{"id":182,"date":"2017-09-29T22:32:23","date_gmt":"2017-09-30T05:32:23","guid":{"rendered":"https:\/\/nau.edu\/office-of-scholarships-and-financial-aid\/?page_id=182"},"modified":"2024-09-25T08:15:41","modified_gmt":"2024-09-25T15:15:41","slug":"loan-repayment-consolidation","status":"publish","type":"page","link":"https:\/\/legacy.nau.edu\/office-scholarships-financial-aid\/loan-repayment-consolidation\/","title":{"rendered":"Loan repayment and consolidation"},"content":{"rendered":"<div class=\"nau-block nau-block-left-nav-top-bound\">\n    \t<button id=\"left-nav-toggle-btn\" onclick=\"toggleNav();\">\n\t\tON THIS PAGE \n\t\t<i id=\"chevron-icon\" class=\"fas fa-solid fa-chevron-down\"><\/i>\n\t<\/button>\n\t<div id=\"left-nav-menu-track\">\n\t\t<div id=\"left-nav-wrapper\">\n\t\t\t<div class=\"rfi-above-anchor-tags\">\n\t\t\t\t<div class=\"ri-container\">\n\t\t\t\t\t<a href=\"https:\/\/nau.edu\/admissions\/request-information\/\" id=\"request-info\" class=\"btn bg-true-blue left-nav-menu-bottom-button display-mobile\">Request info&nbsp;&nbsp;<\/a>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<div id=\"left-nav-menu\">\n\t\t\t\t<div class=\"menu-section menu-section-links\"><h6 class=\"hidden-mobile left-nav-list-header\">ON THIS PAGE<\/h6><ul class=\"left-nav-menu-list on-this-page\">\t\t\t\t\t\t\t\t<li><a href=\"https:\/\/legacy.nau.edu\/office-scholarships-financial-aid\/loan-repayment-consolidation\/#repaying\" title=\"Repaying your loans\">Repaying your loans<\/a><\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li><a href=\"https:\/\/legacy.nau.edu\/office-scholarships-financial-aid\/loan-repayment-consolidation\/#consolidating\" title=\"Consolidating your loans\">Consolidating your loans<\/a><\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li><a href=\"https:\/\/legacy.nau.edu\/office-scholarships-financial-aid\/loan-repayment-consolidation\/#get-started\" title=\"Get started\">Get started<\/a><\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li><a href=\"https:\/\/legacy.nau.edu\/office-scholarships-financial-aid\/loan-repayment-consolidation\/#exit-counseling\" title=\"Exit counseling\">Exit counseling<\/a><\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li><a href=\"https:\/\/legacy.nau.edu\/office-scholarships-financial-aid\/loan-repayment-consolidation\/#forgiveness\" title=\"Forgiveness programs\">Forgiveness programs<\/a><\/li>\n\t\t\t\t\t\t\t<\/ul><div class=\"ri-container\"><a href=\"https:\/\/nau.edu\/admissions\/request-information\/\" id=\"request-info\" class=\"btn bg-true-blue left-nav-menu-bottom-button display-mobile\">Request info&nbsp;&nbsp;<\/a><\/div><\/div>\t\t\t\t\t\t\t\t<div class=\"menu-section backcolor\">\n\t\t\t\t\t<div class=\"header\">\n\t\t\t\t\t\tHOW CAN WE HELP?\t\t\t\t\t<\/div>\n\t\t\t\t\t<ul class=\"responsive-icons\">\n\t\t\t\t\t\t\t\t\t\t\t\t<li>\n\t\t\t\t\t\t\t<button class=\"link-button\" onclick=\"embedLouieChatbot();\">\n\t\t\t\t\t\t\t\t<img style=\"width: 20px;\" src=\"https:\/\/legacy.nau.edu\/wp-content\/themes\/nau-marketing-2021\/img\/icon-chat.svg\" alt=\"Live chat:\">\n\t\t\t\t\t\t\t\tChat\t\t\t\t\t\t\t<\/button>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li><a href=\"tel:928-523-4951\"><img src=\"https:\/\/legacy.nau.edu\/wp-content\/themes\/nau-marketing-2021\/img\/icon-phone.svg\" alt=\"Telephone:\"> 928-523-4951<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<li><a href=\"mailto:financial.aid@nau.edu\"><img src=\"https:\/\/legacy.nau.edu\/wp-content\/themes\/nau-marketing-2021\/img\/icon-email.svg\" alt=\"Email:\"><span class=\"left-nav-email\"> financial.aid&#8203;@nau.edu <\/span><\/a><\/li>\n\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n\n<section class=\"nau-block left-nav-section\"><header class=\"entry-header\"><div class=\"breadcrumb\"><ol class=\"breadcrumbs\"><li class=\"current\">Pages<\/li><\/ol><\/div><h1 class=\"entry-title text-left \">Loan repayment and consolidation<\/h1><hr class=\"h1-hr  text-left \" role=\"none\"><\/header><!-- .entry-header --><\/section><!-- <section class=\"nau-block left-nav-section grid-md-12\">\n    <header class=\"entry-header\">\n        <h1 class=\"entry-title text-left \" tabindex=\"0\" id=\"h1-first\">Dummy H1<\/h1>\n        <hr class=\"h1-hr  text-left \" role=\"none\">\n    <\/header>\n<\/section> -->\n\n<section class=\"nau-block left-nav-section grid-md-12\">\n        <div class=\"page-content\">\n        \n\n<h2 id=\"repaying\">Repaying your loans<\/h2>\n\n\n\n<p>After you graduate, leave school, or drop below half-time enrollment, you are entitled to a grace period before your first payment is due. The grace period is six months for direct subsidized and unsubsidized loans. During this time, you are not required to make payments. Repayment begins the day after your grace period ends.<\/p>\n\n\n\n<p>If you don&#8217;t know who your loan servicer is, visit <a href=\"https:\/\/studentaid.gov\/\">Federal Student Aid<\/a>. You can log in and see your loan amounts, lenders, and repayment status for all of your federal loans. Your FSA ID and password are required to access this information.