Don’t Fear Your Student Loans Are Here!!

By Staff Writer Published on May 25, 2011

Most students seem to be overwhelmed at the thought of paying their Federal Student Loans.  Many of them actually think that if they act as if they don’t exist, they will go away.

Nothing could be further from the truth!

These are government backed loans and they do expect to be paid back!  The good news is that by communicating with your loan servicer, they are willing to work with you and your financial situation.

The first thing that a student needs to do is to go to the website and register by using the Financial Aid Review button.  By doing this you will have access to the information about the loans that have been granted during your education.  Information about your servicers and contact information is also provided.

After you visit the NSLDS website and find out who your loan servicers are you should then go to your servicers website.  Here is a list of commonly used servicers and their
website address:

Once you get to your servicers website you’ll need to register.  By registering you will be able to maintain your loans.  You will see your balance, interest rate, date payment is due, make a payment, as well as payment options if you cannot pay your loan at this time.  If you cannot make payments at this time, you can apply for a deferment or forbearance

My suggestion to you as a student is to go to Direct Consolidation Loans website: .  Here you can apply on-line to have all of your Federal Student Loans combined into one loan.  Consolidation offers a number of benefits including lower monthly payments; Plus, it make keeping track of multiple loans easier.  If you are experiencing a financial hardship you can find out if you qualify for the IBR program or the ICR program.

The IBR repayment plan offers enormous potential reductions in the monthly payments for high debt/low income borrowers.  IBR limits annual educational debt payment to 15% of a borrower’s discretionary income.  Discretionary income is defined as adjusted gross income minus 150% of the poverty level for the borrower’s family size.

The ICR repayment plan is designed to make repaying education loans easier for students who intend to pursue jobs with lower salaries, such as careers in public service.  It does this by pegging the monthly payment to the borrower’s income, family size, and total amount borrowed.  The monthly payment amount is adjusted annually, based on changes in annual income and family size.

Nelnet wants to improve the odds of every student ending up with a positive financial balance sheet after graduation, along with skills to build good financial habits for life. The Money Monday’s webinar series offers students a free, easy-to-access way to learn about money from the comfort of your own computer. Simply sign up at, and then join the scheduled webinars to learn about a new topic each time.

So you see, there no reason to fear or ignore your student loans.  There are many options for every student, in every situation!

Please feel free to contact me if you need any further information about your loan servicers or repayment programs.

Author Bio:
Laura Grande
719-622-3600 ext 1244
Laura Grande works full time as a Default Manager helping students with their student loans at the Colorado Springs Campus of CollegeAmerica.  She plans to pursuing a degree in Forensic Accounting beginning September of 2011.