Information for Loan Borrowers
Information for Loan Borrowers
There are several different programs students and parents can utilize to borrow funds for their educational expenses. Point Park University develops student budgets based on living expenses for on and off campus, books and supplies, and miscellaneous and personal expenses.
- All first-time student loan borrowers must complete Entrance Counseling when completing the Master Promissory Note online.
Repayment: What to Expect
- All student loan borrowers can obtain repayment information and calculators at studentloans.gov.
- All students who graduate from Point Park University or who do not return for subsequent semesters of enrollment are notified of the requirement to complete Exit Counseling at studentloans.gov.
- Students who want to obtain general budgeting and student loan repayment information are encouraged to visit www.youcandealwithit.com and sign up for a free monthly newsletter. This website also has information on credit card debt and can assist students with all types of personal financial assistance.
- A student can have their loans deferred for payment due to service in the Peace Corps and/or service in the military.
- There are other deferment and forbearance options as well for students who continue to graduate school and/or students who find themselves temporarily unable to make student loan payments due to income levels.
- A listing of the current deferment and forbearance options is available to students at studentloans.gov.
- If you have trouble making your payments, various repayment plans and alternatives to assist you in avoiding default are available at hesschools.com.
Point Park University works with Higher Education Solutions to help students navigate the student loan repayment process.
Point Park University is committed to keeping you updated with changes to the student loan program resulting from the COVID-19 pandemic.
Here's what you need to know about federal student loans owned by the Department of Education:
- Federal student loan payments have been paused and interest has been set at 0% due to the COVID-19 emergency. Payments will resume starting Feb. 1, 2022.
- If your loan servicer is FedLoan Servicing, Granite State, or Navient, you will be assigned to a new servicer before payments begin. Please be on the lookout for information regarding this change.
- If you were enrolled in auto debit payments before the suspension, you may need to take action before payments will resume automatically be withdrawn from your account. Details are available at StudentAid.gov.
Take These Steps Now
Don’t wait until the last minute to update your contact information and compare repayment options. Some of these repayment options can lower your monthly payment.
- Update your contact information in your profile on both your loan servicer’s website and on StudentAid.gov.
- Check out Loan Simulator to find a repayment plan that meets your needs and goals or to decide whether to consolidate.
- Use this time to explore payment relief options – like income-driven repayment – that can work for you when payments resume in February. Visit StudentAid.gov to learn more and begin the application process.
Here with Additional Help with Student Loan RepaymentTo provide you additional support, Point Park University has partnered with Student Connections to help you understand your loan repayment commitments and address any issues you may encounter. This service is completely free to you.
As you enter student loan repayment, Student Connections may contact you through emails, text messages and phone calls to:
- Help you understand your loan obligations and responsibilities.
- Discuss available options for an affordable repayment plan.
- Ensure you are aware of repayment options during financial hardships.
- Promote your long-term repayment success.