ࡱ>  bjbj 8+r 2228jDd2(((suuuuuu$ 0((E(E(E(F((sE(sE(E(V.@u/(0E] / _ė0!/T#("u//c1eE(E( 4 :  PSC-ED-FSA-TISD Coordinator: Christal Simms June 2, 2016 3:49 pm CT Operator: Welcome and thank you all for standing by. All participants are in a listen-only mode all throughout the duration of todays conference call. Todays call is being recorded. If you have any objections, you may disconnect at this point. Now Ill turn the meeting over to your host, Mrs. (Claire Lueker). Maam you may now begin. (Claire Lueker): Thank you so much. Good evening everyone, my name is (Claire) and today were going to talk about some of our federal student loan repayment plans and were also going to go through the repayment estimator. Now I know that loans and repayment can be a very daunting topic. A lot of times when we think about student loans or repayment we think about all the horrible scary things. Like debt and bankruptcy and default, but hopefully today Ill go through all of the plans and give you a lot of information so you never have to worry about those scary words and hopefully Ill lesson the stigma of talking about federal student loans. So today Ill go over some of the basics of student loans, but of course, dive deeper into talking about the repayment options that we have here at Federal Student Aid and, of course, go through the repayment estimator. Some of you may be wondering, whats the repayment estimator? Well, youre just in luck, today were going to go through one of the features that we have that really gives you an integrative look of putting in different numbers, putting in your information in order to see what different repayment plan may work best for you. Ill also give some information about postponing payments, the dreaded default and discharging forgiveness programs as well. And then Ill leave you with some federal state federal student aid resources. So once this webinar is over you can still have information if you have more questions. So lets get started by talking about the types of loans and, of course, loan servicers. So the first thing you want to do, of course, is identify your loan. I work for the Office of Federal Student Aid so today on this presentation were going to talk all about federal student loans. However, there are private banks and (SNTs) that offer student loans as well. However, you wont be able to find those through our process through the National Student Loan Data System or, as we like to call it, NSLDS. If you go to NSLDS.ed.gov, you will be able to see your whole federal student loan history, but some of you out there might say, hey, what about my private student loan history? I have federal student loans and I have private loans. Well, if you want to know about your private loans you can check your credit report, check in with the financial aid office and, of course, your personal records as well. So we have a few different student loan programs at Federal Student Aid. Some of you Ill kind of start with the FFEL program. We love acronyms here - the FFEL program is the Federal Family Education Loan program. That one ended on June 30, 2010. So if you borrowed loans starting July 1, 2010 its after that period, youre in whats called a direct loan program. So for those of you who borrowed after, well be talking about the direct loan program. A lot of those are referenced, however, those of you who borrowed before your loan may have been consolidated into a direct loan program. I threw out a couple of big words there and some of you may be more familiar than others. Dont worry, Ill break everything down in this presentation. Theres also the Federal Perkins Loan Program. Some of you may have heard that the Perkins loan is going through some changes. There was a while where we announced that we ended new disbursements of it, but actually it was reinstated for another year. The Perkins Loan as we know it may change in the future, however, now there are new disbursements, but for those of you on this line youre interested in knowing about repaying it. So most of you who have already borrowed Perkins Loans the new disbursements and things arent relevant to you. You just want to figure out how to pay them back and well talk all about that. So on this chart here you can see right in the middle all of the federal student loans the Direct Federal Student Loans. So if we start at the top and go around clockwise, we have the Subsidized and Unsubsidized Stafford Loans or Direct Loans. Those terms are used interchangeable so the Stafford Loans were during the FFEL Program, but theyre also used now during the Direct Loan Program. So some of you may will likely have Direct, either subsidized or unsubsidized loans. If you have a subsidized loan, what that means is either the government covered your interest while youre in school, during a grace period or when youre in periods of deferment. Well talk about deferment a little bit later in the presentation. If you have an unsubsidized loan, that means the moment you take out that loan and step on campus that interest starts accruing and it just continues on. Also, we have the Plus Loans we have the Parent Plus Loan and the Grad Plus Loan. Parents can take out loans on behalf of their student and, no, parents you are not able to transfer that loan back to your student. That is a loan that you, the parent, are responsible in paying back. And, of course, Grad Plus Loans where you can take out extra money in addition to those Direct Loans as well for students in grad school. We also have the Perkins Loan which I mentioned earlier. And then Consolidation Loans. So to consolidate means you take a bunch of your different loans and you put them together in one loan. So, for example, lets say you have a Direct unsubsidized loan, you have a Perkins loan and you have a little bit of a Grad Plus load because grad school is expensive, but once youre done youre graduated, congratulations, but just to make it easier on yourself you want to put all of those loans together so its just one loan with one interest payment, one loan servicer thats whats called a consolidation loan and well talk more about that as well. So I mentioned your loan servicer having one loan servicer. A loan servicer is a company that works on behalf of us here at the department to help collect your payments, answer your questions and really to work with you in determining what the best repayment plan is for you. So today Im going to tell you all the options that we have and, of course, show you the repayment estimator to show you what plan may be most attractive to you. However, your loan servicer is the one who can access your file and really help you through the process. Theyre the ones youll want to communicate when you have any questions about your loan in repayment and different things like that. Now here is a list of all of the loans servicers that work with our federal student loans. Some of you may be looking and see yours on there. I see mine there. I actually work with Fed Loan Servicing and I have a really good experience with them. They email me, I can go online and log into their web portal and check my information there. I can see how much interest is piling up, I can see how much Ive