[Natfinwellness] Loan Debt Letters

[Martha Sluka]

Also a few of the servicers have charts that give you repayment balances based on amount owed so you may be able to print something like that on their letter to give them an idea of what their repayment amount would be and then they could also look at adding on various amounts for continuing enrollment.  It would not be as accurate as an individualized one which looked at balances with different interest rates but it would give them an idea.  I use the charts when counseling students with a lot of debt the one I used last year was from USA Funds and I believe you can get it on their website, they update it annually with the new interest rates.

Martha Sluka, CFP(R)
Financial Aid Specialist
Cuyahoga Valley Career Center
8001 Brecksville Road
Brecksville, OH  44141
msluka at cvccworks.edu
440-746-8337
Fax:  440-838-8944

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From: Natfinwellness [mailto:natfinwellness-bounces at lists.osu.edu] On Behalf Of Derek A Brainard
Sent: Tuesday, February 23, 2016 7:25 PM
To: National Financial Wellness Listserv
Subject: Re: [Natfinwellness] Loan Debt Letters

Same question!

Regards,

Derek Brainard
Syracuse University
Financial Literacy Coordinator

On Feb 23, 2016, at 6:31 PM, Nicole Solomon <Nicole.Solomon at mail.wvu.edu<mailto:Nicole.Solomon at mail.wvu.edu>> wrote:
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/
www.facebook.com/wvufinancialaid<http://www.facebook.com/wvufinancialaid>
www.twitter.com/wvufinancialaid<http://www.twitter.com/wvufinancialaid>

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