{"id":5967,"date":"2013-04-09T17:56:23","date_gmt":"2013-04-09T21:56:23","guid":{"rendered":"https:\/\/www.bumc.bu.edu\/osfs\/?page_id=5967"},"modified":"2023-11-14T15:32:42","modified_gmt":"2023-11-14T20:32:42","slug":"loanrepaystrategies","status":"publish","type":"page","link":"https:\/\/www.bumc.bu.edu\/osfs\/resources\/loanrepaystrategies\/","title":{"rendered":"Student Loan Repayment"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/DDlBmaueFRQ\" title=\"How to Prepare for Successful Student Loan Repayment\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>As the COVID-era federal student loan repayment pause ends, the news about loan forgiveness and payments resuming has been complex and confusing. Check out the information below to be sure you understand your repayment obligations and options.<\/p>\n<div class=\"bu_collapsible_container \" aria-live=\"polite\" data-customize-animation=\"false\"><h4 class=\"bu_collapsible\" aria-expanded=\"false\"tabindex=\"0\" role=\"button\">Tips and Tricks for Preparing to Resume Payment<\/h4><div class=\"bu_collapsible_section\" style=\"display: none;\"><\/p>\n<p><img loading=\"lazy\" src=\"\/osfs\/files\/2023\/11\/Tips_for_Repayment_Infographic.jpg\" alt=\"\" width=\"1700\" height=\"2200\" class=\"aligncenter size-full wp-image-14481\" srcset=\"https:\/\/www.bumc.bu.edu\/osfs\/files\/2023\/11\/Tips_for_Repayment_Infographic.jpg 1700w, https:\/\/www.bumc.bu.edu\/osfs\/files\/2023\/11\/Tips_for_Repayment_Infographic-232x300.jpg 232w, https:\/\/www.bumc.bu.edu\/osfs\/files\/2023\/11\/Tips_for_Repayment_Infographic-791x1024.jpg 791w, https:\/\/www.bumc.bu.edu\/osfs\/files\/2023\/11\/Tips_for_Repayment_Infographic-768x994.jpg 768w, https:\/\/www.bumc.bu.edu\/osfs\/files\/2023\/11\/Tips_for_Repayment_Infographic-1187x1536.jpg 1187w, https:\/\/www.bumc.bu.edu\/osfs\/files\/2023\/11\/Tips_for_Repayment_Infographic-1583x2048.jpg 1583w\" sizes=\"(max-width: 1700px) 100vw, 1700px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><\/div>\n<\/div>\n\n<div class=\"bu_collapsible_container \" aria-live=\"polite\" data-customize-animation=\"false\"><h4 class=\"bu_collapsible\" aria-expanded=\"false\"tabindex=\"0\" role=\"button\">Frequently Asked Questions<\/h4><div class=\"bu_collapsible_section\" style=\"display: none;\"><\/p>\n<p><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/DEwxHMtY7Ak\" title=\"How to Pick the Right Repayment Plan\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><strong><a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\">Federal Student Aid<\/a> offers resources for borrowers as federal student loan repayment begins:<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\/prepare-payments-restart#questions\">What can I do to prepare for payments to begin?<\/a><\/li>\n<li><a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\/repaying-first-time\">I am entering repayment for the first time. What do I need to know?<\/a><\/li>\n<li><a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\/servicers\">Where do I make payments on my student loan\/Who is my loan servicer?<\/a><\/li>\n<li><a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\/plans\/income-driven\">How do I apply for the new SAVE repayment plan?\u00a0<\/a><\/li>\n<li><a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\/plans\">How can I lower my student loan payments?<\/a><\/li>\n<\/ul>\n<p><\/div>\n<\/div>\n\n<div class=\"bu_collapsible_container \" aria-live=\"polite\" data-customize-animation=\"false\"><h4 class=\"bu_collapsible\" aria-expanded=\"false\"tabindex=\"0\" role=\"button\">Non-Federal Student Loan Repayment<\/h4><div class=\"bu_collapsible_section\" style=\"display: none;\"><\/p>\n<h5>BU-Funded Loans<\/h5>\n<ul>\n<li>Borrowers in repayment on any BU-funded loan remit payment through Heartland ECSI. Borrowers with concerns about paying should contact <a href=\"https:\/\/www.bu.edu\/studentloanaccounting\/student-loan-resources\/frequently-asked-questions\/#payment\">Student Loan Accounting<\/a> for options.<\/li>\n<\/ul>\n<h5>Private or Other Loans<\/h5>\n<ul>\n<li>Borrowers should contact their loan holder for questions about repayment or payment remediation.