Denver Seminary > Loan Management

Loan Management

This page is designed to help students properly manage existing student loan debt. Prospective students are also encouraged to use the tools and links on this page to help determine appropriate debt levels prior to utilizing student loans to help cover educational expenses.

Exit Counseling

If you are graduating or dropping below half-time status (5 semester credits) and had a student loan disbursed to your account, you are required to complete Exit Counseling. In addition to being a federal requirement, this process will provide an educational foundation on proper loan management.

Complete Exit Counseling here

Return of Federal Funds

If you fully withdraw from classes before the 60% mark of the semester/term, Denver Seminary is required to return a portion of your federal loan funds directly back to the lender. The full Return of Federal Funds Policy can be found here.

Grace Period

If you have taken out any federal student loans you will enter a 6-month grace period once you have graduated or dropped below half-time status (5 credits). During this period you will continue to be in deferment status. Your lender(s) will use this period to begin communicating with you in regards to your payment start-date and possible payment plan options.

Only one grace period is given for each loan, which means if you already used the grace period for a previous loan you may be required to start payments immediately after leaving in-school deferment status. Various repayment options are listed at the end of this page.

NOTE: Some PLUS Loans may not have a grace period option, in which case repayment will occur 30 days after graduation or a drop below half-time status. Please contact your lender(s) directly for details. Your lender(s) and their contact information can be found on the National Student Loan Data System (NSLDS).

Your Salary

Average salaries for specific careers can be researched at no cost on mysalary.com.

Manageable Debt Levels

Manageable debt-to-income levels can be found on our Debt-to-Income Ratio Chart.

Your Loan Details

You can view and keep track of your total federal student loan balance and other details (i.e. lender/servicer contact information) by accessing the National Student Loan Data System (NSLDS) at www.nslds.ed.gov.

You will need your Social Security Number and 4-digit Federal Student Aid Personal Identification Number (PIN) in order to log-in to NSLDS (this PIN is the same 4-digit number used to electronically sign the FAFSA). If you do not have your PIN, you can request a duplicate at www.pin.ed.gov.

Your Monthly Payments

Below are some various loan repayment calculators to help you estimate your monthly payments, which will begin when your grace period has ended (lenders/servicers communicate repayment plan options during the grace period).

Mapping Your Future	Federal Student Aid
FinAid.org	Sallie Mae

If you are concerned about having trouble repaying your loans, view some strategies and options at FinAid's Repayment Solutions page. Manageable debt-to-income levels can be found on our Debt-to-Income Ratio Chart.

Repayment Options

It is recommended that you first and foremost contact your lender(s) and ask them specifically about your repayment options, as they will be most effective resource for loan repayment counseling. Your lender(s) will contact you during your 6-month grace period by sending you details such as your repayment date and various repayment options. Available repayment options and strategies are also listed below.

View FastWeb's Repaying Student Loans Quick Reference Guide

Early Repayment

There is no penalty to make early payments on your loans. The process to do so must be set up directly through your loan servicer(s) and can often be done electronically. Your servicer and its contact information can be found at www.nslds.ed.gov. NSLDS log-in details can be found above (under the My Loan Details section).

Consolidation

Severe legislative cuts recently made by Congress have made federal student loan consolidation uneconomical for most lenders. This, combined with the deterioration of the credit market, has caused the majority of lenders to suspend their consolidation programs.

One remaining popular consolidation option can be found through the federal government at LoanConsolidation.ed.gov.

Is a consolidation loan right for me?

Repayment Plans

The best information on repayment plans can be found at www.finaid.org, which highlights the following available plans:

Standard Repayment (10 years)
Extended Repayment (25-30 years)
Graduated Repayment (increasing payment amounts over 25-30 years)
Income-Based Repayment (Is IBR right for me?)
Public Service Loan Forgiveness

Contact your lender(s) directly to receive counseling on the best option available for your specific situation. Applications can often be completed directly over the phone.

Deferment Options

If you expect to have trouble repaying your loans, any repayment option is better than defaulting on your loans. Your lender(s) may be able to offer other options such as:

Unemployment Deferment (for those working less than half-time)
Economic Hardship Deferment (for those more than half-time)
Forbearance (for those who don't qualify for a deferment)
Working Mother Deferment

Contact your lender(s) directly to receive counseling on the best option available for your situation. Applications can often be completed directly over the phone.

Public Service Loan Forgiveness (PSLF)

The Public Service Loan Forgiveness Program (PSLF) was created to encourage individuals to enter and continue to work full-time in public service jobs. Under this program, you may qualify for forgiveness of the remaining balance due on eligible federal student loans after you have made 120 total income-based payments while employed full-time by an eligible public service employer or a non-profit organization.

Is the Loan Forgiveness program right for me?

Additional information can be found at studentaid.ed.gov and finaid.org.