Welcome: How The Online Counseling Session Works

Types of Loans You May Have

Step One: Understanding Your Responsibilities

Step Two: Preparing to Pay Back Your Student Loans

Step Three: Payment Plans and Billing Procedures

Step Four: Loan Deferment, Forbearance and Cancellation Benefits

Step Five: Loan Consolidation May Be Helpful

Step Six: Avoiding Delinquency and Default

Step Seven: Budgeting and Managing for a Successful Future

Step Eight: The Importance of Staying in Touch

Step One: Understanding Your Responsibilities

When you took out your student loan(s), you signed a promissory note, agreeing to repay the loan according to the terms of the note. The promissory note is a legally binding document. You should understand that you must repay the loan(s) even if:

• You do not complete your education at the University of Washington
• You aren't able to get the job of your choice after you complete your educational program
• You are dissatisfied with, or did not receive, the education for which you paid

Keep in touch with the UW Student Fiscal Services Office

Now that your loan is about to go into repayment, it is very important that you keep in contact with us. This means notifying us of your new mailing address each time you move, responding promptly to billing and information notices, and letting us know when you have questions or need help. There are a number of ways to reach us:

Respond Promptly to Billing Notices

Making your loan payments promptly when they are due is very important. A record of timely student loan payments will help you establish a good credit rating.

If you become eligible for deferment or cancellation benefits, you must submit your request form in lieu of payment on or before the payment due date to avoid having late charges assessed.

If you experience any situation that is affecting your ability to keep your student loan payments current, contact our office for assistance. Ignoring your obligation will damage your credit rating, and will make it more difficult for you to "catch up" later.

Before You Leave the University of Washington

Before you leave school, you should have a printed copy of a loan disclosure statement for each loan repayable directly to the University of Washington. Directions for obtaining your loan disclosure statement(s) will be found at the end of this counseling session. Your statement will include the following information:

• The total loan amount borrowed
• The interest rate
• The amount of your installment payments, and how often they are due
• The fees that will be assessed if you make late payments or collection action becomes necessary
• A statement that you can prepay your loan at any time, without penalty