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We’ve been telling you that new data shows that a lower percentage of students are defaulting on federal loans.
That’s great news for students, taxpayers and our economy. But we know there is still more work to do. We want every student to leave college without feeling burdened by their debt.
In the past few years, we’ve undertaken several new initiatives to help borrowers manage their debt and repay their loans.
Our financial aid counseling tool is now available. There is also extensive financial aid information on StudentAid.gov, including details on flexible loan repayment plans, which allow borrowers to repay their loans based on their income.
Also, as you probably remember, back in June President Obama directed Secretary Duncan to allow all federal student loan borrowers to cap their monthly payment amounts at 10 percent of their monthly income. We’ve begun to put that directive into effect, with the goal of making the new plan available to borrowers next year.
And thanks to a wide variety of outreach efforts, more than 2.5 million Direct Loan borrowers are currently enrolled in an income-driven repayment plan.
We’ve also recently renegotiated terms of the federal student loan servicer contracts to help federal student loan borrowers better manage their debt. We’ve created additional incentives for companies that service federal student loans to improve counseling and outreach to ensure borrowers select the repayment plan best-suited to their financial circumstances, reduce payment delinquency, and help avoid default.
And we’re taking steps to address growing concerns about burdensome student loan debt by requiring career colleges to do a better job of preparing students for gainful employment.
It is important to remember there are options for those who have defaulted, as well. There are resources and several options for getting back on track at studentaid.gov.
If you need help repaying your federal student loans, you can also always contact your loan service provider to learn about repayment options.
Remember: there is no application fee to consolidate student loans. Do not pay for services that the U.S. Department of Education offers for free!
Dorothy Amatucci is a digital engagement strategist at the U.S. Department of Education.
One perk of having a federal student loan instead of a private student loan is that you are not required to start making payments right away. In fact, many federal student loans have a grace period*, or a set amount of time after you graduate, leave school, or drop below half-time enrollment before you must begin repaying your student loans. For most student loans, the grace period is 6 months but in some instances, the grace period could be longer. The grace period gives you time to get financially settled and to select your repayment plan.
For those of you who graduated in the spring, you’re probably nearing the end of your grace period. Your loan servicer, a company that works on behalf of the U.S. Department of Education to process and manage student loan payments, has probably contacted you letting you know how the repayment process will work and when your first payment is due.
Here are four things you should do now, before you make that first student loan payment:
- Get Organized
Start by tracking down all of your student loans. Did you know that you can view all your federal student loans in one place?
Note: Don’t forget to check your personal records to see if you have private student loans.
- Contact Your Loan Servicer
Your loan servicer is the company that will be collecting payments on your federal student loan on behalf of the U.S. Department of Education. They are also there to provide support. Your loan servicer can help you choose a repayment plan, understand loan consolidation, and complete other tasks related to your federal student loan, so it’s important to maintain contact with your loan servicer. If your circumstances change at any time during your repayment period, your loan servicer will be able to help.
To find out who your loan servicer is, log in to StudentAid.gov. You may have more than one loan servicer, so it is important that you look at each loan individually.
- Estimate Your Monthly Payments Under Different Repayment Plans
Federal Student Aid has a great repayment calculator that allows you to compare our different repayment plan options side by side. Once you log in, the calculator pulls in information about your federal student loans, such as your loan balance and your interest rates, and allows you to estimate what your monthly payment would be under each of our different repayment plans. It also allows you to compare the total amount you will pay for your loan over time and can tell you the amount of loan forgiveness you’re expected to qualify for if you choose one of our income-driven repayment plans. Try it!
- Select the Repayment Plan That Works for You
One of the greatest benefits of federal student loans is the flexible repayment options. Take advantage of them! Although you may select or be assigned a repayment plan when you first begin repaying your student loan, you can change repayment plans at any time. There are options to tie your monthly payments to your income and even ways you can have your loans forgiven if you are a teacher or employed in certain public service jobs. Once you have determined which repayment plan is right for you, you must contact your loan servicer to officially change your repayment plan.
* Not all federal student loans have a grace period. Note that for many loans, interest will accrue during your grace period.
Nicole Callahan is a digital engagement analyst at the Department of Education’s office of Federal Student Aid.
Under the new law, students must have "affirmative consent" from partners for the duration of sexual activity.
Grinnell College adopted such a policy in 2012. While it might sound awkward, students say, it opens opportunity for dialogue and confronts assumptions.
The FDA has cited three companies for "fraudulent" statements about their products’ effects on the deadly virus.
Aspen Institute program’s new guide to developing community-college chiefs emphasizes student success, risk-taking, and a willingness to steer the ship through change.
A newly signed bill requires colleges to adopt a “yes means yes” standard in handling sexual-assault cases. Here’s how that definition will play out.
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Done wrong, marketing is sloganeering that dilutes a college’s credibility. Done right, it is clear-eyed self-assessment that shores up the bottom line.
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Jerry Seaman left a small college in Wisconsin to lead the University of Evansville’s British campus, housed in an ornate, turreted manor.
Robert C. Orr, who will become dean in October, has worked on issues that include peacekeeping, climate change, and food scarcity.
Faculty members at Calvin College had been known to rebuff media attention because they felt too overexposed or too uncomfortable putting themselves forward. In designing a brand, the trick was to include them.
How do we as a country provide supports on college campuses for veterans and ensure they have access to high-quality education at an affordable price? This question helped focus a Student Voices Session that recently took place with Secretary Duncan in Washington, D.C. The goal of the conversation was to understand the issues student veterans face, identify institutions of higher education that are providing comprehensive supports, and take action at the local, state, and federal levels.
