Bethany College recommends student loan borrowers take precaution when discussing their student loans. While students may be eligible for loan forgiveness, they will want to speak with the appropriate company to determine their eligibility. Bethany College does not endorse the services of private advocacy companies.
Amy Hoss, Director of Financial Aid, offers four tips to understanding your student loans:
- Know the type and amount of loans you borrowed. – This information can be found online at nslds.ed.gov. Loans include Perkins Loan, Direct Subsidized Loan, Direct Unsubsidized Loan, FFEL Stafford Loan, and Alternative Education Loan. (Please note this is not an exhaustive list.)
- Know who is your loan servicer. – This can also found at www.nslds.ed.gov. The four prominent loan servicers are: FedLoan Servicing (PHEAA) – myfedloans.org, 800-699-2908; Great Lakes Educational Loan Services, Inc. – mygreatlakes.org, 800–236-4300; Navient – navient.com, 800-722-1300; Nelnet – Nelnet.com, 888-486-4722.
- Know the options available if you are struggling with monthly payments. – 1)Deferment and forbearance – short term options to temporarily postpone payments; 2)Repayment Plan – entering repayment students will be ‘assigned’ to the standard 10 year repayment. There are other repayment plans students may select: Graduated Repayment Plan, Extended Replayment Plan, Income-based Repayment Plan. Each option will have its own benefit and drawback.
- Know if you are eligible for Loan Forgiveness, Cancellation, or Discharge if you meet specific criteria. – Qualify events include total and permanent disability, service in the U.S. armed forces, employment in a public service field, employment as a teacher (please note this is not an exhaustive list). In some cases, students who select an Income-Based Repayment Plan may have a portion of their student loans forgiven.
Typically, students borrow loans which are administered by the U.S. Department of Education; alternative education loans are the exception. As such, your loan servicer has been vetted by and works on behalf of the U.S. Department of Education. It is their responsibility to help you understand your student loans and the various options available to you. Detailed information about the tips listed above can be found at studentaid.ed.gov.
From the studentaid.gov website: “Federal Student Aid, a part of the U.S. Department of Education, is the largest provider of student financial aid in the nation. We are proud to sponsor millions of American minds pursuing their educational dreams.”
Bethany College is proud of their students and alumni! Bethany’s Financial Aid Office would be happy to assist you with questions you might have about your student loans, (785) 227-3380, ext. 8248; please note, in some instances, we will direct you to your loan servicer.