Consolidating federal direct loans
This process explains the basics about federal student loans, the Master Promissory Note you signed, your student loan rights and responsibilities, and general information about repayment.For a refresher of this information, please read the Entrance Counseling Guide from Federal Student Aid (dated Sept 2016).
Federal student loans have a six-month grace period.Of course, making payments while you’re in school can save you money in the long run, and will help you minimize your student loan debt.You can always contact your loan servicer for more information about how to make payments before they come due.Our commitment to you doesn’t end when you’re no longer enrolled.Our Repayment Counseling Center will communicate with you through calls and email to help you prepare for repayment, keep you informed of student loan options and let you know what resources are available if you need them.To learn more about different tax benefits, visit the Internal Revenue Service (IRS) website and use the current tax year IRS Publication 970, “Tax Benefits for Education.” Some individuals can take advantage of a tax credit resulting in a student loan interest deduction of up to $2,500 per year.
If you pay more than $600 in interest to any single loan servicer, that servicer will send you a form 1098-E indicating the total amount of interest paid.
If you do not receive a 1098-E from your servicer, you can contact the servicer or use your online student loan tools to determine how much interest you paid.
Publication 970 provides more information about this deduction, too.
When you are no longer in attendance at University of Phoenix, you will either complete exit counseling or be sent materials for your review.
Exit counseling provides more in-depth information about how to repay your loans and what to do when you’re having difficulty making payments.
From the servicer’s website, you can view your total balance, payments and due dates, as well as other options for your loans.