T’was 11 Months Before Loan Repayment- Holiday Greetings from Financial Aid

T’was 11 months before repayment
And all through YLS
All the 3Ls were worrying about their loan mess
All the borrowing had been done
All the MPNs signed
And the reality of debt was beginning to shine
When what to their wondering eyes should appear
But a counseling session with financial aid… to make their loans clear
On Standard, on IBR, or on Graduated too
We will discuss what repayment plan makes most sense for you
Would consolidation or refinancing help in your plight?
And does the future of Public Service Loan Forgiveness look at all bright?
With calculators and spreadsheets that will give you hope
We’ll finish off by projecting your COAP
And I hear the 3L exclaim as they leave YLS
“I have a loan repayment plan now and feel a lot less stressed”.

That rhyme (in the spirit of the holidays) was meant to reinforce that the Financial Aid Office is always willing to do individual loan counseling sessions to review your entire loan portfolio, repayment timeframe, servicer contact, repayment plan options and COAP eligibility. Why are these sessions so important (and why do we keep promoting them)? It’s simple … despite the fact that we offer group workshops on loan repayment and COAP… there is no “one size fits all” advice for loan repayment because:

  1. Everyone’s loan debt (how much and why type of loans at what interest rate) is different,
  2. Everyone’s career trajectory and income is different
  3. And as such (because of 1 and 2) … everyone’s COAP eligibility is different.

That’s why an individual session is so valuable… beause we can develop a long term financial plan which meets your own circumstances and life. And if you have significant others in your life (boyfriends/girl friends, fiancees, spouse, parents … whoever) who you want in on this loan repayment conversation, you are welcome to bring them to the session.

So, 3Ls… if you haven’t scheduled a session yet.. the proverbial loan repayment clock is ticking. Contact the financial aid office to get on our schedule for the Spring term when these sessions are in peak demand.

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