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<p class="MsoNormal"><span style="color:#1F497D">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.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Arial Black","sans-serif";color:#1F497D">Martha Sluka, CFP(R)<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial","sans-serif";color:#1F497D">Financial Aid Specialist<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial","sans-serif";color:#1F497D">Cuyahoga Valley Career Center<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial","sans-serif";color:#1F497D">8001 Brecksville Road<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial","sans-serif";color:#1F497D">Brecksville, OH 44141<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial","sans-serif";color:#1F497D">msluka@cvccworks.edu<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial","sans-serif";color:#1F497D">440-746-8337<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial","sans-serif";color:#1F497D">Fax: 440-838-8944<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><img width="97" height="124" id="Picture_x0020_1" src="cid:image001.png@01D16EE8.ED0375B0" alt="cid:image002.png@01CF862D.11EEB2A0"><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif"">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif""> Natfinwellness [mailto:natfinwellness-bounces@lists.osu.edu]
<b>On Behalf Of </b>Derek A Brainard<br>
<b>Sent:</b> Tuesday, February 23, 2016 7:25 PM<br>
<b>To:</b> National Financial Wellness Listserv<br>
<b>Subject:</b> Re: [Natfinwellness] Loan Debt Letters<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">Same question!<br>
<br>
Regards, <o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">Derek Brainard<o:p></o:p></p>
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<p class="MsoNormal">Syracuse University<o:p></o:p></p>
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<p class="MsoNormal">Financial Literacy Coordinator <o:p></o:p></p>
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<p class="MsoNormal" style="margin-bottom:12.0pt"><br>
On Feb 23, 2016, at 6:31 PM, Nicole Solomon <<a href="mailto:Nicole.Solomon@mail.wvu.edu">Nicole.Solomon@mail.wvu.edu</a>> wrote:<o:p></o:p></p>
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<p class="MsoNormal">Hello all – <o:p></o:p></p>
<p class="MsoNormal"> <o:p></o:p></p>
<p class="MsoNormal">I hope everyone is doing well. I have a question, and I’m hoping someone can help.<o:p></o:p></p>
<p class="MsoNormal"> <o:p></o:p></p>
<p class="MsoNormal">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.<o:p></o:p></p>
<p class="MsoNormal"> <o:p></o:p></p>
<p class="MsoNormal">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?<o:p></o:p></p>
<p class="MsoNormal"> <o:p></o:p></p>
<p class="MsoNormal">Any help you all can provide will be greatly appreciated. Thank you in advance!<o:p></o:p></p>
<p class="MsoNormal"> <o:p></o:p></p>
<p class="MsoNormal">Sincerely,<o:p></o:p></p>
<p class="MsoNormal"> <o:p></o:p></p>
<p class="MsoNormal">Nicole<o:p></o:p></p>
<p class="MsoNormal"> <o:p></o:p></p>
<p class="MsoNormal"><i>Nicole Solomon</i><o:p></o:p></p>
<p class="MsoNormal">Assistant Director of Outreach and Communication<o:p></o:p></p>
<p class="MsoNormal">WVU Financial Aid Office<o:p></o:p></p>
<p class="MsoNormal">Phone: 304-293-5242<o:p></o:p></p>
<p class="MsoNormal">Fax: 304-293-4890<o:p></o:p></p>
<p class="MsoNormal"><a href="http://financialaid.wvu.edu/">http://financialaid.wvu.edu/</a><o:p></o:p></p>
<p class="MsoNormal"><a href="http://www.facebook.com/wvufinancialaid">www.facebook.com/wvufinancialaid</a><o:p></o:p></p>
<p class="MsoNormal"><a href="http://www.twitter.com/wvufinancialaid">www.twitter.com/wvufinancialaid</a><o:p></o:p></p>
<p class="MsoNormal"> <o:p></o:p></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman","serif"">_______________________________________________<br>
Natfinwellness mailing list<br>
<a href="mailto:Natfinwellness@lists.osu.edu">Natfinwellness@lists.osu.edu</a><br>
<a href="https://lists.osu.edu/mailman/listinfo/natfinwellness">https://lists.osu.edu/mailman/listinfo/natfinwellness</a><o:p></o:p></span></p>
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