Loan Consolidation Tips and Helpful Information:

With the rising cost of tuition and the ever increasing expense of a higher education, student loans have become the norm in todays world of post secondary learning. Sixty six percent of students are graduating with, on average, $23,186 in federal loan indebtedness. 1 This is no small chunk of change, however, it is becoming a necessary evil for a majority of students. That being said, there are ways to mitigate the financial impact of repaying these loans upon graduation. In this hand out you will find helpful tips and information about the benefits of consolidating your student loans and how to get started on the process.

A Look at the Numbers:2

Estimated standard monthly payment on $23,186 in loans before consolidating: $266.83 Estimated extended monthly payment on $23,186 in loans after consolidating: $157.86 Estimated graduated monthly payment on $23,186 in loans after consolidating: $103.85

Mind you the lower your monthly payment, the longer it will take to pay off your loan, ultimately leading to more interest being paid. However, the advantage to a lower monthly payment may allow you more flexibility in your finances. There are also variable options of repayment when you consolidate ranging from income based repayment (IBR) to extended repayment (extending the length of repayment time)

Helpful Websites:
www.loanconsolidation.ed.gov - This is the federal website where you can apply for a consolidation loan www.studentaid.ed.gov - Another federal website with easy to use calculators and information www.NSLDS.ed.gov - You can view your entire federal lending history here including who currently holds each loan, the amount, and when it was disbursed. www.mygreatlakes.org - Great Lakes is typically the holder for a majority of the Federal Direct Stafford loans and can provide you information on the loans they hold. (see list of other services on reverse) www.GSMR.org - If you went to school in NH in 2008 or prior and borrowed federal loans, chances are Granite State Management and Resources may still hold one or more of your loans. www.pin.ed.gov - This is the website you go to in order retrieve your federal pin (electronic signature).
1 2

(2007-2008 A.Y. excluding PLUS loans) www.finaid.org/loans Calculations were done using loan calculator on www.loanconsolidation.ed.gov/loancalc

Suggestions:
If you are going to consolidate your loans it is suggested you get organized first. By following these steps, you can set yourself up with the information necessary to make your loan application process quick, easy, and painless.

1. Go to www.pin.ed.gov and get your federal pin # if you dont know it already. This is the number used to sign your FAFSA and is considered you electronic signature. This is different than the pin # used to sign your taxes! 2. Go to www.NSLDS.ed.gov and review your lending history. Look for any abnormalities. If you have questions or concerns about any of the information and its accuracy, contact the lender directly (likely to be Great Lakes) 3. Go to www.mygreatlakes.org and log into your account or create an account if it is your first time logging in. Go to account information on the top right, select my loan obligation statement and print it out. a. Note also that if you have loans being serviced by another institution like GSMR (www.GSMR.org *see list below*) then you should also collect your loan obligation statement from them before beginning the consolidation process. 4. Once you have collected and reviewed all your loan information you will want to make sure you have all your personal identification information on hand as well, e.g. drivers license number and social security number. 5. Go to www.loanconsolidation.ed.gov and click borrower services and sign in. Read carefully as you go through the process which should take around forty five minutes to an hour and a half.

DO NOT RUSH through the process! You are borrowing thousands of dollars to consolidate
your loans, which is serious business. Make sure you read EVERYTHING as you go. If you do not understand something, DO NOT continue, STOP and contact borrower services at 1-800-557-7392

Other federal loan servicers:

Aspire: www.aspireresourcesinc.com 1-855-475-3335 Cornerstone Education Loan Services: www.mycornerstoneloan.org 1-800-662-1662 Direct Loan Servicing Center: www.myedaccount.com 1-800-848-0979 EdFinancial Services: www.edfinancial.com/DL 1-855-337-6884 EdManage: www.edmanage.myedloan.com 1-855-479-0490 FedLoan Servicing (PHEAA): www.myfedloan.org 1-800-699-2908 Granite State Management and Resources: www.gsmr.org 1-888-556-0022 Mohela: www.mohela.com 1-888-866-4352 Nelnet: www.nelnet.com 1-888-4876-4722 OSLA Servicing: www.osla.org 1-866-264-9762 Sallie Mae: www.salliemae.com 1-800-722-1300