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.
Requirements
- All first-time student loan borrowers must complete Entrance Counseling when completing the Master Promissory Note online at studentaid.gov.
- The MPN can also be completed by downloading the MyStudentAid app
Repayment: What to Expect
Repayment/Deferment/Forbearance
- 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.
Student Loan Payments to Restart After Dec. 31, 2022
The Department of Education recently announced a new one-time student loan cancellation based on income, as well as extending the payment and interest pause on federal student loans.
The Aug. 24 announcement included the following steps to help borrowers transition back to regular payments as pandemic-related support expires:
- Extension of the payment pause. No payments are due and no interest will be charged through Dec. 31, 2022.
- Targeted debt relief to low- and middle-income families.
Take These Steps Now
You may be wondering what you have to do to claim this relief. Here’s how to make sure you’re getting the latest information and updates as details are announced.
- Update your contact information in your profile on both your loan servicer’s website and on StudentAid.gov.
- Sign up to be notified when the process has officially opened at the Department of Education subscription page.
- Make sure you know what you owe. Review your financial aid history and loan details on StudentAid.gov.
- Watch out for increased scam attempts to take advantage of borrowers. Remember that you never have to pay to apply for or receive relief efforts from Federal Student Aid.
Here with Additional Help with Student Loan Repayment
To 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.