paid, when my payments are due and all of that information. I actually used to be with Nelnet and Nelnet was really cool because they had a chat option. So the different servicers offer different ways of communicating, but all of their purpose is the same to help you repay your federal student loans. So now that weve discussed the basics, lets jump right in and talk about different repayment plans and talk a little bit more about consolidation as well. So we have two major types of repayment plans there is one based on income there is some based on income and theres also some based on your loan debt. So think about it like this, if you have $10,000 worth of student loans. You may want to pay that off based on your loan debt, which means just every month you have a payment that will pay off that entirety of the loan. However, lets say that you want to do it based on your income. You make $100,000 a year and so you either have different options on how to pay it back based on your discretionary income. And, as you can see, we have a lot of options here. So Im going to show you all the charts. Dont get overwhelmed, I know theres a lot of numbers there, but I promise once I explain it itll really give you a lot of information in describing the different types of plans and what may work best for somebody. So lets start with (Billy Borrower) as an example. So (Billy Borrower), he has $40,000 in Direct loan debt with a 6% interest rate. His income is $35,000 a year, hes single and ready to mingle and he lives in Colorado living it up in Denver. So lets say his income increases at the rate of 5% a year. So every year (Billy Borrower) is moving on up in the world. So this is kind of his income profile. Now, lets look at all of the plans we mentioned and kind of see the different options that (Billy) has. As you notice, the last four plans I put a little asterisk by to show you that those are the income driven plans. Those are the plans based on (Billy Borrower)s income. The first four are based on the amount of the loan. So lets get started. As you can see in the first column we have the repayment plan named. The second column shows the initial payment thats the first payment that hes paying. The next column final payment. It shows what the final literally, what the final payment will be. Then, of course, next the time to repay the amount of time itll take to pay off that loan in entirety and then at the end, as you can see, it says total paid. Im sure probably the most shocking thing about this chart is the total paid versus what he actually borrowed. If you look back at the top, (Billy Borrower) took out $40,000 in loan debt. However, in that total paid column as you often unfortunately see, none of those numbers are close to 40 and thats because of interest. So keep that in mind when youre taking out student loans, to only borrow what you need because that interest will definitely pile up. But still, now lets go back and look at the initial payment. Lets say starting out with (Billy)s $35,000 income his goal is to pay the lowest amount possible. So in that case, as you can see, picking one of the income driven repayment plans might be most favorable to (Bill). As you can see here, by doing the Pay as You Earn Plan or the Revised Pay as You Earn Plan, his payment only starts out at $143 a month. That seems affordable. However, as you noticed, the total paid is a little bit higher versus doing the standard plan. As you can see, the standard plan is literally just what it sounds like. Its what you pay every month to just pay off your principle interest and pay off the total loan amount. And that payment is does not change. The initial payment of $444 is the exact same as the final payment and that standard payment plan is always a 10-year plan. But lets see that $444, thats a little too much. But lets say he says, okay, let me look at the graduated plan. The graduated a lot of these names sound just like they are. So as you can see, the initial payment is $254, but the final payment is $762. Thats because as time goes on the payment gradually increase. The theory behind this is because (Billy)s income is going to gradually increase he can therefore afford more of the payment. And, as you can see, it still gives him 10 years to repay it, but because were doing the graduated plan he starts at a lower amount. A little more interest piles up and so the total paid is a little bit more than a standard. The Extended the Extended is just like it sounds. You start with an amount, however, you have more time to pay it off. So, of course, that lowers your payment, as you can see the $258 versus the standard payment of over $400. And, yes, 25 years to pay it, but as you can see adding that extra time definitely adds the extra interest and the total paid is the most expensive out of all the options. And the Extended Graduated is literally a mix. Its the little baby between Graduated and Extended, whereas the initial payment increases the initial payment increases over time and you also have more time to pay it off. And, as you can see, actually that is the most expensive one because not only is your payment starting low and increasing, but you also have more time to pay it off. So keep that in mind when picking your payment when youre thinking which one might be best for me. Also keep in mind that you may start in one payment, but in one plan and then realize, hey, my income changed a little bit more than I thought or I lost my job and now I need help and I need to be in a different plan. Keep that in mind. You have a lot of options. And, as you can see, these different income-driven plans, Im going to go a little more in-depth with those. Most of us who are just starting out in the career field those are the most attractive to us because those are the ones that help us maintain our lifestyle and not having a very large payment. So Im going to go in depth between our newest plan, the Revised Pay as You Earn, Pay as You Earn, Income Based and Income Contingent try to say that five times fast. So the income driven plans as I mentioned, remember these are the plans that are based off your discretionary income. Not necessarily the amount of the loan, but the amount that you make or discretionary income. So as you can see here, dont get too overwhelmed by my chart. As you know, Im going to break it down for you. If you look to the left at that first column, you can see that we have different rows. The first row is how the monthly payment is calculated, when will your loan be forgiven, is there a payment cap and is your spouses income calculated when creating your payment. Thats actually a hot button issue. Ive heard of couples who thought that they, you know, were trying to distinguish when to get married or not and trying to be strategic about it so they could make sure they have the lowest payment possible. So well talk about each of these with each plan. So the revised Pay as You Earn Plan, your monthly payment is calculated based on 10% of your discretionary income - similar to the Pay as You Earn Plan. And question of when your loan will be forgiven after a certain point, yes, your if you have a remaining balance of your loan it will be