{"id":306,"date":"2013-12-11T20:02:36","date_gmt":"2013-12-11T20:02:36","guid":{"rendered":"https:\/\/blogs.wp.missouristate.edu\/finaid\/?p=306"},"modified":"2013-12-11T20:02:36","modified_gmt":"2013-12-11T20:02:36","slug":"repayment-3","status":"publish","type":"post","link":"https:\/\/blogs.wp.missouristate.edu\/finaid\/2013\/12\/11\/repayment-3\/","title":{"rendered":"Repayment"},"content":{"rendered":"

The Path to Repayment<\/h2>\n

As you leave school, understanding how your student loans will impact your finances can help you successfully manage your loans.<\/p>\n

This timeline teaches you about what happens during your grace period and the steps to take along the path to repayment.<\/p>\n

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Start the repayment path<\/strong><\/em><\/div>\n<\/div>\n<\/div>\n

7 Months<\/p>\n

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Great Lakes is your federal student loan servicer. That means we’ll be your advisor as you repay your loans. The idea of making loan payments might be a little overwhelming, but you have time to get ready. Federal student loans come with a six month grace period<\/strong>. It’s a window of time after you leave school when you aren’t yet required to make payments. Now is a good time to start thinking ahead a few months to prepare for that first payment.<\/p>\n

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  1. Still in school or returning soon? If so, please update your enrollment status<\/a> to let us know.<\/li>\n
  2. Make sure we have your active email address. As you move on, you may be done using your school email address. Sign up for account access<\/a> and update your contact information.<\/li>\n
  3. Save money by paying interest<\/a>.<\/li>\n<\/ol>\n<\/div>\n<\/div>\n
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    Estimate your payment<\/strong><\/em><\/div>\n<\/div>\n<\/div>\n
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    4 Months<\/div>\n

    Your grace period is about half over. It’s a good time to estimate your monthly payment amount and review all of your repayment options.<\/p>\n

      \n
    1. Making on-time payments builds good credit, which can be a factor when applying for a job, securing housing, or buying a car.<\/li>\n
    2. Log in<\/a> and select Repayment Plans<\/em> from the Quick Links<\/em> for level and graduated plan estimates. Other repayment plans<\/a> are also available\u2014some based on how much you’re able to pay.<\/li>\n
    3. Plan ahead for trouble. Special repayment options<\/a> may let you postpone payments.<\/li>\n<\/ol>\n<\/div>\n<\/div>\n
      \n
      \n
      Select a repayment option<\/em><\/strong><\/div>\n<\/div>\n
      \n
      2 Months<\/div>\n

      It’s time to decide how you want to pay back your student loans. You determine whether you begin making full payments or pursue an income-based plan that could possibly lower your payments to $0.<\/p>\n

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      1. Log in<\/a> and select Repayment Plans<\/em> from the Quick Links<\/em> for level and graduated plan estimates. Or view income-based options<\/a>.<\/li>\n
      2. Unless you select an option, we’ll set you up with the level repayment plan. It consists of monthly payments that stay the same over a maximum of 10 years.<\/li>\n
      3. If you’re unable to start repaying your loan, take action now! Don’t wait. Select Postpone or Lower Payments to explore postponing your payments with deferment or forbearance.<\/li>\n<\/ol>\n<\/div>\n<\/div>\n
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        Review your payment schedule<\/em><\/strong><\/div>\n<\/div>\n
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        30 Days<\/div>\n

        Your six month grace period has ended and you’re about a month away from your first payment due date. You’ll soon get a payment schedule<\/strong> from us that details your repayment terms. If your grace period flew by and you didn’t select a different repayment option, we set you up with the level repayment plan. It consists of monthly payments that stay the same over a maximum of 10 years.<\/p>\n

        This is a good time to make sure we have your current contact information and to sign up for automatic monthly payments.<\/p>\n

          \n
        1. Make sure we have your active email address. As you move on, you may be done using your school email address. Log in<\/a> and select Edit Your Profile<\/em> to update your contact information.<\/li>\n
        2. Ensure your payments are always on time by enrolling in Auto Pay to have your monthly payments automatically withdrawn from your checking or savings account. Your lender might also offer an incentive for making automatic payments. Select Auto Pay<\/em> from the Payments<\/em> menu.<\/li>\n<\/ol>\n<\/div>\n<\/div>\n
          \n
          \n
          Payment reminder<\/em><\/strong><\/div>\n<\/div>\n
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          14 Days<\/div>\n

          You’ll be making your first scheduled payment in a couple weeks. If we have your current email address, we’ll send you monthly payment reminders, including the payment amount and due date. Otherwise, we’ll mail you a payment reminder letter each month.<\/p>\n

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          1. Make sure we have your active email address. Log in<\/a> and select Edit Your Profile<\/em> to update your contact information.<\/li>\n
          2. Visit the Knowledge Center<\/a> to explore additional helpful materials.<\/li>\n<\/ol>\n<\/div>\n<\/div>\n
            \n
            \n
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            First Payment Due<\/em><\/strong><\/div>\n<\/div>\n<\/div>\n
            \n
            0 Days<\/div>\n

            Your first scheduled student loan payment is due, but the path doesn’t end here. Successfully repaying your student loans helps you build a solid financial future and Great Lakes will be here to help you every step of the way.<\/p>\n

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            1. Log in<\/a> and select Payments<\/em> to review your payment options.<\/li>\n
            2. Learn solid money management skills with Financial IQ\u00ae<\/sup><\/a>.<\/li>\n
            3. We realize things in life can change. If they do, you can also change your repayment option. Log in<\/a> and select Repayment Plans<\/em> from the Quick Links<\/em>.<\/li>\n
            4. Contact Us<\/a> with questions or concerns, any time.<\/li>\n<\/ol>\n<\/div>\n<\/div>\n
              <\/div>\n
              \n
              Grace Period Begins<\/p>\n
              No Longer in School<\/div>\n<\/div>\n<\/div>\n
              \n
              Grace Period Ends<\/div>\n<\/div>\n
              6 Month Grace Period<\/div>\n
              <\/div>\n<\/div>\n

              Accruing Interest<\/h3>\n

              Depending on the type of loan you have, interest can build up (accrue) while you prepare for repayment. If you’re wondering how this will affect your loan<\/p>\n

              https:\/\/www.mygreatlakes.org\/borrower\/knowledgeCenter\/guidance\/articles\/path_to_repayment.html<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

              The Path to Repayment As you leave school, understanding how your student loans will impact your finances can help you successfully manage your loans. This timeline teaches you about what happens during your grace period and the steps to take along the path to repayment. Start the repayment path 7 Months Great Lakes is your […]<\/p>\n","protected":false},"author":19,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[7],"tags":[14,26],"class_list":["post-306","post","type-post","status-publish","format-standard","category-loans-2","tag-createbudget","tag-loans","entry"],"_links":{"self":[{"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/posts\/306","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/comments?post=306"}],"version-history":[{"count":0,"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/posts\/306\/revisions"}],"wp:attachment":[{"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/media?parent=306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/categories?post=306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/tags?post=306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}