Nicholas Xouris

clip_image002Nicholas Xouris is a Financial Aid Counselor in Student Financial Services.  He graduated with an MBA degree from The Peter J. Tobin College of Business at St. John’s University in 2009.

 

 

Choosing a Payment 

January 9, 2014

Responsible student loan borrowing begins with financial literacy and ends with repayment.   If you graduated this past May, your six-month grace period’s end is near.

Your servicer will soon provide you—if they have not already—with a repayment schedule that outlines your first payment’s due date, the number of payments you will make, and the dollar amount of each payment.  Unless you have specified otherwise, you will be placed in a standard repayment plan.

Under the standard repayment plan, your loans are repaid over ten years.  You’ll pay less interest over time than in under any other plan.  The Department of Ed’s Repayment Comparison Calculator gives you an idea of how much you’ll pay back through standard repayment.

Remember, the standard repayment plan is not for everyone.  Using the Department of Ed’sRepayment Estimator, you can compare and contrast the various plans that you are eligible to enroll in.  Check back for future posts describing these plans in further detail.

Welcome to the first entry of the Loan Repayment Blog

June 20, 2013

Federal student loan borrowing has become a necessity for most students.  However, the reality of repayment is often lost amidst the excitement of the college experience.  It is hard to focus on how—and when—you are going to pay back your Stafford Loans while you are confirming enrollment for a given semester.

But that time will come.  And it pays to be ready for it.

My blog intends to familiarize students, prospective students, and graduates with the information needed to increase the likelihood of successful repayment.

Rest assured; I have been in your shoes.  I graduated after borrowing the maximum amount of Stafford Loans that I was entitled to.  Today, I am proud to say that my loans are fully repaid.

If I can do it, you can do it.

If you have found this blog, you are already ahead of the curve.  Assertive borrowers who take initiative in researching their responsibilities are those most likely to experience healthy repayment, as well as the benefits that a prime credit score can bring.

And if you are the type of borrower who has taken the initiative to read this blog, you are well on your way to doing so.

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