forgiven, but be aware that that forgiven amount may be taxed. So make sure that you talk to your loan servicer and do research about that extra amount that is forgiven to insure that there arent any tax penalties because for some of these plans there are. Is there a payment cap? So, yes, for some of the plans, as you can see, the Pay as You Earn and the IBR that income based repayment theres a cap. Your payment will never be higher than your standard repayment amount. So Im going to go back real quick and show you. Remember that standard payment amount? As you can see for (Billy Borrower) it was 444. So that the plans down here, that Income Based Repayment Plan and that Pay as You Earn Plan, those amounts will never be higher than that Standard Plan. All right, and in terms of your spouses income. So, as you can see, for the repay plan, yes, your spouses income and loan debt are a factor. However, for the rest of the plan only if you filed jointly with your partner will that be a factor. So keep that in mind as well. You do have the option to file taxes of course, most of you know, - as married by filing separately. So keep that in mind when trying to pick the plan. Theres a lot to keep in mind. I dont want you to get overwhelmed and thats why Im trying to give you all the information. I mentioned earlier I forgot to mention earlier, but some of you already are asking your questions in the Q&A box. So as Im talking if you have questions please feel free to go ahead, add your question in the Q&A box and I can always go back to a slide and well have my colleague is answering questions in the box as well. So (unintelligible) borrowers. So a lot of you may want to know, okay, those income based income driven plans sounds good, but do I qualify? Who qualifies? What programs qualify? So here is some information about that. Now more importantly than anything, I want you to know that StudentAid.gov you can find full detailed information about each of these plans of who is an eligible borrower, but Ill quickly talk about each one who is eligible. So for the Income Contingent Plan that ICR. This is actually the only income driven plan where borrowers with Plus Loans Parent Plus Loans specifically (unintelligible) qualify. Those Parent Plus Loans that only that they have consolidated with a direct consolidation loan program. Keep that in mind. Only that they have consolidated with a direct consolidation loan program for those plus loans and Ill repeat I mentioned this earlier, but plus loans that are taken out by parents those Parent Plus Loans they cannot be transferred to the student. Keep that in mind. All right, also I mentioned earlier the FFEL programs the ones that you could get before January June 30, 2010. You can consolidate those into Direct Loan Programs too and those can be eligible, but without consolidation those FFEL Loan Programs are only eligible in the IBR. And keep in mind, as you can see here you see the debt to income ratio for the IBR and the Pay as You Earn Programs. Thats because we dont want you to go into this program if your income is your program is going to make your loan payment higher than the standard payment. The point of going into an income driven repayment program is to have your monthly payment lower than the standard. Were trying to help you along the process. So if your debt to income ratio doesnt work out to where your payment will be lower than that standard payment then you wouldnt qualify and the best way to find that out in addition to using the repayment estimator is, of course, to call and discuss with your loan servicer. All right, so the Pay as You Earn as you can see that one as well theres a couple you need to be eligible. Basically all the Direct Loan programs makes you eligible for these programs. It gets tricky when youre talking about the Parent Plus loan and, of course, the FFEL the old loan program. However, all the information about consolidation, which of course, Ill talk to more about is all available on StudentAid.gov as well. This chart makes it a little bit easy to understand which what qualifies for what. So, as I mentioned, essentially students who take out any of these Direct loans can qualify for any of the income driven programs. Unfortunately, the Plus loan you take out as a parent you do not qualify unless, as you can see at the bottom, you consolidate into the Direct Loan Program. So Income Sensitive Repayment Plan this is different than the program that I was talking about before for the Income Driven Payment Plan. The Income Sensitive Repayment Plans are specifically for students who took out themselves through the (unintelligible) program. So this is a program for low-income borrowers. Theyre not applicable for those with the Direct loans, but all the other programs we talked about because theres enough. Right? Theres already four for those Direct loans. And, of course, the payments can increase and decrease based on income. Its important that you do have a federal loan that hasnt been consolidated into a new Direct Loan Program and youre still needing relief that you talk to your loan servicer about an option that will work best for you. And for those of you who said, well, Im not really sure who my loan servicer is. You can find out who your loan servicer is by calling our hotline at 1-800-4fed-aid, by going to nslds.ed.gov or even by going to studentloans.gov as well to find out who your loan servicer is. And they can really help you through this process. So consolidation you all heard me say this word a couple of times through the presentation so far and heres a graphic to show you exactly what it is. Literally you can take all of your different loans and whether direct subsidized or unsubsidized and make them into one big loan. So there are advantages and disadvantages to that and well talk about. But the best way to make you kind of understand how that works is, lets say that you have a Direct Stafford loan at the interest rate the new interest rate actually of 3.76%. Lets say you have a Perkins loan at 5% and you take out a Grad Plus loan at the new rate of 6.31%. Now remember, you heard me say the new rate. Every single year the interest rate for a federal student loan can change. Congress sets those not the department. So dont get mad at me if they get higher, but also I cant take the praise if they get lower. And actually our 16-17 interest rates are lower than the 15-16 year. So that is a good thing, but I cant take the credit. So every year those change. And lets say youre in school for four years. Youre done with school, but now you have all these different interest rates for your three different loans for your four different years and you had different loan servicers and you just think this is too much and you just want to consolidate them and just boom just have one loan servicer, one interest rate and it just makes things a lot simpler. The great thing about consolidation is you heard me mention earlier when I said there were a lot of income driven repayment plans that were contingent on being in a Direct Loan Program. In a lot of ways, you can get into a Direct Loan Program by consolidating other loans by consolidating that Perkins