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Financial Literacy

Borrow Wisely, Avoid Default and Repaying Your Student Loan

Personal financial planning is more than just being able to balance a checkbook, compare prices, or obtain employment. It also includes skills like long-term vision and planning for the future, and the discipline to use those skills every day. Being aware of short-term and long-term costs associated with student loans and other debts will help secure a strong financial future. Below are some questions and answers you should ask yourself prior to taking out a student loan.

Remember: Federal student loans must be repaid! Failure to repay your federal student loan will result in default. While in default, the federal government can seize your tax refund, garnish your wages, place liens on your property, as well as damage your credit.  Utilize the below options to avoid default:

What Every Student Borrower Needs to Know

Before you borrow, please review the Q&As below. If you have already borrowed a student loan, pay particular attention to these Q&As. It will provide valuable information and hopefully keep you out of any legal issues concerning your student loan. These Q&As will help answer most of your questions and give you resources to assist you while in school, during a leave of absence/withdrawal, and after completion of your program.

Q&As

Financial Literacy Resources

  • CashCourse.org – CashCourse.org serves as a great resource for students as it speaks to many of the common financial pitfalls they may be encountering during their college years.
  • mappingyourfuture.org – Mapping Your Future is a free resource for career, college, financial aid, and money management information. The goal is to help individuals achieve life-long success by empowering students, families, and schools with web-based information and services.
  • youcandealwithit.com – YouCanDealWithIt.com provides practical advice about paying for college and managing your debt.
  • nslds.ed.gov/nslds_SA – NSLDS is a helpful resource in federal student loan management, as it allows students to view a summary of all of their federal student loans, as well as the contact information for the holder(s) and servicer(s) of their loans.
  • annualcreditreport.com – Students should request a free annual credit report. This will allow you to pull your credit report from all three credit reporting bureaus.
  • myfico.com – Get the details on your FICO score, understand positive and negative influences, how to monitor it and full access to customer support. View more information about FICO scores.
  • MyMoney.gov – This is the U.S. government’s website dedicated to teaching all Americans the basics about financial education.

The University of the District of Columbia is committed to helping you be successful while in school and after you have graduated or while taking time off of school. We understand finding a job or maintaining employment in our given economy can be difficult as well as managing your student loans.

Important: Remember, you are responsible to repay your student loans as agreed on your signed Master Promissory Note(s). Please keep your contact information up to date with your loan servicer to ensure you receive important correspondence. When in doubt, contact your loan servicer. Staying in touch with your loan servicer will maintain a good relationship and decrease the chances of loan default.

Contact Us

Office of Financial Aid

202-274-5941
Fax: 202-274-6060
finaid@udc.edu

Van Ness Campus
4200 Connecticut Ave. NW
Building 39, Suite A-133
Washington, DC 20008

Hours of Operation
8:30 a.m. to 5 p.m. (M-F)

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