In the wake of the government shut down, "fake" student loan sites, appearing mostly as Sallie Mae sites, are appearing most often on social media sites and enticing students to apply to have all of their loans "forgiven". Applying students are being asked to provide private information such as birthdates and social security numbers. These sites are BOGUS and are resulting in identity theft.
DO NOT participate in this activity and if you have already provided this information,
Last Friday, President Obama signed into law the Bipartisan Student Loan Certainty Act of 2013. This new law permanently changes the determination of interest rates on student loans. Each July 1 rates will change but will remain fixed and in effect until that loan is paid in full.
The rates on Unsubsidized Stafford loans, where the first disbursement is made between July 1, 2013 and June 30, 2014, will be 5.41% (it was previously 6.8%). The fixed rate on Graduate PLUS loans where the
Over the next 6 months, the Dept. of Education will be transferring student loans currently being serviced by ACS to other Direct Loan Servicers. The first group will include loans that are in an in school or in deferment status where payments are not being made. After that, loans in any other status will be transferred.
The intent to to group loans together for students that may have multiple servicers as well as improve the servicing of the loans. If you have loans that are included
All Luther aid for both J Term and Spring Term which includes loan disbursements, grants, and scholarships, will be disbursed to students on February 25, 2013. Between the two terms, you must be taking a combined total of 1.5 courses to be eligible for federal direct loans and 2.0 courses to be eligible for Luther grants. We will send you an email when the funds are available and how to proceed in order to obtain the funds.
Summer 2013 costs and aid will be part of the 2013-2014
All Luther aid which includes loans disbursements, grants, and scholarships, will be disbursed to students on Sept 24th. We will send you an email when the funds are available and how to proceed in order to obtain the funds.
Have a great first week of classes.
The Financial Aid Office staff will be off campus on Friday, the 13th so the office will be closed. If you have any questions or need to visit with the staff, please plan to do so before Friday. No emails or calls will be returned that day.
By now, you should have received repayment information and be getting ready to make your first payment on your Stafford student loan(s) – or making arrangements to postpone payments. Remember: You are responsible for making payments even though you may not have received any communication from the holder of your loan. If you do not know who to make payments to, visit
to determine the holder of your loan. You should then contact them (the contact information
The Average College Student Has $3,200 on Credit Cards—How Do You Stack Up?
If you're a typical student, you carry an average of $3,200 in credit card debt. If your credit card's interest rate is about 14% and you pay $100 a month, it will take you almost three and a half years to pay off your debt, including an additional $829 in interest.
Join the Great Lakes webinar "Credit Card Smarts" on
November 4 at 1:00 p.m. Central time
November 11 at 1:00 p.m. Central time
and learn how credit
Your financial wellness is important. Credit, or too much of a good thing, affects many fundamental aspects of our lives. Make smart and informed financial decisions as you move through the many segments of your life. To obtain valuable and resourceful information that can assist with these stages, visit (and bookmark) www.credit.com/life_stages/ for practical guidance.
Keep good records of the amount of student loans that you have borrowed while attending both undergrad and grad school. Compare your records against the
loans listed at
for accuracy. The servicer of the loan – the company you will work with throughout the repayment of your loan(s) – can also be found here. Familiarize yourself with this website; it will be a valuable resource throughout the repayment period of your loan(s).