The Obama administration is encouraging institutions to sign on to the 8 Keys to Veterans’ Success, a voluntary initiative through the Departments of Education and Veterans Affairs by which colleges and universities can support veterans as they pursue their education and employment goals. Already, over 1,000 schools have signed on to support service members in transitioning to higher education, completing their college programs, obtaining career-ready skills, and building toward long-term success.
Abby Kinch, a current Florida State University (FSU) student and former Air Force Cryptologic Linguist, spoke about FSU’s Veterans Center, which provides veterans with a one-stop shop for on-campus support and a place to enhance their development as student leaders. Many of the students in attendance were impressed by the resources available for veterans at FSU and said they would like to see them replicated in their colleges and universities.
Franchesca Rivera, a former Marine and current Art Institute of Washington student and certifying official, passionately spoke about the need for transparency with regard to the cost of college, what the GI Bill will actually cover, and what student veterans should expect to pay. Rivera mentioned that, while most schools serving veterans have a dedicated VA certifying official, the people in this position have a high level of turnover and therefore it is hard to get accurate information.
Veterans Affairs Undersecretary Allison Hickey responded that the VA partially covers the school’s reporting costs and that her office will look into how these positions are trained to ensure certifying officials have the knowledge needed to assist veterans pursuing higher education. Additionally, she notes that the VA has just released a more robust GI Bill Comparison Tool, which will help students find the best programs that fit their needs.
As the secretary was discussing follow-up opportunities, Samuel Innocent, a senior at the City College of New York, suggested that the Student Veterans of America and other student-led veterans’ chapters could create a nationwide student survey to provide tangible feedback on schools’ services for veterans, and on state and federal assistance programs. The goal of the survey would be to strengthen what works and re-tool programs that are not having desired outcomes for meeting veterans’ needs.
This session was a part of the ongoing “Student Voices” series at the Department in which students engage with senior staff members to help develop recommendations on current and future education programs and policies.
Samuel Ryan is a special assistant and youth liaison in the Office of Communications and Outreach at the U.S. Department of Education
Reposted from the OII Blog.
As Education Secretary Duncan’s bus tour departed Huntsville, Ala., on September 9th, I remained to explore the STEM and technology education programs in the area. Huntsville, home to NASA’s Space and Rocket Center, has the advantage of being a small city with huge resources to support education. I wanted to see what they were doing that might be exported to a wide range of schools across the U.S.
After Secretary Duncan’s visit to the Space and Rocket Center and its Space Camp, I was greeted by the president of Alabama A&M University (AAMU), Dr. Andrew Hugine, Jr., along with staff and students. Once on their beautiful campus, Dr. Chance Glenn, dean of the College of Engineering, Technology, and Physical Sciences, discussed the various programs AAMU has developed to help students pursue and excel in STEM fields.
As of 2012, the college, according to the American Society for Engineering Education, ranked No. 4 of 352 in the production of African American engineers and No. 11 for female engineers. This success is credited to multiple programs that support students at various points in their academic careers. AAMU, for example, provides full, four-year scholarships to 12 STEM Star Scholars, covering their tuitions and fees. The Summer Bridge program, which brings students to the campus for two weeks prior to starting their freshman year, focuses on mathematics, social development, and study skills, as well as a providing a campus orientation.
A roundtable discussion with faculty, staff, and current and past students from engineering, computer science, and the basic sciences concluded a very motivating visit to the AAMU campus.
The following day, I met with the Huntsville City Schools superintendent, Dr. Casey Wardynski, and his staff to discuss their STEM and technology strategies and tour a few of the local schools. At Blossomwood Elementary, I chatted with teachers and students about their work in robotics, information technology, and math. The Huntsville strategy has been to provide iPads for classroom use up to second grade and laptops for the rest of the student population to use at home and in school. Technology use was particularly well integrated in mathematics instruction, but also evident across the curriculum.
At Huntsville Middle School, laptops were again being well utilized in classroom instruction, especially in mathematics. Students were also actively learning to develop computer games in classrooms that have been well adapted for group work. I was particularly impressed by the school’s collaboration with the Elizabeth Forward school system in Pennsylvania. A particularly innovative application developed at Elizabeth Forward was being used to demonstrate linear progressions. In the application, students physically interact with a room-sized screen projected on the floor combined with sensors to track their movements. It’s a very good example of how hubs of innovation in local areas can propagate leading practices and why we need to continue to build opportunities to bring these innovators together.
One of the most interesting aspects of the schools tour was the visit to the Huntsville Center for Technology, where I was introduced to Greenpower Team USA. Last October, Huntsville students competed in an international competition held in the U.K. to design, build, and test electric cars. The cars are built from scratch, including the aerodynamic composite bodies.
The Huntsville team won the Best Newcomer Award and the Siemens Innovator Award their first time out, placing 10th out of 32 competitors in the 90-minute race and 32nd out of 74 competitors in the four-hour race. Speeds average around 30 mph, but duration and durability are the primary goals. They were the only team outside of the U.K. in the finals. Team Huntsville has brought the concept home to the U.S., building test tracks around several Huntsville high schools to increase student participation citywide. And with the U.K. competitions including a category for 9- to 11-year-olds, which uses “Goblin Car” kits that average top speeds of 15 mph, Greenpower is an engaging way for STEM learning to reach a wide age range of students.
Clearly, Huntsville benefits from some unique local assets not available to all school systems, but many others could learn from the city’s leadership in developing technology integration strategies and their hands-on approach to STEM education.
Russell Shilling is Executive Director of STEM in the Office of Innovation and Improvement.