WVNCC | West Virginia Northern Community College
This page is full of information and resources to assist you as your student loan goes into repayment.
IN ADDITION THE COLLEGE HAS PARTENED WITH EDFINANCIAL TO HELP GUIDE YOU THROUGH THIS PROCESS. EDFINANCIAL WILL NOT ASK YOU FOR PAYMENT, THEY ARE HERE TO TALK WITH YOU AND EVEN STAY ON THE PHONE WITH YOU WHEN YOU TALK WITH YOUR SERVICER ABOUT YOUR LOAN. CHECK OUT THEIR WEBSITE AT www.HESschools.com/WVNCC
1) Go to NSLDS and log in to view all your student loans and identify who is "Servicing" your loans
If your loan servicer is one of the following, click on their name to be directed to their on-line account access:
- American Education Services (PHEAA)
- Debt Management and Collections Systems
- EdFinancial / Department of Education
- FedLoan Servicing / Department of Education (PHEAA)
- Granite State (GSMR) / Department of Education
- Great Lakes / Department of Education
- Nelnet / Department of Education
- Sallie Mae / Department of Education
2) Determine a repayment plan both short term and long term
- Short term might include request one of the options below which require you to TALK WITH YOUR SERVICER (this cannot be done by another family member or WV Northern, it must be done by you the STUDENT)
Deferment (when you are not going to school or are in school less than 6 hours)
- Discharge for Disability
- Long Term will include payment agreements based on one of the payment plan options below (some plans can be changed in later years
Click here to compare repayment plan options by using a Repayment Estimator
Standard Repayment Plan - This is the default plan for most types of student loans. It breaks down your loan balance into monthly payments of at least $50 for up to ten years. In general, this is the plan that will cost you the least amount of money in interest payments.
Graduated Repayment Plan - monthly payments start out low and increase every two years during the 10-year repayment period. This plan is best for borrowers whose income may start out low but is expected to increase.
Extended Repayment Plan - allows borrowers with more than $30,000 in debt to extend the repayment period from ten years to up to twenty-five years. Payments under the Extended Repayment Plan can be either standard or graduated. This plan is best for borrowers whose loan burden is too large to bear the standard monthly payments over the course of just ten years.
Income-Based Repayment Plan (IBR)- allows borrowers with a demonstrated financial hardship to limit their monthly loan payments to 15 percent of their discretionary income (that is, the difference between their adjusted gross income and 150 percent of the poverty guideline for their individual situation). Under this plan, if the balance of the loan has not yet been paid off after 25 years of payments, it can be forgiven. Under IBR, borrowers will pay more in interest over the life of the loan. This plan is best for borrowers who are struggling to afford their monthly payments under other repayment plans.
Pay as You Earn - allows new borrowers with a demonstrated financial hardship to limit their monthly loan payments to 10 percent of their discretionary income. Under this plan, if the balance of the loan has not yet been paid off after 20 years of payments, it can be forgiven.
Income-Contingent Repayment Plan - a borrower’s monthly payment amount is calculated based on annual income and family size as well as his total loan amount. If a loan balance remains after 25 years of payments, it may be forgiven. Unlike the IBR and Pay As You Earn Repayment Plans, borrowers need not be facing financial hardship to qualify for this plan. This plan is best for borrowers who are not facing demonstrated financial hardship, but whose financial situation is insufficient to bear the monthly payments under other repayment plans.
Loan Consolidation - allows you to combine multiple federal student loans into one loan with a single monthly payment instead of multiple payments