Getting your online degree is an important decision, and University of Arkansas Grantham will gladly help you secure the financing you need to achieve your goal of education. The following tips and suggestions are intended to help you manage your loan successfully.
You can also access www.studentloans.gov for additional information regarding managing the repayment of your loan.
Choose a repayment plan that works for you.
Watch out for monthly payments that are lower than the interest that accrues on your loan each month. This will increase your debt to such a level that you may never be able to pay off the principle. For more information, see Repayment Plans.
Consolidation is the process by which a lender pays off all of your individual loans and refinances the total balance into a new consolidation loan with a fixed interest rate and one monthly payment. Because the total balance is higher, you will have a longer repayment term with lower monthly payments. In addition, if you consolidate during the six-month grace period prior to entering repayment, your interest rate will be fixed at the lower grace period rate. Here are some guidelines for consolidation:
Do these consequences sound serious? They are. So don’t let default happen to you! Contact your lender/servicer as soon as you think you might have trouble making payments, and don’t ignore calls or letters from your lender or servicer. Ignoring the problem is never the answer because your loans won’t go away. Talk to your lender/servicer and ask about options for making repayment easier. Get the details from your lender/servicer on how you can benefit from the options discussed above. Don’t default!
If you are unable to make your loan payments, see Deferment and Forbearance for how to postpone payments and avoid default.
Call University of Arkansas Grantham today at 888-947-2684 to find out about our low tuition rates and financial assistance opportunities that may be available to you.
The U.S. Department of Education publishes cohort default rates based on the percentage of a school’s federal student loan borrowers who enter repayment within the cohort fiscal year (denominator) and default (numerator) within the cohort default period. The cohort default period is the three-year period that begins on October 1st of the fiscal year when the borrower enters repayment and ends on September 30th of the following two fiscal years. Official three-year cohort default rates can be found on the College Navigator website.
University of Arkansas Grantham’s fiscal year 2019 3-year cohort default rate is 4.4%.
Between October 1, 2018, and September 30, 2019, 3,194 students entered repayment. Of those, 143 borrowers defaulted at some point between October 1, 2018, and September 30, 2021.
The national fiscal year 2019’s 3-year cohort default rate is 2.3%*
Please visit https://studentaid.gov/manage-loans/repayment for student loan repayment information.
*Due to the pause on repayment, the national cohort default rate for federal student loans that entered repayment in fiscal year 2019 dropped significantly, falling to 2.3% from 7.3% for loans that entered repayment in fiscal year 2018. Due to the pause in repayment the cohort default metric will less accurately reflect the financial well-being of borrowers for the next several years.