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Thursday, June 4, 2015
Thursday, May 28, 2015
Managing Student Debt
Student
loans can be a helpful tool to help you reach your educational goals. However,
as a student, you must borrow responsibly – the money you receive now to pay
for school must be paid back later.
Here are
some tools to help you manage your current finances including your loans, and
plan for your future:
Free
Online Financial Literacy Courses from Strayer University
As a
Strayer student, you now have access to USA Funds® Life Skills®, a free online
learning program that offers you advice for managing your time and money wisely
while in school and after graduation. The curriculum covers topics ranging from
finding resources to pay for college to living on a budget to managing debt to
maximizing your savings.
USA Funds®
Life Skills®, a free online learning program that offers advice for managing
time and money wisely while in school and after graduation, can be downloaded
at the USA Funds Life Skills Student Guide for account setup information. Then
visit www.lifeskills.org to access the online financial literacy training.
Life
Skills is a program provided by USA Funds, which is not affiliated with Strayer
University. Any information provided by you to USA Funds through your use of
the site will be subject to the terms of the USA Funds Life Skills website.
Tools to
help you manage your student debt
Information
about managing student debt
To monitor
your federal student debt, contact the National Student Loan Data Systems
(NSLDS), or by calling 1.800.4.FED.AID or TDD 1.800.730.8913.
Exit
counseling
Before
graduating, withdrawing, or dropping below 1/2 time enrollment, Federal student
loan borrowers are required to complete exit counseling. This 20-25 minute
session will provide you with valuable information about your rights and
responsibilities as a student borrower. Learn more about exit counseling.
For
Current Students
Please
direct your questions about student loan repayment to Strayer University's loan
repayment advisor at 703.713.3620 or financialaid@strayer.edu.
Federal Financial Aid
Strayer University's Commitment to Financial Aid for Students
At Strayer, we are committed to providing students the best
customer service and information regardless of how they finance their
education. However, Strayer is not a lender and is not providing legal,
accounting, or financial planning services. Any agreements entered into with
lenders exist solely between the lender and the student, and the University
recommends that students consult with their own advisors before making
educational financing decisions.
Free Online Financial Literacy Courses from Strayer
University
As a Strayer student, you now have access to USA Funds® Life
Skills®, a free online learning program that offers you advice for managing
your time and money wisely while in school and after graduation. The curriculum
covers topics ranging from finding resources to pay for college to living on a
budget to managing debt to maximizing your savings.
USA Funds® Life Skills®, a free online learning program that
offers advice for managing time and money wisely while in school and after
graduation, can be downloaded at the USA Funds Life Skills Student Guide for
account setup information. Then visit www.lifeskills.org to access the online
financial literacy training.
Life Skills is a program provided by USA Funds, which is not
affiliated with Strayer University. Any information provided by you to USA
Funds through your use of the site will be subject to the terms of the USA
Funds Life Skills website.
Federal Student Loan Repayment Counseling
Strayer University assists students with their Federal
student loan repayment efforts with the support of a 3rd-party company, Student
Outreach Solutions (SOS). Student Outreach Solutions is a service provided to
students who have graduated, withdrawn, or dropped below half-time enrollment
at no charge that provides any advice you might need over the course of paying
back your Federal student loans. Student Outreach Solutions is not a collection
agency; rather it is a free service to provide advice and answer questions
about your Federal student loan debt. Student Outreach Solutions' trained loan
specialists are available Monday - Saturday TOLL FREE at 1.855.485.5325 to
answer questions.
From time to time, Strayer University students will receive
letters and telephone calls from the staff at Student Outreach Solutions to
provide them with information useful in repaying their Federal student loan.
Also, if at any time you have questions about your loan or experience
difficulties in making payments, you should call Student Outreach Solutions.
Student Outreach Solutions can help you make sense of difficult circumstances
and help you avoid problems with your Federal student loan.
Student Outreach Solutions Hours of Operation
• Monday-Thursday:
8:30 a.m. - 9:00 p.m. (ET)
• Friday:
8:30 a.m. - 5:00 p.m. (ET)
• Saturday:
8:30 a.m. - 12:30 p.m. (ET)
Strayer University Financial Aid Code of Conduct
Strayer University expects the highest levels of
professionalism and ethical behavior from all of its officers, employees, and
agents whose responsibilities include student financial aid matters.
Our Financial Aid Code of Conduct prohibits conflicts of
interest on the part of both the University and individual employees regarding
Title IV loans.
Request more information
Important Information About Student Loans
All student loans, whether federal Stafford loans or private
loans, must be repaid. We have provided some tools to help you manage your
finances and student debt. In addition, once you have taken loans, there are
some important things for you to keep in mind:
• When you
take a federal student loan you are agreeing to pay back the amount you borrow
(loan principal) and any accumulated interest.
• The first
payment will be due six months after you graduate, enroll less than half-time,
or withdraw from school.
• If you
have trouble repaying your federal student loan, for reasons such as low
income, loss of job, etc. you may be eligible for a period of deferment or
forbearance, during which no principal payments are due. In certain cases, the
interest will accrue and capitalize, in others the interest will be paid by the
Federal Government.