Loan or that Plus Loan. So its great. You may be eligible for more repayment plans, however, there may be some drawbacks as well. There are some of you who may lose different benefits because of consolidation. One example off the top of my head I can think of is the Teacher Cancellation Program through Perkins. If you consolidate that Perkins loan into a Direct Loan you may not be eligible to get that teacher cancellation for Perkins if that loan is consolidated. So that may be one reason why you dont want to consolidate. Also, theres that may change your interest rate we just dont know what its going to be and that goes back to the theme of this webinar is to talk to your loan servicer to see what works best for you. On a related note, even for me, Im in the income driven repayment plan. When I first started out I was in the income based repayment. I was doing IBR because I wanted the lowest one. However, the next year the Pay as You Earn Plan turned out to be the best one for me as my income increased. So you guys know what I did, I quickly switched plans and went from IBR to Pay as You Earn. And my recertification time is coming up because every year if youre an income driven program you need to submit your AGI, your tax information so we can so the loan servicer can determine which program is best for you. So that time is coming up for me again and who knows, I may be in a new income driven repayment program because of that. So the point is, everyones situation is different and every year your situation changes. So you want to make sure youre really having that discussion with your loan servicer to determine which is best for you. And a very important note at the bottom here, private loans are ineligible for federal loan consolidation. I know there has been a lot of you on the call right now who have received letters in the mail or even phone calls about private companies who are offering to refinance or consolidate your loans, but always for a fee or a flat rate or something else. Here at Federal Student Aid we will never charge you to consolidate your loans. We will never charge you. It is a free service that we do. Your loan servicers are working for you for free to help you repay your loans. So these private companies theyre out there. Some of them are scams so you need to be careful about that. Some of them may be legit, but why pay for something when you can get it from Federal Student Aid for free and not question the legitimacy of the organization? But, for your private loans talk to your bank or whoever the private lender is to determine your best repayment options for that. Because, unfortunately, the Federal Student Aid we only work with federal loans in terms of consolidation and repayment. All right, so now that you know all the student loan basics, we talked about all the different types of repayment plans, lets talk about some of the things you can do to determine whats best for you. So, of course, in addition to calling your loan servicer, which is the best way, Federal Student Aid has a few options a few things you can do online some self-service to determine what may be best for you and theres two main things. We have a quick kind of survey, if you want to call it, at studentloans.gov/repay. Itll ask you a few questions and theyll tell you what may interest you, what may work best for you so were going to check that out and, of course, the Repayment Estimator. The Repayment Estimator is located on StudentAid.gov and literally what it does is you put in all your numbers. It calculates and it tells you, just like the chart I showed you earlier for (Billy Borrower), you personally get your own (Billy Borrower) chart to show you with your own numbers and your own loan debt what plan might be best for you. And that whole best for you can vary. For some of us, best for you may mean the lowest monthly payment. For others, it may be however they can get it done the quickest and pay the least interest. And our best for you may change as the years go on. So its really helpful to constantly be checking your financial situation as well as your loan debt to see what might work best for you. So lets go ahead and check it out. All right, as you can see here the first thing I will show you is our StudentLoans.gov page with the repay. So, as you can see, Ive been to this site before. So StudentLoans.gov/repay were going to go to that site and, as you can see, the first question it asks is, do you have federal student loans? Why, yes I do. Did you take out your student loans before 2011? No, I didnt for the purposes of this Ill say no. Do you work for the government of a non-profit? In this scenario I actually do. I work for the federal government so Ill click yes. The first thing it tells me to do is consider an income driven repayment plan because I could qualify for public service loan forgiveness. So this is awesome. So now I already know I have two choices I could have either paid a repayment plan based on the amount of my loan or I could pick a repayment plan based on my personal income. For the purpose of public service loan forgiveness, and of course who doesnt want to qualify for loan forgiveness, they recommend that I do an income driven plan. So now this is awesome. I can even get more information, see all the things I need to do and now Im prompted to go ahead and look up the income driven repayment options and see which plan may work best for me. So its just a quick and easy way to and kind of just steers you in the right direction. So - but lets go back and say, yes, I did take out loans before 2011 for those of you who took out loans and then, no, I do not work for the government. Now they ask me questions. Have you ever missed a student loan payment because you couldnt afford it? Lets say, no, I havent had any problems thus far. Do you want to lower your student loan monthly payment? No, Im a big baller (unintelligible) my payment. Im going to click no. So, all right, theyre telling me I have some options here. I can consolidate my loans because I mentioned I had borrowed before 2011 theyre thinking, hey, she may have some FFEL loans, maybe shell want to consolidate with our new loans and also direct debit. Direct debit is if youre paying your loan early or paying more than whats actually due. Because I will be in the situation where I just want to get it done I just want to empty my entire savings and pay off my student loans. But lets go back because most of us are not in that situation. So the question, do you want to lower your payment? Lets say I click yes, and look at that. They recommend income driven repayment and, of course, loan consolidation. And as you can see here, it gives you steps on everything I can do and my different options here as well. So this little survey is pretty cool. You can kind of go in and play around with it and kind of see where it leads you. This, I would say, is a great first step if you literally have no idea where to start or if you have friends or family that have questions this may be a great place to direct them to because it gives a lot of information. So lets get out of this and jump right into the repayment estimator. So this is oh, well Ill just