Tagged: graduating

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.

What is truly important…in the New Year?

At this time of the year, we all look back at the past year, what happened, what did not happen, what we will change in the upcoming year and everyone thinks about going on a diet! But what is truly important?

2014Good question, huh? What is important to one may not be so important to another, right? But what if that “important” was bothering you and you are unable or afraid to talk about it or bring it to someone’s attention?

Some problems or issues can be as small as a grain of sand but depending on the problem or issue that is bothering you, it can feel like the size of Mount Rushmore. Am I right? And what if the issue/problem/stress is just too much to handle? What do you do? There is always a huge relief to talk things out, get feedback/advice/suggestions. When you talk out loud and actually hear what you are talking about, it may help. You may find you feel better and possibly at the same time, find that it can be worked out.

January starts off a new year…let’s try and find things that make us happy, ease the stress, talk things out and to those who can help, etc. Let’s start off the new year on an upbeat note which can only bring positive vibes for the upcoming year!

Spring term 2014, the financial literacy sessions resume (four in total). Two significant sessions that should not be missed are about Yale Law’s Loan Repayment Assistance Program – COAP…Session I – Coping through COAP, Monday, March 24th (giving you the basics on the process) and Session II – COAP in Action, Wednesday, March 26th (giving you a more detailed narrative on how it works for you and your household). For those of you who are 3Ls…be sure NOT to miss either one! As always, great food will be served!

Spring is also the time 1Ls and 2Ls are getting ready to finish out the term and looking forward to summer. Possibly thinking of using summer funding (SPIF) for the public interest, non-profit positions…2Ls may repeat SPIF or may want to venture into a firm position and 3Ls are getting excited because spring term 2014 is all that is left before graduation! Believe it? Three years here at Yale Law are coming to an end. The next chapter of your lives will soon begin.

For 3Ls, it would be in your best interest to make an appointment to meet with the Director of the Financial Aid Office, Jill Stone, who will review your loan debt, the repayment process, repayment plans (which is best for you), know what to expect after graduation, COAP, etc., which can all be tricky especially if you are new to the repayment process. Jill has posted a new blog for our 3Ls in regard to all that I just mentioned. Please review; make an appointment and be sure to bring all of your questions!

The Financial Aid Office is always here to help. Please call or visit us at anytime…our door is always open. We are located straight across the courtyard, up the stairs, pass the childcare center…once through the door…you will find us straight ahead! Visitors are welcome at all times!

Happy New Year…we are looking forward to seeing you soon!

Kellie signing out…