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Student Loan Choices

Student Loan Choices is a program that is dedicated to helping students find relief from their student loan debt.  Unlike lenders or collectors, SLC is not trying to collect money from you.  SLC simply wants to offer solutions to your financial problems and answer any questions that you might have!  SLC counselors are compassionate and committed to helping students stay out of default. We know what your options are and we are prepared to help.

Click here to chat with a SLC counselor.

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Changing Repayment Plans

Changing repayment plans is a good way to manage your loan debt when your financial circumstances change. For example, you can usually lower your monthly payment by changing to another repayment plan with a longer term to repay the loan. There are no penalties for changing repayment plans.

As a result in a change in legislation, some of the repayment plans being offered to William D. Ford Federal Direct Loan borrowers have changed. The Standard, Extended and Graduated Repayment plans will no longer be made available to any new borrowers entering repayment after 09/10/2007.

Existing borrowers (borrowers who have already entered repayment on one or more of their loans prior to 9/10/07) and who have one of the grandfathered plans already assigned to their loans will remain on those plans. In addition, subsequent loans that book for that borrower will be placed on the same grandfathered repayment plan.

To learn more about different repayment options click HERE!


Experiencing economic hardship?

Defer your student loans payments with an Economic Hardship Deferment!
  • You have been granted an economic hardship deferment under the William D. Ford Federal Direct Loan Program or the Federal Perkins Loan Program.
  • Your monthly loan payment is equal to or larger than 20% of your gross monthly income.
  • Length of deferment time = 36 months (must re-apply every 12 months)
 

Enrolled in school taking AT LEAST 6 hours?

Defer your student loan payments with an in-school deferment.

  • You qualify if you are enrolled at an eligible school on at least a half-time (6 hours) basis.

 

A full-time volunteer in the Peace Corps?

Defer Your Student Loan Payments with a Peace Corps Deferment
  • Length of deferment time = 36 months (must re-apply every 12 months)
 

In a rehabilitation program for individuals with disabilities?

Defer Your Student Loan Payments with an Educational Deferment
 
  • To qualify,
    1. My training program must:
      1. be licensed, approved, certified or recognized as providing rehabilitation training to disabled individuals by the Department of Veterans Affairs or a state agency responsible for vocational rehabilitation, drug abuse treatment, mental health services, or alcohol abuse treatment programs;
      2. provide services under a written individualized plan that specifies the date the services are expected to end; and
      3. be structured in a way that requires a substantial commitment by me to my rehabilitation. (“Substantial commitment” means a commitment of time and effort that would normally prevent a person from being employed 30 or more hours per week in a position expected to last at least three months.)
      4. must be either receiving, or scheduled to receive, these rehabilitation services.