Checklist for Managing Your Student Loans | Student Financial Services

Find all of your loans

Federal (Direct, Grad Plus, Perkins) loans and the name of your loan servicer here: www.studentaid.gov where you can view your Aid Summary from the Dashboard – which you can open under your profile name at the top after signing in.
- The loan servicer’s website is your primary management tool.
Institutional loans such as a University Loan, Perkins, HPSL, LDS, are managed at ECSI.
Private loans, consumer debt will report information to the Credit Bureaus.

Loans will need to go through their grace period – and you will communicate your choice of repayment plan near the end of your grace period, see below.

Income-Driven repayment plans generally offer the lowest payment, and are qualifying payments for Public Service Loan Forgiveness.
A Federal consolidation can make Perkins and HHS Loans eligible for the income-driven plans and their benefits.
It is important to begin paying now, if hoping for Public Service Loan Forgiveness (PSLF). See our PSLF page with tips.
Use the Department of Education’s Loan Simulator to see what repayment for your federal loans will be like under all the available plans using current income/future expected incomes.

Residency status does not qualify for Deferment on Federal loans, however, some Institutional loans (the ones serviced by Heartland ECI) allow for Deferment during Residency.
Fellowships may qualify you for Deferment using the Fellowship Deferment Form.
Forbearance can be pursued during Residency or times of economic hardship – but interest will continue to accrue.

Not everyone needs to consolidate, and there are pros and cons for each student’s situation.
Contrary to some websites and companies that may tell you this: consolidation is not a necessary step to qualifying for forgiveness programs if all of your loans are Direct Loans.
Be aware: If you consolidate after making some payments toward your Direct Loans, the PSLF count of on-time payments is reset and begins again!
Pros: Multiple servicers and payments can be made easier, can make FFEL, Perkins, HPL and LDS eligible for Income Driven Repayment plans and PSLF. Cons: may lose benefits of some loans with longer grace and/or extended deferment options, cannot target payments later to highest interest rate first since the new consolidation loan carries one rate, the weighted average interest rate is rounded up to nearest 1/8 of 1% (may add to cost). Federal Student Loan consolidation on-line application is easy and is at studentaid.gov/loan-consolidation/

Private lenders are anxious to buy your debt because you are a good risk, and they want you as a customer for other financial products they will offer (such as home loans).
Private loans do not qualify for the federal income-driven repayment plans or Public Service Loan Forgiveness.
Terms and conditions are all set by the lender; you must read the fine print and be sure you understand they will make you an individual offer of interest rate either fixed or variable; it might not be the one on the “as low as” statement on their literature.
Federal debt is discharged in cases of death and disability; will the private debt?

Consider all of your debt, including credit cards and other consumer debt and pay higher interest rate debt most aggressively.
Be sure to save for the unexpected expenses and opportunities by building a savings account and/or a Roth IRA.
Save money by signing up for direct debit to qualify for interest rate discounts on repayment of Direct Loans.
If you are in an Income-Driven Repayment plan for your Federal loans, be sure to calendar the annual recertification date so that you don’t experience unexpected interest capitalization.
If married, be sure you understand the implications of married filing jointly vs. married filing separately on student loan payments vs. your tax liability. See: How does my tax filing status impact my monthly payment amount?