show you right now. This is the landing page for studented.gov. So if you have any questions about anything for the entire financial aid life cycle from preparing for college all the way to repaying your loans obviously there was a bunch on this webinar if youre interested in loan repayment. So I can go ahead and click right here and itll take you to the page and itll tell you everything you want to know. So Im going to go down here and go right to the repayment estimator. It gives some information about it, but lets just go ahead and get started. So it gives you two options. You can log in with your FSA ID username and password and do estimates based on your actual loan information or you can just proceed without it. And for the purpose of this well go ahead and Ill put some information in. So, of course, the first thing they ask is enter your information. So okay, lets see and the loan balance displays. All right and interest rate if you have any questions about those. And lets go ahead and add that information in. So, as you can see, they give you options to enter in any of your loan (unintelligible). So lets go ahead and say I have a Direct unsubsidized loan. Does everyone remember what unsubsidized means? Unsubsidized is where the government does not cover the interest. So as soon as you step on campus that interest is popping. However, remember that subsidized we take care of the interest while youre in school, while youre in your grace period and while youre in periods of deferment. So keep in mind, especially for those of you most of us on the call are already in repayment, but if you have children or friends that are about to go into the process, you know, given the option of taking a subsidized or unsubsidized loan, of course, make sure that they take out that subsidized loan before any unsubsidized. Okay, so back to it. Loan balance lets say I have $50,000 in unsubsidized loans and Ill add the new interest rates. Okay, now its asking about my tax filing status. Im currently filing single and well not ready to mingle at the moment, but single nonetheless. And my income Ill go ahead and add a number in there. Okay and Im clicking AGI just in case anyone has any questions about that. All of these kind of tax terms sometimes get convoluted for a lot of us, especially for all the recent college grads out there shout out to all of you, congratulations. Adjusted Gross Income so lets just go ahead and put in $45,000 and my current family size is 1. State of residence Im representing the District of Columbia. And wow, lets calculate those results. And, as you can see here, isnt this awesome? Literally, I told you guys. Just like the chart said (Billy Borrower) had all those made up numbers. Now we have a real chart. So imagine if all of you go ahead right now into the repayment estimator and put in your numbers. You can figure out whats best for you. So now Im looking at this. Okay, its telling me with the information that I put in that my first monthly payment through a standard plan or my payment throughout the 10 years would be $500 - $501 to be exact. Okay, that sounds a little steep for me. So lets see what my other options are. A lot of them look a lot lower, but looking at the total amount paid thats another important factor. So for me right now, okay, Im pretty confident that my $45,000 a year is going to increase so the graduate looks the graduated repayment plan looks good for me right now. Its not too much more than the standard you have to pay at the total amount. My first monthly payment is low just a little more than half of what the standard is expected of me and not so much interest versus the other programs like, hey. But also looking down here at the IBR if you look at that, as I mentioned to you all, that was the first repayment plan that I went into that IBR program because, look at that total amount paid. Looking good, especially compared to some of the other ones. So this is just a great example of a way you can go ahead and put in your numbers and see what works for you. Ill just do one more example and then well hop right back into the presentation. So lets say we want to change some of this or even add another loan. Lets say I also have a Perkins loan and that Perkins loan is always 5%. And I can even go down and change other things too. Lets see what happens if I change my marital status. And see, I change my marital status to married filing jointly and now it gives me the option to add my spouses loan information. Lets say, I go ahead and add their information in all right, as well as their interest rate and calculate those results and see how things change. All right, everything okay, are we good? Lets see. Lets refresh that page and see if those numbers update and of course they didnt. They brought me back to the beginning but, as you can see, this process is really fast. So it will take no time at all to go ahead and add those new numbers in, but thats just an example of something that you all can do in order to really before you talk to your loan servicer or even after to take it upon yourself to see the differences and see what works best for you. Im going to go right back into the presentation here. And if any of you guys have questions, again, about where that was and that student repayment estimator, you can go right into student loan studentaid.gov/repay and youll see it right there, that repayment estimator and you can put in your information. So now that weve seen how you can go in and use the studentloans.gov/repay landing page to do that quick survey -- how to use the repayment estimator -- I talked all about the different repayment options. And I also kind of gave you some of the student loan basics; lets talk about what happens once youre in the thick of repayment and youre having issues paying your payment and avoiding default and, of course, briefly talk about some of the discharge options and forgiveness programs as well. Deferment and forbearance those are words that are often used interchangeably, but are pretty different. But essentially theyre similar because theyre both situation where if youre in deferment or forbearance that can postpone your student loan payment. The one thing to keep in mind though is another keyword of the webinar, interest. So lets start with deferment. As you can see here on the screen there are a bunch of different options of why you may qualify for a deferment. The most popular one is when youre in school. When youre in school youre not required to pay your student loans, theyre in deferment, however, unless you have a direct subsidized loan or a federal Perkins loan, that interest is accruing while youre in school unless you have a subsidized loan or a Perkins loan that interest even though youre in deferment, the interest is piling up. So a lot of times some people will recommend that while students are in school they pay like a little monthly payment. They go ahead and get a jump start on paying that interest off so once they graduate its, you know, its not theyre already ahead of the game. But thats not the case for all of us it definitely wasnt the case for me, but that is an option for some of you out there. But so keep in mind