrators).
Perkins Loan Repayment
All federal Perkins loans at Notre Dame College are serviced by University Accounting Service (UAS). UAS has been hired by the college to work with you to handle the Perkins loan repayment process. Their website is located at http://www.uaservice.com/.
Alternative (Non-Federal) Loan Information
Any alternative loans you borrow as a student will not be included on the NSLDS website. You may view a list of your alternative loans through your credit report. You may request a free credit report every 12 months.
Many companies claim to offer free credit reports, and some do. But others give you a report only if you buy other products or services. AnnualCreditReport.com is the only website authorized by the FTC (Federal Trade Commission) to give you a free credit report without any hidden fees or purchasing requirements.
