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By definition a preferred lender list is a list of lenders that a college suggests its students consider when taking out federally guaranteed loans. Students who receive a “preferred lender” list from a school should remember that those lists are not legally binding. Borrowers can choose from any federally approved lender and may often find a better deal outside the list.

As some of you may recall a handful of lenders were sanctioned for deceptive loan practices a couple of years ago. Among other things, they were sharing a portion of their loan revenue with the school’s financial aid office, which is a clear code of conduct violation. These financial aid officers were guiding students toward loan products that would offer them kickbacks. Fortunately for students today these unethical practices have come to a halt.

Heavy fines were levied and the Sunshine Act was born. The Sunshine Act protects students and parents from exploitation by private lenders and lenders who offer gifts to colleges as a way to secure loan business.

Keep in mind it is not a violation for a school to have a preferred lender list provided they are not reaping financial gains. So it is up to you if you are enrolled at a FFELP school. You can thumb through the schools preferred list or travel outside that list in search of your own lender to service your Stafford loan and Parent Plus loan.

An income-contingent monthly payment will be based on your annual income (and that of your spouse if you’re married), your family size, and the total amount of your Direct Loans.

Borrowers have 25 years to repay under this plan, the unpaid portion will then be forgiven. However, you may have to pay income tax on the amount that is forgiven.

This program takes effect July 1, and graduate and professional student PLUS borrowers in the Direct Loan program are eligible to use the ICR repayment plan. Direct Loan parent PLUS borrowers are not eligible for the ICR repayment plan.

There are certain mandatory forbearances. Examples include borrowers who:

• are in a medical or dental internship or residency;
• have student loan payments that are 20 percent or more of their monthly income;
• have payments being made for them by the Department of Defense

Contact your lender or loan-servicing agent for more information on the mandatory forbearance benefit.

2:00 AM CDT on Saturday, July 4, 2009

By PAMELA YIP / The Dallas Morning News
pyip@dallasnews.com Consumers struggling with federal student loans have a new option open to them in the form of an income-based repayment program – but it’s not for everyone.

Under Income-Based Repayment, your required monthly payment is capped at an amount that’s intended to be affordable based on your income and family size.
Federal student loans eligible under the plan:

• Stafford loans – the main federal loan for students.

• Grad PLUS loans.

• Most federal consolidation loans.

Loans not eligible:

• Parent PLUS [Parent Loan for Undergraduate Students] loans.

• Federal consolidation loans that include Parent PLUS loans.

• Private loans.

All eligible loans must be in good standing.

“We know many graduates are concerned about their ability to repay student loans in the current economic environment,” said Secretary of Education Arne Duncan. “This new plan addresses the issue head-on by giving them the option of a monthly payment tied to their income.”

The new repayment plan caps the monthly payments at a percentage of a borrower’s discretionary income. The payment amount is adjusted yearly, based on changes in annual income and family size.

Specifically, the program caps payments at 15 percent of the amount by which your adjusted gross income exceeds 150 percent of the federal poverty line for your family size.

Here’s an example from Mark Kantrowitz, a national expert on student financial aid and publisher of FinAid.org and FastWeb.com:

Say a single borrower has $40,000 in federal education loans and an adjusted gross income of $30,000 a year. The 2009 poverty line for a single person is $10,830, and 150 percent of that is $16,245.

The repayment cap on monthly payments would be 15 percent of $13,755 ($30,000 minus $16,245) divided by 12 months, or $171.94 a month.

“This is considerably lower than the $460.32 a month which would be required under standard 10-year repayment or the $277.63 a month which would be required under extended 25-year repayment,” Kantrowitz said.

Income-based repayment is best for borrowers who have high debt relative to their income, but even borrowers with a lower debt-to-income ratio may benefit.

Even though the program is a good deal for financially strapped borrowers, you should understand other effects of the plan.

“It increases the repayment term up to 25 years, which increases the total interest paid over the life of the loan,” Kantrowitz said.

However, after 25 years of making the lower payments, borrowers’ remaining loan balances, including interest, will be completely forgiven.

For borrowers who enter public service fields, such as nursing, public interest law or nonprofit work, their debts will be forgiven after 10 years of service and loan payments.

“This is the first time in the Federal Family Education Loan Program that there is forgiveness for a borrower’s unpaid balance after the 25 years of payments,” said Patricia Scherschel, vice president at Sallie Mae, the nation’s largest student loan lender. “The plan has the ability to offer a low payment – a payment as low as zero dollars for those folks who really have low income compared to what their monthly debt burden would be for those loans.”

To apply, contact your lender or your loan servicing company, which collects your loan payments.

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Feds offer help to student loan industry

By NANCY ZUCKERBROD

WASHINGTON (AP) — Student loan companies, squeezed by the credit crisis, are getting some help from the federal government.

Education Secretary Margaret Spellings sent lenders a letter on Wednesday stating that the government will purchase some of the loans, freeing capital. That way, the companies will have more money to issue new loans.

“Many lenders today do not have access to funds at a cost that justifies originating new loans,” Spellings wrote. “Our plan is designed to provide viability in the marketplace for lenders who step up and make loans in this difficult environment.”

The administration also has agreed to invest in pools of loans, something the private market traditionally does but which has become less common due to the crisis in the financial markets. That’s also a step that should make more capital available to lenders.

Sallie Mae Chairman and CEO Albert Lord said the plan would keep the industry leader in the federal student loan program. “Sallie Mae will continue lending without breaking stride,” Lord said in a call with college officials.

Lenders, including Sallie Mae, had been saying they needed more federal help to continue serving college students under the federal student loan program. The credit crunch pushed up the cost of capital. Cuts Congress made to lenders’ subsidies last year also reduced lenders’ profit margins.

Under the plan Spellings outlined, the government will pay face value for the loans, plus accrued interest and the cost of fees lenders incur when originating loans. Lenders would also get a payment of $75 per loan to defray estimated administrative costs.

One thing that still must be firmed up is how the loans sold to the government will be serviced. The letter says that the department will determine servicing arrangements based on things like cost and students’ best interests.

The banks want to continue servicing the loans they originate in part to maintain relationships with existing customers, said Harrison Wadsworth, a lobbyist for the Consumer Bankers Association. He said continuity in service would be helpful to students. Sallie Mae executives agreed.

The help provided to lenders is supposed to be cost neutral to the government, so it’s possible the terms of the offer to lenders may shift before being finalized. The help is only being offered for loans made for the 2008-09 school year.

“Lenders need to evaluate what the department has put on the table and figure out what it means to them,” Wadsworth said. “I think it’s definitely a positive development though, overall, in terms of trying to make sure loans are going to be available this fall.”

So far dozens of lenders have left the federal student loan program, though where that has happened other lenders have stepped in or students have turned to a smaller program in which the Education Department makes loans directly to students.

Students are starting to put together financing plans for the fall semester.

“We want students to be able to concentrate on their studies rather than worry about disruptions in the student loan market and whether they will be able to obtain federal loans to help pay for school,” Spellings said in a statement.

California Democratic Rep. George Miller, chairman of the House education committee, said the Bush administration’s plan was sensible. “Our goal is to ensure that students and families continue to have uninterrupted access to the federal college loans for which they are eligible,” he said in a statement.

Spellings also said the Education Department was working to ensure the smaller program, under which the agency makes loans directly to students, can handle any increase in volume.

In addition, Spellings said the department was taking steps to ensure a contingency plan under which guarantee agencies, nonprofits that traditionally back student loans issued by banks, would be able to provide loans directly to students if needed.

On the Net:

• Education Department: http://www.ed.gov/index.jhtml