that for forbearance thats a situation where essentially youre temporarily your payments are temporarily suspended or reduced. However, that interest is still piling up so keep that in mind. You may have a limited time to use forbearances as well so make sure you use them wisely. Talk to your loan servicer before you decide to use a forbearance because in reality what might be the case is that you just need to switch your repayment plan and that may help if youre having trouble making payments. But, of course, as we all know life happens and you may be in a situation where neither deferment or forbearance (unintelligible) so make sure you discuss all of your options and the consequences to what you decide with your loan servicer. So default the dreaded default. Default occurs after you havent made a payment on over 270 days. So before its to the point of default, definitely talk to your loan servicer. Talk about deferment or forbearance and, of course, talk about switching repayment plans. But if you do get to that point, just know that these are some of the consequences of default. Of course, Im sure so many of you have heard that it can ruin your credit. Youre not eligible to take out any more federal student aid. Your wages can be garnished so literally the government will take money directly from you, which is painful. And theres a lot of other things that can happen and you dont want to be get to the point where youre in default. But, if you do get to that point, that doesnt mean all is lost. You have three main different options in getting out of default. One of them is to consolidate. Consolidation is a way that you can its basically the quickest way to get out of default. What it means is just like with how I talked about consolidation with the regular loans, you can do that for getting out of default as well. Its fast. The only problem with it is, once you consolidate your loans and made the appropriate payment, your credit it doesnt come off your credit report that you were in default. So that is one major thing. Although consolidating your loan debt can get you out of to get you out of default fast, the problem is it stays in your credit report. However, if you take another approach, the debilitative approach, that can completely come off your credit report if you go through the process of paying your payments over the 10 months. Of course it takes longer, but in the long run it may be worth it. It depends what your desired outcome is and what you want to do and what works best for you in your personal situation. What I would recommend, in addition to talking to your loan servicer, of course is check out studentaid.gov to research the different information about the different ways you can get out of default and what works best for you. You can also call our hotline at 1-800-4fed-aid and talk to the default resolution group. They can help give you advice and also help you through this process as well. And, of course, the third option, which is unlikely for most of us whether were in default or not is just to completely pay off your loan. And, as you can see, impractical for most, but it is an option in getting out of default. Discharge, forgiveness and cancelation so there are a few ways to get rid of your student loans and one of them as morbid as it may be, is death. Ive heard of horror stories about certain private student loans where the private student loan is transferred onto the spouse and next of kin. However, with federal student loans when you pass your loans do with you so you dont have to worry about that. In addition, disability if youre a person who has a disability that is considered total and permanent and you arent able to have gainful employment, then you can go to disabilitydischarge.org and provide information in order to discharge all of your federal student loans. So keep that in mind disabilitydischarge.org or just talk to your loan servicer. Theres different processes for veterans, specifically, than others, but essentially the process is to provide medical documentation to show that you have a total and permanent disability that will prevent you from having gainful activity and employment to helping pay off your federal student loans. And in addition to discharge theres also forgiveness and cancelation. So our most popular loan forgiveness program is the public service loan forgiveness. That forgives those direct loans. When I mentioned direct consolidation a lot of times people love to consolidate their federal loans or their other Perkins loans in order to qualify to have those loans forgiven under public service loans. Forgiveness Im not going to go into detail about public service loan forgiveness today, but just briefly, if you work for the federal government or not even just the federal government federal, state and local government and non-profit all of those organizations will qualify for this public service loan forgiveness. Definitely go on our website and Google and look up all the information about the program. Essentially, after 120 payments or 10 years your loans will be forgiven with no tax penalty. So keep in mind that this is an option if youre interested in public service. And also, teaching. We have a teacher loan forgiveness program and teacher cancelation program. The teacher loan forgiveness program for direct loans and federal loans and the teacher cancellation of the Perkins loan this is an awesome program, but you have to be teaching a certain number of years and in a certain type of school. So if you want information about if you qualify for this, make sure you visit our website and, of course, talk to your loan servicer to see if you qualify. So, just to review, were getting to the end here. I want to go through a checklist briefly to talk about what you should be doing before you graduate and after you graduate and youre in repayment. As you can see here, of course, number 1 is you want to review your federal student loan history and you can do that by doing what? Yes, you guys are correct. Its visiting nslds.ed.gov. Thats where you can view your federal student loan history. Also, its really important to compare your borrowing history with other communications you receive to make sure everything is matching up. One way you can do that is by checking your credit report and, of course, talking to your federal student aid office to see what else youve borrowed. In addition to that, you want to make sure you get to know who your federal student loan servicer is so you know who to contact if you need help or if youre not sure about something. As I mentioned earlier, consider making payments while in school. That can really help with the interest it can make a huge difference. And, of course, you have no choice, but to complete the mandatory exit counseling. Those of you who may not have graduated yet, you remember that when you go and take out student loans. You have to do entrance counseling. Well, when youre on your way out we want to make sure that you know your responsibilities as a borrower so you do have to do that exit counseling as well. Al right, and after you graduate when you register for an online account with your servicer there you can go