INFORMATION FOR MAY 2009 GRADUATES REGARDING LOANS ENTERING REPAYMENT
May 2009 graduates will very quickly see their Stafford loans and possibly their 2008-2009 Grad PLUS loans enter repayment status. This is true even if they were granted an economic hardship deferment on prior year Grad PLUS loans at graduation. (That economic hardship deferment will continue for an additional six months, but will not apply to loans now exiting their grace periods and entering repayment.)
If you are not in a position to begin making normal (or extended) repayments on these loans, you have a number of options:
- You can apply for a new economic hardship deferment for these loans. The process for obtaining an economic hardship deferment has changed since you applied in May. Due to the new rule changes, the application process involves a greater degree of interaction with the lender, so consult with your lender for specific information. The lender will utilize the information you provide to determine the amount of your payment, if any.
- You can apply for an unemployment deferment. This type of deferment requires beneficiaries to be seeking employment. Depending on your lender’s requirements, the mandatory level of activity (e.g., posting a resume on an online job search site) may be acceptable even if you are simply on a deferral from your law firm and do not wish to find other employment.
- You can request that your loans be put into income-based repayment. This repayment status bases your monthly payments on your income. The default method of determining income is the Adjusted Gross Income from your 2008 federal tax return. If your current income is less than your 2008 AGI, you can request that your lender use your current income instead. (You can read more about income-based repayment at www.law.georgetown.edu/finaid/forms/documents/IBRGuide11.09.pdf.)
As always, if you have questions about your options or about repaying your loans, please feel free to contact a member of the Financial Aid Office team.
Fall Office Hours
The Financial Aid Office has returned to its normal office hours for the fall. The office will be open from 9:30am to 5:45pm, Monday - Friday.
Total Higher Education ("T.H.E.") has suspended the acceptance of new loan applications effective immediately and the processing of certain loan disbursements effective July 1. Students who selected T.H.E. for 2009-10 year should visit this page for instuctions on the streamlined lender change process. A third edition of the Lender Comparison Chart has been published as well. Due to the ease of the lender switch process, the withdrawal of T.H.E. will not affect the timely arrival of Fall 2009 student loan funds.
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Quick Clicks
Financial Aid Guidebook
2009-10 Student Budget
Lender Comparison Chart
Bar Loan Comparison Chart
Entrance Interview
Exit Interview
Perkins Promissory Note and Perkins Entrance Counseling
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