Santa Clara University

Loans are a valuable tool for financing your education. But they also require careful planning and management. Knowing the terms of your loan and understanding your responsibilities can help you stay on track with your student loans and build a strong financial future.

Repayment Calculators

Use online repayment calculators to preview how long it will take you to repay your loan and what your monthly payments will be like.

• FinAid! The SmartStudent Guide to Financial Aid Calculator
• CollegeBoard Student Loan Calculator
• FSA Interactive Calculators
  

National Student Loan Data System

Track your federal student loans on-line, 24 hours a day, 7 days a week with the National Student Loan Data System (NSLDS). To access the Web site:

• obtain Federal Student Aid Personal Identification Number (PIN)
• log on to the National Student Loan Data System using your PIN, your Social Security Number, the first two letters of your last name and your date of birth

If you think that NSLDS records are incorrect, contact your lender, your guarantee agency or the loan servicer.

Federal Student Aid (FSA) Ombudsman

The Ombudsman serves as an independent, neutral third-party who will assist you by researching financial aid problems or complaints and recommend solutions. The Ombudsman can not reverse decisions but will help contact other agencies on your behalf. Contact the Ombudsman as a last resort after you have attempted to resolve the issue yourself. Visit the Ombudsman’s Web site for tips about conflict resolution.

Repayment Options and Alternatives

Student Loan Consolidation
If you are holding more than one student loan, loan consolidation can offer a way to reduce your monthly payments, simplify loan repayment and lock in a lower interest rate.

Student Loan Forgiveness Programs
Students in teaching, child care and nursing may be able to take advantage of programs that offer loan forgiveness in exchange for work in high-need areas.

Tax Benefits for Loan Repayment
In 1997, new tax laws were issued concerning college savings, payment and repayment. Although Financial Aid Office does not provide tax advice, we do wish to give you a summary of tax benefits that may be available to you as you repay your student loans. Because tax laws do change, please refer to your tax accountant for further information on these programs and how they may affect your personal tax situation. Be sure to review the IRS’ tax information for students, which outlines benefits to help you repay your student loans, including:

• Student Loan Interest Deduction
  
• Tax Credits for Educational Expenses

Ensuring Your Financial Future

Keeping track of your credit is crucial to your financial future. The score on your credit report will determine whether banks and other lending institutions will give you loans for houses, cars and business. It is always a good idea to check your credit report for any errors or marks that will affect your ability to borrow in the future. You can obtain your credit report from one of these three major agencies:

Equifax Information Service Center
Box 740241
Atlanta, GA 30374 USA
Phone: (800) 685-1111

Experian National Consumer Assistance Center
Box 949
Allen, TX 75013 USA
Phone: (888) 397-3742

Trans Union Corporation
Box 390
Springfield, PA 19064 USA
Phone: (800) 916-8800

These agencies maintain your credit history, which reflects how well you repay your student loans, credit cards, car loans or other credit you may have.  Failure to pay back your student loan promptly will negatively impact your credit rating.  To receive a free copy of your credit report for each of the the three agencies, visit www.annualcreditreport.com.

Financial Planning

As you begin to take responsibility for your financial future, it is important that you learn about financial management. This includes managing a budget, your student loans and other debt, your credit cards and your other financial obligations. These online resources can help:

• EdWise.org offered by EdFund