into their portal and get all the information that you need. Create a budget - literally this is exactly what I need to do now is create a budget. Im so bad at that, but I hope all of you guys do in order to help manage your student loan payments and every other financial responsibility you have in your life. Consider consolidation Ive probably said consolidation about 20 times in this last hour. Its really important and theres a lot of information that goes into it. So make sure you consider and weigh your options and see if thats something that works for you. Select an affordable repayment plan whether that be one of the plans that are based on the amount of the loan or its based on your income whatever is best for you. You can also enroll in automatic payments. A lot of times if you enroll in automatic payments that can actually lessen your payment by a percentage or lessen that interest. So keep that in mind, it may be an option. Talk to your loan servicer about this and see if that works for you. Also, know your options if you cant make a payment. Know about forbearance and deferment and all of these things. Know that if youre in a standard payment standard repayment plan and you feel like its just too much even though your original intention was to get it done in 10 years and thats your goal. You want to be debt free by 30 and all of those things. Its okay your life happens. Lives change. Know that you have options that you can change plans. That you can get a forbearance. That you can talk to your loan servicer about other options. Also, find out if youre eligible for forgiveness. I briefly mentioned the public service loan forgiveness program as well as our teacher loan forgiveness cancelation program, but there are other programs out there and you want to make sure you do your research in knowing where, you know, you work or different things that can make you eligible for loan forgiveness. And, of course, deducting your student loan interest from your federal income taxes and the 1098E tax form which, for me, is sent by my loan servicer can give you information about how much of the percentage that you paid for loan interest and that can be reduced. So that is a really important document and you want to make sure that youre getting all the money back that you deserve for paying your student loans. And Im going to leave you with a few resources, as I promised. Most importantly, studentaid.gov. You can go right up there and to repay your student loans and get all the information you need about all of the programs that I mentioned. Also, at studentloans.gov. This is where youll go to sign up for those income driven repayment plans. To find out if you qualify and to get even more information about that as well. And, of course, studentloans.gov/repay is where I showed you where it had that quick questionnaire to kind of drive you to see what information you might need and really to give you an initial starting point about what student loan repayment plan option may be best for you. And, of course, nslds.ed.gov. You can log right in there and see your whole federal student loan history. So we have about 10 minutes left. So if there are any questions go ahead in the Q&A box. Some of those questions have already been answered by my colleague, but Ill look in here and see which ones were asked and Ill kind of reiterate them. But, of course, for your specific scenario and specific questions the best thing you can do is to contact your loan servicer. And remember, you can find out who your loan servicer is through calling our hotline at 1-800-4fed-aid, by going to nslds.ed.gov. Thats where you can get that information. And Im going to monitor this and see all right, heres a good question about public service loan forgiveness. Is there a minimum amount of debt that you have to have to qualify for public service loan forgiveness program? No, theres not a minimum amount of debt, but keep in mind that for public service loan forgiveness your loans are forgiven after 10 years or 120 payments. So for someone who maybe had $5000 in student loan debt, well, thats going to be paid off in faster than 10 years. So that may be a situation where someone may not qualify. So, of course, someone with more loan debt may be a more advantageous situation to have more forgiven, per say, but no, theres not a cutoff in terms of that. But if you are interested in the public service loan forgiveness, go ahead and make do some research about what loan programs qualify you for that program. Okay, awesome I see another question. A lot of question about public service loan forgiveness. I wonder why, wink wink. Heres a question that someone was heard that they werent eligible for public service loan forgiveness and that their loans werent eligible and trying to figure out why. So only Direct loans only Direct loans qualify for public service loan forgiveness. So, for example, if you have a Perkins loan or if you have a Plus loan that you have not consolidated into a Direct loan program or a FFEL loan or a Stafford Loan thats not a direct loan. Those may be situations where you wont qualify, but you may qualify if you decide to consolidate and to a Direct loan consolidation program. Because, remember, those Consolidated Direct loans, those are Direct loans. So keep that in mind, that may be a reason why as well. These are great questions everyone. Lets see, (unintelligible) public service loan forgiveness. Okay, thats so funny - all of the question about public service loan forgiveness. Lets see, Im trying to figure out the best way to ask some of these. Okay, great. Heres a good one. For public service loan forgiveness, can previous years of service count towards this or is it only as of the date you become eligible? Great question, yes, so it only counts when you start repayment of your student loans. Like as soon as you start your payment of your student loans, thats when okay, thats when it starts. Knowing your employment if youre with one of the qualifying organizations. So, no, you cant like for me personally lets say anybody lets say theres a college student who just graduated and their first job out of college is at a non-profit, however, all through college they volunteered at this non-profit. No, that time doesnt count or even if it was not just volunteered, but work. No, it starts when they start repaying their loans. Also, the public service loan forgiveness program started in 2007. So obviously any time before that wouldnt count as well. But lets say some of you who have been paying back your loans for a few years now, but just didnt know about this program or are just learning about it, but have been paying in a qualifying repayment plan. You may be able to claim that time and those payments. Talk to your loan servicer and fill out the public service loan forgiveness employee certification form. That employee certification form you can find online. Just go ahead to studentaid.gov and in the little search bar type in public service loan forgiveness or just search for the employee certification form and youll be able to find that as well. Lets see okay, I see a question here that was about where was the tool that helped you pick a