<\/p>\n\n\n\n<p>There are several <a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\">Repayment Plans<\/a> available. If you don&#8217;t choose a plan, you&#8217;ll be placed on the Standard Repayment plan. This plan will have your loans paid off in ten years. You can request to be put on a new repayment plan at any time; just contact your servicer.<\/p>\n\n\n\n<p>If you can&#8217;t make payments on your student loans, you might qualify for a <a href=\"https:\/\/studentaid.gov\/manage-loans\/lower-payments\/get-temporary-relief\/forbearance\">deferment or forbearance<\/a> that allows you to temporarily postpone or reduce your payments.<\/p>\n\n\n\n<p>Use the <a href=\"https:\/\/studentaid.gov\/loan-simulator\/\" target=\"_blank\" rel=\"noreferrer noopener\">Loan Simulator<\/a> to get a feel for what your payments might look like and how to best approach them.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Student Loan Repayment Options\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/Nqs0CvY-PmI?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 id=\"consolidating\">Consolidating your loans<\/h2>\n\n\n\n<p>Loan consolidation enables a borrower with multiple federal student loans from different lenders to obtain one loan, with one interest rate and one repayment schedule. Visit Federal Student Aid to <a href=\"https:\/\/studentaid.gov\/app\/launchConsolidation.action\">see what types of loans can be consolidated<\/a>.<\/p>\n\n\n\n<p>Loan consolidation is not for everyone. Consolidation loans are intended for those who need greater simplicity in repaying their student loans. Most borrowers do not consolidate their loans until their grace period ends. This allows for the full benefit of their grace period.<\/p>\n\n\n\n<section  \n    class=\"nau-block nau-block-panels   \" \n    data-layout_mobile=\"groupLayout-Tabs gutter_Default panelLayoutPhotoTextVertical  photoAspect-1-1\"\n        data-layout_tablet=\"groupLayout-Tabs gutter_Default panelLayoutPhotoTextVertical  photoAspect-1-1\"\n        data-layout_desktop=\"groupLayout-Tabs gutter_Default panelLayoutPhotoTextVertical  photoAspect-1-1\"\n        data-layout_xl=\"groupLayout-Tabs gutter_Default panelLayoutPhotoTextVertical  photoAspect-1-1\">\n\n    <div class=\"background-wrapper\">\n        <div class=\"block-main-content\">\n            \n            \n                            <div class=\"tab-nav\" role=\"tablist\" aria-label=\"Tabs for  articles\">\n                                                \n                        <button data-panel=\"panel--0\"\n                            role=\"tab\"\n                            aria-controls=\"panel--0\"\n                            class=\"active bg-green bg-none\"\n                            tabindex=\"0\">Advantages of loan consolidation<\/button>\n                                                \n                        <button data-panel=\"panel--1\"\n                            role=\"tab\"\n                            aria-controls=\"panel--1\"\n                            class=\"after-active bg-sunset bg-none\"\n                            tabindex=\"-1\">Disadvantages of loan consolidation<\/button>\n                                    <\/div>\n            \n            \n            \n            <div class=\"panel-wrapper\">\n                \n                                \n                        <div class=\"panel bg-green  panelTypeText  noHover \"\n                            data-role=\"tabpanel\"\n                            data-panel=\"panel--0\"\n                            id=\"panel--0\">\n\n                            \n                                                                    <div class=\"content\">\n                                            <div class=\"text-wrapper\">\n                                                                                                <h3 class=\"h3-tab-index\">Advantages of loan consolidation<\/h3>\n                                                \n                                                                                                    <div class=\"text\">\n                                                        <ul>\n<li>Extended repayment period up to 30 years<\/li>\n<li>Convenient single monthly payment<\/li>\n<li>May result in a lower monthly payment amount<\/li>\n<li>May help protect your credit rating<\/li>\n<\/ul>\n                                                    <\/div>\n                                                \n                                                                                            <\/div>\n                                        <\/div>\n\n                                    \n                                \n                                                        <\/div>\n                    \n                        <div class=\"panel bg-sunset  panelTypeText  noHover \"\n                            data-role=\"tabpanel\"\n                            data-panel=\"panel--1\"\n                            id=\"panel--1\">\n\n                            \n                                                                    <div class=\"content\">\n                                            <div