Congratulations on your pending graduation. The following information is intended to provide a broad overview of information related to managing your student loans that you may find useful.

You should know:

• Types and Interest Rates of Your Student Loans
• Your Lenders
• The Monthly Payments to Each Lender
• Federal Loan Consolidation
• Exit Counseling
• Loan Forgiveness & Cancellation Options
• Personal Finance Information

Types & Interest Rates

• Direct Stafford Loans both subsidized, unsubsidized:
  • if obtained before July 1, 2006: VARIABLE interest rate is 6.62% until July 1, 2008
  • Variable Interest Rate changes July 1 of each year
  • Variable Interest Rate after July 1, 2008: 3.61%
  • if obtained after July 1, 2006: FIXED interest rate is 6.80%
  • No rate changes for Fixed Interest Rate loans
• Direct Consolidated Stafford Loans
  • FIXED Interest Rate established at the time of consolidation
• UO Perkins Loan
  • Interest rate FIXED at 5%

Lenders

• Direct Stafford Loans: U.S. Department of Education
  • Subsidized, Unsubsidized & Consolidated
• UO Perkins Loan: University of Oregon Student Loans
• Lender Information Resource: National Student Loan Data System for Students
  • Use this resource if you are unsure of who your lenders are for each loan

Monthly Payment Calculators (estimators)

• Direct Stafford Loan Repayment Estimator (required Login with PIN)
  • Calculates monthly payments for each repayment plan (Standard, Extended & Graduated) using your loan balances
• FinAid.org (private web site with advertisements)
  • Calculates monthly payments and necessary salary to manage loan repayment

Federal Loan Consolidation

• Consolidation process creates a new FIXED interest rate based on the weighted-average of the loans you choose to consolidate with one lender
• You are not required to consolidate all of your student loans
• You may choose to only consolidate the VARIABLE Interest Rate Stafford Loan after July 1, 2008
• You will loose the benefits of a Perkins Loan (5% fixed interest rate, grace period, cancellations) by consolidating it with other federal student loans

Resources:

• Direct Loan Consolidation Information and Application
• FinAid.org Information on Federal Student Loan Consolidation

Exit Counseling Requirements

1. Direct Stafford Loan
2. UO Perkins Loan

Loan Forgiveness & Cancellation Options

Stafford Loans

• Recently passed federal rules have expanded the opportunity for students with Stafford Loans to have a portion of their loan debt forgiven. Scroll down to the Loan Forgiveness for Public Service Employees section of the information page on Repaying Your Loans
• Cancellation and Deferment Options information for Stafford Loans is also available
• Teachers should pursue information regarding cancellation, forgiveness and deferment from the school districts they may work for and the state they reside
• Contact your lender to obtain detailed information regarding Loan Forgiveness

Perkins Loans

• There are several different occupations that may qualify a Perkins Loan holder for cancellation of all or part of their Perkins Loan
• Contact your lender to obtain detailed information regarding Cancellation
  • UO Student Loans

Personal Finance Information

Feel free to use the University of Oregon's link to CashCourse.org to obtain information on managing your money after graduation. Cashcourse.org is a non-profit organization that provides personal finance information free of advertisements. Along with providing valuable content they also provide online calculators and worksheets to assist you with making sound financial decisions.

We recommend that you review your Credit Report on a regular basis to ensure a strong credit history throughout your career. Information on obtaining a free credit report is available from our site.