Remember to keep in touch with your lenders. You are required by law to inform lenders of any changes in your circumstances or status (new name, new address, or telephone number) throughout the life of your loans. If you are having difficulty making payments, you should contact your lender to explore repayment options to avoid default or delinquency.
Many lenders and student financial aid organizations offer loan repayment calculators on their websites.
Bar Exam Loans
Bar exam loans may be available to credit-worthy borrowers to help cover costs during the study period immediately after graduation. These are private educational loans and requirements vary depending on the lender. Bar exam loan applications must be certified by the Law School.
Deferment and Forbearance
Deferment of federally guaranteed loans is your right under certain circumstances. You must, however, file the appropriate paperwork with your lenders. Private educational loans may also have deferment and forbearance options. Your loan applications and disclosure statements should list the provisions for loan deferment and forbearance. You may also want to check with your lender to learn what forbearance and deferment options are offered.
College Cost and Reduction Act (CCRA)
The College Cost Reduction and Access Act of 2007 contains section (401) that pertains to Federal Loan Forgiveness for Public Service Employees. The forgiveness provisions require borrowers to have borrowed direct loans or to have consolidated their federal loans through the Federal Direct Consolidation Program.
On January 31, 2012, the Department released an Employment Certification Package to help borrowers track their progress toward qualifying for Public Service Loan Forgiveness.