Money Management

Budgeting

Developing a budget, or spending plan, is your first step in managing your money.

• Expected Family Contribution Calculator (FinAid)
• My Money Five (MyMoney.gov)
• Financial Aid Estimator (Minnesota Office of Higher Education)
• Loan Simulator (StudentAid.gov)

Borrowing

Keep your loan debt to a minimum when financing your education. Determine what you actually need to borrow before you sign for a loan. Any loan listed on your award letter indicates the maximum allowable that you can borrow; you can always borrow less.

• Keep a record of all your loans and your Master Promissory Note (MPN)
• Start making payments on your loan as soon as you can—even during school if possible
• Notify your lender or servicer if any of your contact information changes
• Contact your lender immediately for assistance if you are unable to make your monthly payment

Exit Counseling

Student Loan Exit Counseling is required for Federal Subsidized and Unsubsidized Loans and SELF Loans when you cease enrollment, including carrying less than 6 credits or graduating and before you begin repayment.

You can retrieve your loan information at National Student Loan Data System Student Access. You are welcome to contact the Office of Student Financial Aid with any follow-up questions at 651-450-3495.

Repayment Plans

These plans refer to federal loans.

• Standard Repayment Plan
• Graduated Repayment Plan
• Extended Repayment Plan
• Income-Based Repayment (IBR) Plan
• Pay As You Earn Repayment Plan
• Income-Contingent Repayment (ICR) Plan
• Income-Sensitive Repayment Plan

Student Debt Forgiveness

One-time Federal Student Loan Debt Relief.  Eligible borrowers can get a full or partial discharge of loans up to $20,000. Learn about Student Loan Debt Relief.

Loan Consolidation

Consolidating your student loans is an option to consider. The U.S. Department of Education has implemented a new Direct Consolidation Loan application process. To learn more, visit Direct Consolidation Loan. You can find information about private loan consolidation at FinAid.

Loan Default

If you run into trouble, you do have options to repay your loan.

• Getting out of default (Federal Student Aid)
• Loan Default Calculator (FinAid)

Loan Disputes

If you encounter difficulties with your lender, you may wish to contact the Federal Student Aid Ombudsman at 877-557-2575. As your advocate, the ombudsman can research problems and determine if you have been treated fairly.