• If you
fail to make payments on your Federal student loan for nine months (twelve
months if your lender is Direct Loans), you will be considered in default. If
you default, you will be turned over to a collection agency and reported to a
credit bureau, potentially impairing your ability to apply for credit and
preventing you from obtaining future student aid. In addition, the entire loan
balance will become due immediately and any future income tax refund may be
withheld to satisfy the debt to the government.
• Once you
have graduated, dropped below half-time enrollment or withdrawn from Strayer,
Student Outreach Solutions provides a free service, paid for by Strayer
University to answer any questions you have regarding your Federal student loan
repayment obligation. They can also provide helpful information about income
based repayment plans and how to apply for a deferment or forbearance. They are
available to help, toll free at 1.888.843.9002. Student Outreach Solutions
representatives are available to assist during the following hours of
operations:
o Monday-
Thursday: 8:30 a.m. - 9:00 p.m. (ET)
o Friday:
8:30 a.m. - 5:30 p.m. (ET)
o Saturday:
8:30 a.m. - 12:30 p.m. (ET)
If you have questions, contact your Campus Business Office
Private Educational Loans
trayer University students may also apply for private
educational loans, which are credit-based funds provided by outside, nonfederal
lenders to pay for the difference between the cost of attendance and amounts receive
through loans and grants under federal financial aid programs, or other tuition
assistance programs.
The lender determines eligibility, terms and conditions, and
amounts of private educational loans, but they may not exceed the cost of
education minus other aid. The Federal Government does not subsidize or
guarantee private loans.
Guidance on Private Loans
There are several Web sites providing lists of different
private loan options that can be a helpful first step in considering whether to
obtain a private educational loan. An example of these Web sites is provided
below. Students are encouraged to visit actual lender websites in order to find
the rates, terms, and services that are right for them.
Student Lending Analytics
FinAid
Have You Considered Federal Financial Aid?
Students considering private loans should realize that they
may qualify for loans or other assistance under Title IV (Federal financial
aid). The terms and conditions of these loans may be more favorable than the provisions
of private education loans. For more information on Federal financial aid
programs,
At Strayer, we are committed to providing students the best
customer service and information regardless of how they finance their
education. However, Strayer University is not a lender and is not providing
legal, accounting, or financial planning services. Any agreements entered into
with lenders exist solely between the lender and the student, and the
University recommends that students consult with their own advisors before
making educational financing decisions.
Paying for College
The
combination of your service branch's tuition benefits and Strayer's Active Duty
Military Scholarship can pay for up to 100% of your tuition for an
undergraduate degree and a majority of your tuition for a graduate degree.
You’re also eligible for the Grad Fund, our one-of-a-kind way to help cover up
to $14,200 of your bachelor's degree tuition.
Strayer is
a Go Army Ed, Navy College Program Distance Learning Partnership (NCPDLP), and
Air University Associate-to-Baccalaureate Cooperative (AU-ABC) school. It's our
goal to make it as easy as possible for our service members, veterans and
military family members to reach their educational goals. We make your degree
affordable and flexible through:
• Special military scholarships for
active-duty service members and their spouses
• Our membership in Service members
Opportunity Colleges (SOC), which allows you to complete an undergraduate
degree at participating institutions regardless of where you're stationed
• Credit for your applicable military
training and education
To find
out about Certification Preparation Exam Vouchers, click here.
Learn more
about your specific military tuition assistance benefits at our branch-specific
micro sites:
Strayer
University understands the many challenges faced by military families, and we
realize how difficult it can be to pursue your educational and professional
goals while supporting your spouse’s military career. So we do all we can to
make it as easy as possible for military spouses to pursue their own
educational dreams.
First,
spouses of active duty military service members are eligible for the same
scholarships as the service member, regardless of whether or not the service
member is a student at Strayer University.
Second, we
participate in the Department of Defense's Military Spouse Career Advancement
Accounts (MyCAA) program. The MyCAA program provides up to $4,000 of financial
assistance to eligible military spouses who are pursuing a license,
certification or associate degree necessary for gainful employment in a
portable career field or occupation.
Spouses of
active duty military personnel, including activated members of the National
Guard and the Reserve Components, are eligible to receive MyCAA funding.
Eligibility begins on the date of the Alert or Warning Order for Military
Recall or Mobilization, through activation and deployment, and up to 180 days
following demobilization.
Spouses of
active duty military personnel, including spouses married to members of the
National Guard and the Reserve Components, in pay grades E-1 to E-5, W-1 to W-2
and O-1 to O-2 who can start and complete their coursework while their military
sponsor is on Title 10 military orders are eligible to receive MyCAA funding.
To determine your eligibility,
The
program offers a lifelong benefit that can be used to cover certain
post-secondary education and training, tuition, licensing and credentialing
fees. This includes many associate degree programs. MyCAA funds cannot be used
to pay for computers, application fees, graduation fees, student activities,
child care, parking, transportation, medical services or testing fees. For
complete details, see the MyCAA Fact Sheet.
About
Portable Careers for Military Spouses
One of the
primary goals of the MyCAA program is to help military spouses earn the degree
or credentials they need to find a "portable" career, meaning a job
they can take with them when a military spouse is relocated from one duty
station to another. These careers are typically in high-demand fields, and can
often be found in growing industries.
As an
accredited educational institution dedicated to working adult students, many of
Strayer University's associate degrees and certificates may be considered
suitable preparation for portable careers.
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