Resources for Alumni/ae Resources for Alumni/ae
Although it is generally best to contact your lenders directly to discuss specifics of your loan repayment, please feel free to contact our office and we will try to assist you.
- Contacting Your Lenders
- Estimating Your Payments
- Repayment Options
- Deferment Options
- Forbearance Options
- College Cost Reduction and Access Act
Here is a list of the most common loan programs that students may have utilized during their attendance at NUSL.
Direct Lending Federal Stafford Loans and Federal Graduate PLUS Loans
Direct Loan Servicing Center
Borrower Services Department
P.O. Box 5609
Greenville, TX 75403-5609
Student Loan Collections
360 Huntington Ave.
Boston, MA 02115
Law Access (Private Law Access Loans)
AccessGroup Loan Servicing Center
P.O. Box 9001778
Louisville, KY 40290-1778
MEFA (Private MEFA Loans)
Key Education Resources
745 Atlantic Avenue
Boston, MA 02111
Law Loans (Private Sallie Mae Loans)
PO Box 59012
Panama City, FL 32412-9012
FinAid.org has calculators to assist you in determining your estimated monthly payments on your Federal Loans. If you experience difficulties at any time during your repayment, you should contact your lender immediately to see if a deferment, forbearance, or consolidation program is available. Often these options can assist borrowers with their situation and help students without risking any damage to their credit history.
Standard Repayment: The repayment term for Federal Direct Stafford/Ford Loans is set automatically at 10 years. Borrowers make equal monthly payments for the entire period.
Extended Repayment: The repayment term may be extended up to 30 years, depending on the borrower's outstanding principal balance. Borrowers make equal monthly payments for the entire period.
Graduated Repayment: The repayment term may be extended up to 30 years, depending on the borrower's outstanding principal balance. The monthly payment amount increases incrementally every two years.
Income Based Repayment: This option is sensitive to changes in the borrower's income. The monthly payment amount is calculated as a percentage of the borrower's Adjusted Gross Income.
A deferment is a period during which payments of principal are postponed. No interest accrues on either Subsidized Stafford or Perkins loans. Interest is charged on Unsubsidized Stafford loans and may be paid or allowed to accrue and capitalize. Borrowers must meet specific eligibility criteria and request the deferment from their lender(s).
During a period of forbearance, borrowers may either suspend payments or reduce their scheduled monthly payment amount on a temporary basis. The lender grants forbearance for a period of up to one year for borrowers who are willing but unable to make their monthly payments. The forbearance is renewable upon the borrower's request and the lender's approval. Interest continues to accrue on the subsidized and unsubsidized loans. The accrued interest may be paid or will be capitalized after the forbearance ends.
Consolidation allows a student with multiple federal loans (either held by multiple lenders or by one lender) to create a new loan and to make one monthly payment for all their federal loans. Consolidation is not the same as receiving a single bill for multiple loans with the same lender. Most lenders will send a borrower one bill or coupon booklet for all the loans that the lender holds for that borrower. Usually, borrowers may submit one payment to the same lender for multiple loans without consolidating.
As of July 1, 2006, borrowers can no longer consolidate while in school and must wait until graduation or leave from their program of study.
Please be aware that if you consolidate any Perkins loans with Stafford Loans, you will may lose certain benefits. As always, it is important that you read all information carefully, and that you compare what benefits exist between the original loans versus the consolidation loan.
You can not consolidate private loans with federal loans. Some private companies may allow you to consolidate private loans and may be able to offer one billing for all loans which they service to you, but that is not the same as Federal Loan Consolidation.
Federal Direct Lending Loan Consolidation Website: http://www.loanconsolidation.ed.gov/