<\/li>\n<\/ul>\n<p><\/div>\n<\/div>\n\n<div class=\"bu_collapsible_container \" aria-live=\"polite\" data-customize-animation=\"false\"><h4 class=\"bu_collapsible\" aria-expanded=\"false\"tabindex=\"0\" role=\"button\">Other Repayment Tips<\/h4><div class=\"bu_collapsible_section\" style=\"display: none;\"><\/p>\n<p><strong>Remember that waiting will cost you<\/strong><\/p>\n<p>Don&#8217;t be fooled by the six month grace period you get before you have to start making payments. While you are not required to make payments during the grace period most loans will still be accruing interest.<\/p>\n<p><strong>Refinance and consolidate<\/strong><\/p>\n<p>Investigate consolidating your loans and refinancing them. You might be able to get a lower rate or longer term \u2014 either of which could result in lower monthly payments.<\/p>\n<p>Also, refinancing generally makes you ineligible for income-driven repayment plans and public service loan forgiveness programs.<\/p>\n<p><strong>Accelerate your payoff<\/strong><\/p>\n<p>Once you&#8217;ve organized, reduced, refinanced, and consolidated \u2014 start paying your loans off. You can speed things up by dedicating a small amount \u2014 $10 a month is fine, to start \u2014 as an additional payment. Be sure to inform your servicer that this is to be applied to the loan&#8217;s principal \u2014 not to your next payment.<\/p>\n<p>When money is tight, you can nix the additional payment. But otherwise, try to stick with it.<\/p>\n<p><\/div>\n<\/div>\n\n<p><strong>Additional Resources<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/www.moneygeek.com\/financial-planning\/paying-for-college\/pay-down-student-loan-debt\/\">MoneyGeek&#8217;s Ultimate Guide to Paying Down Student Loan Debt<\/a><\/li>\n<li><a href=\"https:\/\/www.moneygeek.com\/financial-planning\/paying-for-college\/student-loan-forgiveness-cancellation\/\" target=\"_blank\" rel=\"noopener noreferrer\">MoneyGeek&#8217;s Guide to Student Loan Forgiveness, Cancellation, Discharge and Repayment Plans<\/a><\/li>\n<li>Use the\u00a0Consumer Financial Protection Bureau\u2019s<span>\u00a0<\/span><a href=\"http:\/\/www.consumerfinance.gov\/students\/repay\/\" target=\"_blank\" rel=\"noopener noreferrer\">Student Debt Repayment Assistant<\/a><span>\u00a0<\/span>to guide you through your federal, state and private loan repayment options.<\/li>\n<li>Use<span>\u00a0<\/span><a href=\"http:\/\/freestudentloanadvice.org\/\">TISLA<\/a><span>\u00a0<\/span>(The Institute of Student Loan Advisors) for free expert student loan repayment advice and dispute resolution.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>As the COVID-era federal student loan repayment pause ends, the news about loan forgiveness and payments resuming has been complex and confusing. Check out the information below to be sure you understand your repayment obligations and options. Additional Resources MoneyGeek&#8217;s Ultimate Guide to Paying Down Student Loan Debt MoneyGeek&#8217;s Guide to Student Loan Forgiveness, Cancellation, [&hellip;]<\/p>\n","protected":false},"author":1008,"featured_media":0,"parent":7948,"menu_order":4,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/www.bumc.bu.edu\/osfs\/wp-json\/wp\/v2\/pages\/5967"}],"collection":[{"href":"https:\/\/www.bumc.bu.edu\/osfs\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.bumc.bu.edu\/osfs\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.bumc.bu.edu\/osfs\/wp-json\/wp\/v2\/users\/1008"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bumc.bu.edu\/osfs\/wp-json\/wp\/v2\/comments?post=5967"}],"version-history":[{"count":51,"href":"https:\/\/www.bumc.bu.edu\/osfs\/wp-json\/wp\/v2\/pages\/5967\/revisions"}],"predecessor-version":[{"id":14482,"href":"https:\/\/www.bumc.bu.edu\/osfs\/wp-json\/wp\/v2\/pages\/5967\/revisions\/14482"}],"up":[{"embeddable":true,"href":"https:\/\/www.bumc.bu.edu\/osfs\/wp-json\/wp\/v2\/pages\/7948"}],"wp:attachment":[{"href":"https:\/\/www.bumc.bu.edu\/osfs\/wp-json\/wp\/v2\/media?parent=5967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}