Repaying Student Loan Debt

Repaying Student Loan Debt

Stephanie Sampedro | Student Loan Advocate

Washington Student Achievement Council

WSAC¡¯S MISSION

We advance educational opportunities

and attainment in Washington State.

? Policy and research

? Savings and

financial aid

programs

? Access and support

programs

? Consumer protection

WORKSHOP OUTCOMES

Find loan info

Identify differences between repayment plans

Know how to apply for forgiveness

Know how student debt affects other financial decisions

Identify a scam

Know how to make a complaint

Washington Student Achievement Council

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STUDENT DEBT IN WASHINGTON

750,000+

$26.4 billion

$34,922

student loan borrowers

outstanding student debt

average student debt

96,589 borrowers

$2.57 billion

36% increase

in delinquency

Washington Student Achievement Council

in delinquency

in senior citizens w/debt

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KEY TERMS

Capitalization

Discretionary

income

Servicer

Collection

Agency

Washington Student Achievement Council

Adding unpaid interest to the

principal of the loan.

Difference between one¡¯s annual income and

150% of the poverty guideline for your family

size and state of residence.

A company that handles the billing and other

services on one¡¯s federal student loans. A

servicer does not own one¡¯s student loans.

An entity that recovers unpaid debt from

borrowers who have defaulted on their loans.

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