Strayer University News

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

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.