Financial Aid & Scholarship ServicesLoan Entrance Counseling

Please review the following Loan Entrance Counseling Powerpoint presentation.

After you review, please send us an email you have reviewed the information and let us

know if you have any questions.

How Much Will I Makein New Mexico?

Bureau of Labor StatisticsState Occupational Employment and Wage EstimatesNew Mexico

Occupation Annual Wages Monthly WageNET PAY which is minus deductions: Taxes, Soc Sec, Health Insurance, etc

Chef $42,150 $3,513 $2,459 Cosmetologist $26,910 $2,243 $1,570 Counselor $27,620 $2,302 $1,611 Customer Service Rep $29,190 $2,433 $1,703 Med Lab Tech $40,770 $3,398 $2,379 Medical Assistant $28,320 $2,360 $1,652 Computer Network Admin $70,910 $5,909 $4,136 Office Clerk, General $25,510 $2,126 $1,488 Personal Care Aid $19,060 $1,588 $1,112 Social Worker $49,310 $4,109 $2,876 Teacher $49,000 $4,083 $2,858

Trade Offs of Financial DecisionsDebt to Income Ratio

DTI - The way a bank or lender determines what you can afford in the way of a mortgage payment. By dividing all of your monthly liabilities by your gross monthly income, they come up with a percentage. This figure must fall under a certain percent in order to qualify for a mortgage (generally between 35-40%)Annual Income = $35,000Down Payment = $5,000Monthly Debt = $600 (student loan payment, car pmt, credit cards, etc.)You can afford a house worth: $75,192 with monthly payment = $600**CNN Money Calculator

NSLDSNational Student Loan Data System

www.nslds.ed.gov - Now https://studentaid.gov

View information about every loan you have ever had, including:Lender/Servicer contact

informationAmount of loanAmount of interest accrued to dateWhen you received this loan

New Look – Manage Loans > View My Account – FSA ID

Log In FSA ID

Once you log in - Aid Summary – Scroll down

Loan Types – Scroll down

Loan Breakdown – Click Loan Details

Loan Detail- Click Next/Previous Loan (Bottom)

Pell Grant Usage

Trouble Making Payments?

Do not ignore and hope it goes away.

Contact your Servicer for help! There are payment arrangements that can be made.

Avoid default. Student loans cannot be dismissed in

bankruptcy Do not over borrow.

CNM Full-Time Tuition: $825 per term Payment Plan: two payments $412.50

Trouble Making Payments? If you're having trouble making payments on your loans,

contact your loan servicer or your school loan advisors as soon as possible to discuss options that may help you.

Options include: Changing repayment plans Deferment, if you meet certain requirements (for example, if you are

unable to find full-time employment, or are experiencing an economic hardship). A deferment allows you to temporarily stop making payments on your loan.

Forbearance, if you don't meet the eligibility requirements for a deferment but are temporarily unable to make your loan payments. Forbearance allows you to temporarily stop making payments on your loan, temporarily make smaller payments, or extend the time for making payments.

If you stop making payments and don't get a deferment or forbearance, your loan could go into default, which has serious consequences

You must be aware that a deferment or forbearance is fora limited time, and it must be renewed if eligible.

Borrower ResponsibilitiesIt is your responsibility to contact your

loan servicer and your school if you: Change your name, address, or

phone number Stop attending school or drop below

half-time enrollment Graduate Do not enroll at least half time for the

loan period certified by your school Transfer to another school

WHAT IS DEFAULT???Default

If a direct loan remains delinquent past 360 days you will be in default status.

If you default, the entire unpaid balance and any accrued collection fees on the applicable loans will become immediately due and payable.

CALL YOUR SERVICER IF YOU CAN’T MAKE PAYMENTS

Consequences of default may include any or all of the following: Damage to your credit rating Garnishment of your wages Legal action against you Collection charges (including attorney fees) being assessed against you Loss of deferment eligibility Loss of your professional license An increase in the interest rate on your loan Withholding of your federal and state income tax refunds Loss of eligibility for state and federal financial aid Loss of other state or federal payments

Actual example of defaulted student with original $8,073 loan ballooned to $53,623 with interest, collection costs, legal/default fees

Thank you for reviewing theLoan Entrance Counseling presentation.

Please email us to let us know you have completed the presentation and we will satisfy the

requirement.

Do you have any questions? Please email us any questions

Please make sure you have completed all steps for applying for a loan.

To receive a federal student loan, you must be enrolled in 6 credit hours. Congress also establishes loan limits that may be prorated depending on your student classification.