class=\"text-wrapper\">\n                                                                                                <h3 class=\"h3-tab-index\">Disadvantages of loan consolidation<\/h3>\n                                                \n                                                                                                    <div class=\"text\">\n                                                        <ul>\n<li>Extended repayment period adds to total interest expense<\/li>\n<li>Interest rate may be higher than the rates of original loans<\/li>\n<li>Federal Perkins Loan borrowers may lose eligibility to have their loan canceled* or forgiven<br \/>\n*Refer to your original promissory note for more information on your cancellation benefits<\/li>\n<\/ul>\n                                                    <\/div>\n                                                \n                                                                                            <\/div>\n                                        <\/div>\n\n                                    \n                                \n                                                        <\/div>\n                                                <\/div>\n\n                    <\/div>\n    <\/div>\n<\/section>\n\n\n<section  \n    class=\"nau-block nau-block-panels   \" \n    data-layout_mobile=\"groupLayout-Stack gutter_Default panelLayoutPhotoTextVertical  photoAspect-1-1\"\n        data-layout_tablet=\"groupLayout-Grid gutter_Default panelLayoutPhotoTextVertical  photoAspect-1-1\"\n        data-layout_desktop=\"groupLayout-Grid gutter_Default panelLayoutPhotoTextVertical  photoAspect-1-1\"\n        data-layout_xl=\"groupLayout-Grid gutter_Default panelLayoutPhotoTextVertical  photoAspect-1-1\">\n\n    <div class=\"background-wrapper\">\n        <div class=\"block-main-content\">\n            \n            \n            \n            \n            \n            <div class=\"panel-wrapper\">\n                \n                                \n                        <div class=\"panel bg-true-blue  panelTypeText  noHover  hasLink panelLinkTypeArrow\"\n                            data-role=\"tabpanel\"\n                            data-panel=\"panel--0\"\n                            id=\"panel--0\">\n\n                                                            <a href=\"https:\/\/studentaid.gov\/understand-aid\/types\/loans\"\n                                    target=\"_blank\"\n                                    alt=\"Learn more\">\n                            \n                                                                    <div class=\"content\">\n                                            <div class=\"text-wrapper\">\n                                                                                                <h3 class=\"\">Who is eligible?<\/h3>\n                                                \n                                                                                                    <div class=\"text\">\n                                                        <ul>\n<li>You must have at least one\u00a0Direct Loan or FFEL Program loan that is in a grace period or in repayment.<\/li>\n<li>If in default, you must have satisfactory arrangements to repay the defaulted loan.<\/li>\n<li>You must not have another consolidation loan application pending.<\/li>\n<\/ul>\n                                                    <\/div>\n                                                \n                                                                                                                                                        <span role=\"none\" class=\"panel-link panelLinkTypeArrow\"><\/span>\n                                                                                            <\/div>\n                                        <\/div>\n\n                                    \n                                                                    <\/a>\n                                \n                                                        <\/div>\n                    \n                        <div class=\"panel bg-twilight  panelTypeText  noHover  hasLink panelLinkTypeArrow\"\n                            data-role=\"tabpanel\"\n                            data-panel=\"panel--1\"\n                            id=\"panel--1\">\n\n                                                            <a href=\"https:\/\/legacy.nau.edu\/office-scholarships-financial-aid\/types-aid\/student-loans\/private-loans\/\"\n                                    target=\"\"\n                                    alt=\"Learn more about private donor scholarships\">\n                            \n                                                                    <div class=\"content\">\n                                            <div class=\"text-wrapper\">\n                                                                                                <h3 class=\"\">Private loans<\/h3>\n                                                \n                                                                                                    <div class=\"text\">\n                                                        <p>If you have multiple private student loans, consolidating those loans might be an option. Contact your private student loan lender for more information.