Managing your Loans
Planning for the repayment or consolidation of your student loans takes some thought and an evaluation of your situation and options. Understanding your options, the hazards of default, and how to resolve federal student loan disputes are critical to your future financial health.
Review and learn more in the links at the left.
Federal regulations require all students who have received a Federal Education Loan from UALR to complete exit counseling.
Exit counseling informs you of your rights and responsibilities regarding the repayment process as well as:
- Terms of the Loan(s)
- Repayment Options
- Deferment and Forbearance
- Loan Forgiveness Programs
- The danger of default and how to prevent it from happening
A student must complete exit counseling when they drop to less than half time enrollment status, take a leave of absence or graduate. Each type of loan requires a separate exit counseling session.
Please choose one or more of the following links to complete this requirement. Once you have completed your exit counseling, the information will then be sent to UALR and recorded on your student account.
|Repayment Begins||Repayment Period||Accrues Interest?***||Lender|
|Stafford Subsidized||6 months after graduation*||10 years||No||Bank or ED Lender****|
|Stafford Unsubsidized||6 months after graduation*||10 years||Yes||Bank or Ed Lender|
|Parent PLUS||60 days after disbursement**||10 years||Yes||Bank or Ed Lender|
|GradPLUS||Immediately after graduation||10 years||Yes||Bank or Ed Lender|
*Repayment begins 6 months after graduation or whenever you drop below half-time enrollment.
**Parents can request a deferment on their loan while you are enrolled on at least a half-time basis.They may also request forbearance for economic reasons after you are no longer enrolled.
***Interest accrual begins on date of disbursement and is capitalized (added to the principal of the loan) 4 times a year.
****PLEASE NOTE Many banks are selling their educational loans from a given year to the federal government. If your loan is sold, you will be notified by your lender and contacted by a servicer for the government. The terms of the loan do not change. If one of your loans is sold, it does not mean that all of your loans have been sold so please read all correspondence regarding the sale of your loans carefully to avoid missing payments. You may have more than one lender and be required to make two separate payments if your loans are sold.
For more information about who is the current holder of your student loans or to determine the total amount of federal loans that you have borrowed, visit the National Student Loan Database website at www.nslds.ed.gov