Managing College Debt
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Responsible Borrowing Video
We believe a Wheelock education is an important investment in your future. Through ongoing fundraising efforts, Wheelock provides a variety of student scholarships that can help bring down tuition costs. But we recognize that many financial aid packages also include federal loans, which must be repaid after you leave Wheelock.
The information on this web page is designed to help inform your decision on how much debt you should incur and provide you with tools to manage that debt after college. Please keep in mind that private loans—those taken out directly from private lenders rather than through the government—are not covered by these programs.
Be a responsible borrower: Before you take on student loan debt, here are some key points to keep in mind:
- A loan, unlike a grant, is borrowed money that must be repaid.
- You must repay your loan, even if you didn't like the education you received or you can't find a job after you graduate.
- You must make payments on your loan even if you don't receive a bill or repayment notice.
- Your student loan account balance and status will be reported to national credit bureaus on a regular basis. Just as failing to repay your loan can damage your credit rating, repaying your loan responsibly can help you establish a good credit rating.
There are payment options available to assist you if you're having trouble. Below are several options that can help you manage your loans.
Loan forgiveness programs are designed to encourage new grads to work in certain high-need or public service fields by paying off some or all of the student's college loans. Eligible fields often include teaching, social work, health professions, nonprofits, public safety, volunteer organizations, and public interest law.
A Direct Consolidation Loan allows you to consolidate (combine) multiple federal education loans into one loan. The result is a single monthly payment instead of multiple payments. However, consolidating your federal education loans can also result in loss of some benefits.
Although you may select or be assigned a repayment plan when you first begin repaying your student loans, you can apply to change repayment plans at any time by contacting your loan servicer. Some federal student loans allow you to stretch out your payments or to repay your loan based on your income or family size.
Loan Deferment or Forbearance
Deferment or forbearance offers you a way to temporarily postpone or lower your loan payments while you're in school, in the military, experiencing financial hardship, or in certain other situations.