Online Entrance and Exit Counseling

Entrance and exit counseling is required for all students who borrow a Federal Stafford Loan.

• Online Entrance Counseling
• Online Exit Counseling

Online Payment: The Student Loan People E-Pay

The Student Loan People's E-Pay allows you to pay your student loans from the Web. To pay your loans online, please enter the Account Information Center, located at the top right of this page, and then click Pay Now.

Electronic Funds Transfer (EFT):

Student loan monthly payments can be automatically deducted from your checking or savings account. You must be in good standing and not in default to take advantage of this option.

• EFT guarantees monthly payments are never late or lost in the mail and is available with all of The Student Loan People's repayment plans.
• You receive a 0.25% interest rate reduction on federal loans. This means you benefit with even lower interest rates for the convenience of having funds withdrawn automatically.

• Remember: You must select to have funds withdrawn on the 1st, 5th, 10th, 15th, or 20th of the month to be eligible for EFT. Make sure to check the date of your choice on the EFT application. The 10th will be used if you do not select a date on the form.

  To set up electronic funds transfer for your account, download the Electronic Funds Transfer request form. Complete, sign and mail your form to:
  The Student Loan People
  P.O. Box 24328
  Louisville, KY 40224-0328

Other Repayment Methods

Phone payments may be made by calling Loan Servicing at 1.800.693.8220

A monthly statement is mailed to you with a return envelope or can be emailed to you at your request.

Federal Teacher Loan Forgiveness

For more information on Teacher Loan Forgiveness, please refer to the Department of Education Web Site.

Deferments - Relief When You Need It

If you're having problems making payments on a student loan being serviced by The Student Loan People, you may be eligible for certain deferments. Deferments allow you to temporarily stop making payments on subsidized loans, and pay only your interest on unsubsidized loans. Deferments are available to borrowers in school, in the military or for other reasons. If you are eligible, and qualify for a deferment, you may download the necessary forms. The types of deferments are:

• In School
• Education Related-Graduate Fellowship, Rehabilitation Training
• Temporary Total Disability
• Working Mother/Parental Leave
• Economic Hardship
• Public Service
• Military
• Unemployment
• PLUS Borrower with Dependent Student (Loans made before July 1, 1993)

Forbearances - When a Deferment Isn't an Option

If you're experiencing difficulty repaying your student loan and aren't eligible to receive a deferment, you may request that your loans be placed in a forbearance period. This allows a temporary reduction or suspension of your monthly payments.

Unlike a subsidized deferment, interest continues to accrue during the forbearance period. For this reason, an interest-only forbearance is a better option.

At the end of a discretionary forbearance period, any interest that has accrued on your student loan will be added to your principal balance.

• Teacher Loan Forgiveness Forbearance (federal loans only)
  Teachers who qualify for the loan forgiveness program may have forbearance on their loans during the five qualifying years they teach in a designated low-income school.
• Childcare Provider Loan Forgiveness Forbearance
  Borrowers who qualify for the loan forgiveness program may have forbearance on their loans during the qualifying years.
• Childcare Provider Loan Forgiveness
  The Childcare Provider Loan Forgiveness Program provides incremental student loan forgiveness for those with associate or bachelor's degrees in early childhood education who work as childcare providers. To qualify, you must not have had a student loan prior to October 7, 1998, and you must have worked as a childcare provider in a low-income area for at least two consecutive years before applying for forgiveness. This is currently a demonstration program. If you are performing the type of service that will qualify you for the forgiveness, you can have forbearance on your loans while you work to qualify for loan forgiveness.

Do You Have a Defaulted Loan?

If you have a student loan and payment has not been made and is 270 days or more past due then it is considered in default.

A defaulted loan means:

• A collection cost of 25% of your balance will be added to your loan.
• The worst possible credit rating is reported to all the credit bureaus.
• You may be denied credit for a home, a car, etc.
• All student financial aid is stopped.
• Your account may be assigned to a collection agency.
• Your state and federal tax refund may be seized each year and applied to your loan.
• Your wages may be garnished.
• The loan is usually not dischargeable through bankruptcy.

Several options are available to resolve a defaulted loan:

• Reinstatement - A defaulted borrower may apply for reinstatement of their eligibility for Title IV assistance after making six consecutive, voluntary, full, on-time, monthly payments under a satisfactory repayment arrangement. Eligibility for Title IV assistance may only be reinstated once.
• Rehabilitation - A defaulted borrower may apply for rehabilitation after making 12 consecutive, voluntary, full, on-time, monthly payments under a satisfactory repayment arrangement. Monthly payments must continue until written notification that a lender has repurchased the defaulted loan. Rehabilitation of defaulted loans may result in the possibility of increased monthly payments

How do you repay?

• Phone - You may make your payments over the phone by calling our Debt Recovery Representatives [800.928.4241].
• E-Pay
• Western Union
• Mail a check to
  P.O. Box 9001780
  Louisville, KY 40290-1780.

How do you contact us?

• Call us toll free at 1.800.928.4241
• Office hours are 8 a.m. to 5:30 p.m., Eastern Time