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National Student Loan Data System

National Student Loan Data System. Available 24/7 at nslds.ed.gov Tracks your loans until they are paid in full Key to tracking multiple payments to multiple parties. NSLDS won’t list your non-federal (private) loans

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National Student Loan Data System

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  1. National Student Loan Data System • Available 24/7 at nslds.ed.gov • Tracks your loans until they are paid in full • Key to tracking multiple payments to multiple parties

  2. NSLDS won’t list your non-federal (private) loans • Find a listing of all your loans on your credit report available free at annualcreditreport.com

  3. Combines all or some of your federal loans into a single Consolidation loan • May give you a smaller monthly payment • Makes it easier to make one payment each month, but does increase the total amount of interest you’ll pay over the life of the loan • Make sure you consider the trade-offs before making a decision

  4. Forgives any remaining student loan debt after 10 years for people who work in qualifying public service positions

  5. Limited to Direct Loan borrowers FFELP borrowers have to consolidate or re-consolidate into Direct Consolidation Loan to take advantage of program

  6. Cannot be in default Must be employed full-time 30 hours per week or the equivalent During the time borrower makes the qualifying payments At the time loan forgiveness is requested and granted

  7. Must make 120 monthly payments on or after October 1, 2007 Payments prior to October 1, 2007 do not qualify FFELP borrowers who consolidate into Direct Loan to qualify Only payments made on DL consolidation loan count toward qualifying payments Payments must be made within 15 days of due date Must be employed full-time in a public service position

  8. You may haveadditional expenses Residency match Traveling for interviews Moving expenses Fully research terms and conditions of residency/relocation private loans

  9. Let your lenders or servicers know if your name, address, telephone number, or email address changes

  10. It will be reported to credit bureaus • Your federal income tax refund can be intercepted and applied to your loans • A portion of your wages can be garnished and applied to your loans • You’ll be ineligible for deferments and forbearances and future financial aid • You might receive calls from collection agencies and be assessed significant collection fees • If you have a professional license from a state agency, it may be revoked • Your school may withhold services such as official transcripts or letters of recommendation • The federal government may pursue litigation against you

  11. Go to nslds.ed.gov—find out who holds your federal student loans • Know who and how much you owe • Take action for each loan you’re making a payment on

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