<\/p>\n<p>Learn more about private loans for NAU students.<\/p>\n                                                    <\/div>\n                                                \n                                                                                                                                                        <span role=\"none\" class=\"panel-link panelLinkTypeArrow\"><\/span>\n                                                                                            <\/div>\n                                        <\/div>\n\n                                    \n                                                                    <\/a>\n                                \n                                                        <\/div>\n                                                <\/div>\n\n                    <\/div>\n    <\/div>\n<\/section>\n\n\n<h2 id=\"get-started\">Get started on repayment or consolidation<\/h2>\n\n\n\n<ol><li>Log in to&nbsp;<a href=\"https:\/\/studentaid.gov\/\">Federal Student Aid<\/a>&nbsp;account to identify your loan servicer(s).<\/li><li>Contact your loan servicer: understand your options.<\/li><li>Visit the Federal Student Aid site&#8217;s <a rel=\"noreferrer noopener\" href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\" data-type=\"URL\" data-id=\"https:\/\/studentaid.gov\/manage-loans\/repayment\" target=\"_blank\">Student Loan Repayment<\/a> page for info on income-driven repayment or loan consolidation applications.<\/li><\/ol>\n\n\n\n<h2 id=\"exit-counseling\">Exit counseling<\/h2>\n\n\n\n<p>Exit counseling provides important information to prepare you to repay your federal student loan(s).<\/p>\n\n\n\n<p>If you have received a subsidized, unsubsidized, or graduate PLUS loan under the Direct Loan Program, you have a responsibility to complete exit counseling each time you:<\/p>\n\n\n\n<ul><li>drop below half-time enrollment<\/li><li>graduate<\/li><li>withdraw from the university<\/li><\/ul>\n\n\n\n<p>To complete this process with&nbsp;<a href=\"https:\/\/studentaid.gov\/exit-counseling\/\">Federal Student Aid<\/a>, you will need the following:<\/p>\n\n\n\n<ul><li>your social security number<\/li><li>your driver\u2019s license number, if applicable<\/li><li>the name, address, and telephone number of your nearest relative not living with you<\/li><li>the names, addresses, telephone numbers, and employers of two references who reside at different addresses from each other and do not live with you<\/li><li>the name, address, and telephone number of your expected employer (if known)<\/li><\/ul>\n\n\n\n<p>If you prefer to print the exit counseling materials, you may download a&nbsp;<a href=\"https:\/\/studentaid.gov\/sites\/default\/files\/exit-counseling.pdf\">printable version<\/a>&nbsp;and mail the required information to your loan servicer.<\/p>\n\n\n\n<h2 id=\"forgiveness\">Forgiveness programs<\/h2>\n\n\n\n<section  \n    class=\"nau-block nau-block-panels   \" \n    data-layout_mobile=\"groupLayout-Tabs gutter_Default panelLayoutPhotoTextVertical  photoAspect-1-1\"\n        data-layout_tablet=\"groupLayout-Tabs gutter_Default panelLayoutPhotoTextVertical  photoAspect-1-1\"\n        data-layout_desktop=\"groupLayout-Tabs gutter_Default panelLayoutPhotoTextVertical  photoAspect-1-1\"\n        data-layout_xl=\"groupLayout-Tabs gutter_Default panelLayoutPhotoTextVertical  photoAspect-1-1\">\n\n    <div class=\"background-wrapper\">\n        <div class=\"block-main-content\">\n            \n            \n                            <div class=\"tab-nav\" role=\"tablist\" aria-label=\"Tabs for  articles\">\n                                                \n                        <button data-panel=\"panel--0\"\n                            role=\"tab\"\n                            aria-controls=\"panel--0\"\n                            class=\"active bg-true-blue bg-none\"\n                            tabindex=\"0\">Public Service Loan Forgiveness Program<\/button>\n                                                \n                        <button data-panel=\"panel--1\"\n                            role=\"tab\"\n                            aria-controls=\"panel--1\"\n                            class=\"after-active bg-green bg-none\"\n                            tabindex=\"-1\">Teacher Loan Forgiveness Program<\/button>\n                                    <\/div>\n            \n            \n            \n            <div class=\"panel-wrapper\">\n                \n                                \n                        <div class=\"panel bg-true-blue  panelTypeText  noHover  hasLink panelLinkTypeArrow\"\n                            data-role=\"tabpanel\"\n                            data-panel=\"panel--0\"\n                            id=\"panel--0\">\n\n                                                            <a href=\"https:\/\/studentaid.gov\/manage-loans\/forgiveness-cancellation\/public-service\"\n                                    