[Natfinwellness] Loan Debt Letters

[Nicole Solomon]

Hello all -

I hope everyone is doing well.  I have a question, and I'm hoping someone can help.

Prior to award letters going out to returning students, we send an "indebtedness" letter to let them know how much they have borrowed in federal loans at this point to make students think about their debt right before they accept loans for the upcoming aid year.  Last year this had an average impact of 10% - 13% on their borrowing for the following aid year.

We would like to include an estimated monthly repayment for their loans on this letter, but we are not sure where to get that information or how to calculate it.  Does anyone do something similar and include an estimated monthly payment tailored to the students' debt?  If so, do you include Perkins loan debt as well?

Any help you all can provide will be greatly appreciated.  Thank you in advance!

Sincerely,

Nicole

Nicole Solomon
Assistant Director of Outreach and Communication
WVU Financial Aid Office
Phone: 304-293-5242
Fax: 304-293-4890
http://financialaid.wvu.edu/
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