target=\"_blank\"\n                                    alt=\"Learn more\">\n                            \n                                                                    <div class=\"content\">\n                                            <div class=\"text-wrapper\">\n                                                                                                <h3 class=\"\">Public Service Loan Forgiveness Program<\/h3>\n                                                \n                                                                                                    <div class=\"text\">\n                                                        <p>If you\u2019re currently employed by or planning to pursue a career with a public service organization, you might qualify for the\u00a0Public Service Loan Forgiveness Program.<\/p>\n<p>If you have questions, contact a Public Loan Forgiveness specialist to learn more.<\/p>\n                                                    <\/div>\n                                                \n                                                                                                                                                        <span role=\"none\" class=\"panel-link panelLinkTypeArrow\"><\/span>\n                                                                                            <\/div>\n                                        <\/div>\n\n                                    \n                                                                    <\/a>\n                                \n                                                        <\/div>\n                    \n                        <div class=\"panel bg-green  panelTypeText  noHover  hasLink panelLinkTypeArrow\"\n                            data-role=\"tabpanel\"\n                            data-panel=\"panel--1\"\n                            id=\"panel--1\">\n\n                                                            <a href=\"https:\/\/studentaid.gov\/manage-loans\/forgiveness-cancellation\"\n                                    target=\"_blank\"\n                                    alt=\"Learn more\">\n                            \n                                                                    <div class=\"content\">\n                                            <div class=\"text-wrapper\">\n                                                                                                <h3 class=\"\">Teacher Loan Forgiveness Program<\/h3>\n                                                \n                                                                                                    <div class=\"text\">\n                                                        <p>If you teach full time for five complete and consecutive academic years in certain schools or educational service agencies, you might be eligible for the Teacher Loan Forgiveness Program.<\/p>\n                                                    <\/div>\n                                                \n                                                                                                                                                        <span role=\"none\" class=\"panel-link panelLinkTypeArrow\"><\/span>\n                                                                                            <\/div>\n                                        <\/div>\n\n                                    \n                                                                    <\/a>\n                                \n                                                        <\/div>\n                                                <\/div>\n\n                    <\/div>\n    <\/div>\n<\/section>\n\n    <\/div>\n<\/section>\n\n<div class=\"nau-block nau-block-left-nav-bottom-bound\">\n\n<\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":3,"featured_media":9084,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"ring_central_script_selection":""},"acf":[],"_links":{"self":[{"href":"https:\/\/legacy.nau.edu\/office-scholarships-financial-aid\/wp-json\/wp\/v2\/pages\/182"}],"collection":[{"href":"https:\/\/legacy.nau.edu\/office-scholarships-financial-aid\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/legacy.nau.edu\/office-scholarships-financial-aid\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/legacy.nau.edu\/office-scholarships-financial-aid\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/legacy.nau.edu\/office-scholarships-financial-aid\/wp-json\/wp\/v2\/comments?post=182"}],"version-history":[{"count":101,"href":"https:\/\/legacy.nau.edu\/office-scholarships-financial-aid\/wp-json\/wp\/v2\/pages\/182\/revisions"}],"predecessor-version":[{"id":13491,"href":"https:\/\/legacy.nau.edu\/office-scholarships-financial-aid\/wp-json\/wp\/v2\/pages\/182\/revisions\/13491"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/legacy.nau.edu\/office-scholarships-financial-aid\/wp-json\/wp\/v2\/media\/9084"}],"wp:attachment":[{"href":"https:\/\/legacy.nau.edu\/office-scholarships-financial-aid\/wp-json\/wp\/v2\/media?parent=182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}