plan the repayment estimator. The repayment estimator can be found at studentaid.gov/repay and then like literally you just scroll down a little bit and youll see repayment estimator it looks like a little calculator. And then you click the link and itll take you to the page. Im glad that was helpful for everyone. I feel like the repayment estimator is a really great way to just be able to easily see all of your options and to see what plan works for you. Because it is one thing to hear someone over the phone say, okay, you can do this program or this is the cheapest, but to be able to just look at that chart and know all of those numbers relate to you is really helpful. Okay, great. Heres another great question. Is there a time limit as to how many times you can change your payment plan? No and, sorry actually Im sitting back and thinking about that one for a minute. Because Im thinking in terms of at least for income driven, you know, every year you recertify by giving your income information. However, if right now I wanted to get out of that and go to standard and then I realized in a couple of months that, you know, my income significantly changed and I want to change plans no, you can go ahead and do that. So that is a wonderful question. I also want you to check with your loan servicer to make sure. Because there are definite limits onto how many times you can apply for forbearance. But as long as youre paying your amount on time every month in terms of your plan and youre still thinking about going through plans and changing to different plans, I havent heard of -- and I can pretty confidently say that there is no limit -- but definitely double check with your loan servicer about that. All right, this is a good question. Is it true theyve heard that your professional license can be revoked if you go into default. Yes, that is a real thing. Student loan default can affect our employment significantly. I feel like Ive heard random stories about certain doctors who werent paying back their student loan like medical doctors. And (unintelligible) understandably so, they have a lot of student loan debt, but still they could have worked with their loan servicer to get out of default or prevent default from happening, but anyways, yes, going into default can significantly obviously effect your credit, but it can also affect your employment. And, of course, the licensure the license you have the professional license. So, please, before you get to that point talk to your loan servicer. And, its okay if any of you are on this webinar are currently in default, dont let yourself be in that stress another day. Call your loan servicer. Theyre there. Theyre trying to work with you. Theyre not the private loan scammers who are going to, you know, just want your money and want I mean, yes, we want you to pay back your student loan, but we want to help you be able to have a real life and still and get out of default and be able to pay it back. All right, we have about two minutes left. I hope I was able to answer all of your questions. If I see another one come on in the next minute Ill definitely answer it, but thank you all for joining this webinar. We have a series of webinars so if you go back to where you actually click the link, Im sure all of you when you registered you saw there are a lot of other webinars we had coming up. One hot topic one is about the FSA ID. As you all know, in order to log into studentloans.gov, nslds.ed.gov you need an FSA ID username and password. Some of us who are old school were familiar with that pin. The pin is gone. There is no where you can use the pin. You need an FSA ID so make sure you create that. We have a webinar next week actually next Thursday at 4:00 PM all about FSA ID creating that. So if you have any questions make sure you go ahead and log into that webinar. And, of course, studentaid.gov, nslds.ed.gov, studentloans.gov and our information center 1-800-4fed-aid. We have lots of resources out there to help answer your questions. I hope this webinar is helpful. There will be many, many more. So please continue to give us your questions. Also, after this webinar there will be a short survey where you can say evaluate this webinar. And, also, in the comments say what you feel like you wish you had more information about. Im noticing that most of the questions are related to public service loan forgiveness. So if you want a webinar and want information specifically related to public service loan forgiveness, please let us know. Because we can dedicate another webinar, as we have in the past weve had webinars specifically about public service loan forgiveness, but we can always have more to give you all more information about this. Because, hey, who doesnt want their loans forgiven. Right? I know I do. Well thank you all for joining us. Were at the end of the hour. I hope you all have a wonderful day and here at Federal Student Aid we just hope to help you. Have a great one. END     PSC-ED-FSA-TISD Coordinator: Christal Simms 6-2-16/3:49 pm CT Confirmation #7740338 Page  PAGE 1 %'56<=CGHIJNPXYZ" ˾˾}odVHhuvhCY5OJQJ^JhuvhS5OJQJ^Jhuv5OJQJ^Jhuvh)&5OJQJ^Jhuvh,OJQJ^JhuvhaOJQJ^Jhuvh4OJQJ^JhuvhOJQJ^JhuvhOJQJ^JhuvhOJQJ^JhuvhuvOJQJ^Jh@E5OJQJ^Jhuvh@E5OJQJ^Jhuvhuv5OJQJ^J6CNOPG H 5 6   \]$ ^`a$gduv dh^`gduv" # F I ) . 5 9   Qtz}cdad- . $$''.(7(((8/Z0[0\1ؼخؼؒ؄؄vvhuvh)5OJQJ^Jhuvh%;5OJQJ^Jhuvh5OJQJ^Jhuvht}35OJQJ^Jhuvhuv5OJQJ^Jhuvh2^5OJQJ^Jhuvh%5OJQJ^Jhuv5OJQJ^JhuvhCY5OJQJ^Jhuvhcf5OJQJ^J.]  de]^bc. / ""$ dh^`gduv$$%%A&B&''))++,,O.P.[0\0114416267799 dh^`gduv\1^111114458<8::; ;;<<==>>>>??eDmDDDEEJ+JLLLOOSS%T/TTUXXYK[ؼʼʼ񼮼ؼʼؠؠʠؠhuvh_h5OJQJ^Jhuvh5OJQJ^JhuvhB5OJQJ^Jhuvhuv5OJQJ^Jhuvh]#5OJQJ^Jhuvhcf5OJQJ^Jhuv5OJQJ^Jhuvh)5OJQJ^Jhuvh55OJQJ^J/9::<<==@@@BABCDDDEEGGHH~IIKKLLNNO dh^`gduvOOaQbQRRSSUU6W7WXXL[M[\\^^%`&```zb{bcc dh^`gduvK[L[]]]]^^$`'`yb|b0deecjojkk+l/lmmnppKrrrtt8t>t=uuuxy{|}㮠ǮDŽvhhhhhuvh%5OJQJ^JhuvhaW5OJQJ^JhuvhW5OJQJ^Jhuvh@ 5OJQJ^Jhuvhuv5OJQJ^JhuvhV5OJQJ^Jhuv5OJQJ^Jhuvh5OJQJ^Jhuvh55OJQJ^Jhuvh_h5OJQJ^JhuvhFs5OJQJ^J(ceeffhhkkmmnnpprrttuuxxyyozpzx| dh^`gduvx|y|~ ~:;*+56hi|}"# dh^`gduv}~~9<gh45'*MPǒktx  X`ǹǫիիիիիիիvvhuvhQ5OJQJ^Jhuv5OJQJ^Jhuvh55OJQJ^Jhuvh!qZ5OJQJ^JhuvhSo5OJQJ^Jhuvhuv5OJQJ^Jhuvh5OJQJ^Jhuvh5OJQJ^Jhuvh%5OJQJ^Jhuvhz5OJQJ^J. vwz{fggh%&'(bc dh^`gduv`ʗ՗ w]ffi;?'2ʩ$'nx&)df)1Ҳܲ 8<ʸbm!*CNstAHծծծծՠhuvhK5OJQJ^JhuvhS5OJQJ^Jhuv5OJQJ^Jhuvhuv5OJQJ^Jhuvh5OJQJ^JhuvhQ5OJQJ^JhuvhSo5OJQJ^J<}~ ½ý}~ tu dh^`gduv|58y|%G"tw15!"-2NQ~48DHtlwJM漮ؼؼؼؼؼؼhuv5OJQJ^Jhuvh55OJQJ^Jhuvhuv5OJQJ^Jhuvhcf5OJQJ^Jhuvh\=K5OJQJ^Jhuvh5OJQJ^JhuvhK5OJQJ^Jh-w5OJQJ^J:}~67z{EFuv"#O dh^`gduvOPrs%&'+-.013467Gcu$a$gduv$ dh^`a$gduv dh^`gduv*+,./12457FGRTbcfgnɼt$h} \5CJOJQJ^JmHnHu(jhuvhS5CJOJQJU^Jhuvh5CJOJQJ^JhuvhS5CJOJQJ^Jhuv5CJOJQJ^Jh1jh1Uhuvhw`b5OJQJ^Jhuvhcf5OJQJ^Jhuvh5OJQJ^J$ dh^`a$gduv$a$gduv6&P1h:puv/ =!"#p$8% ^! 666666666vvvvvvvvv666666>6666666666666666666666666666666666666666666666666hH6666666666666666666666666666666666666666666666666666666666666666660@P`p0( 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p8XPx8XV~_HmH nH sH tH R`R [M4Normal*5CJOJQJ\^J_HaJmH sH tH HH 0 Heading 1$@&^`a$DA D Default Paragraph FontRiR 0 Table Normal4 l4a (k ( 0No List VoV esHeading 1 Char"5CJ KH OJPJQJ\^JaJ 4 4 0Footer !HoH es0 Footer Char5CJOJQJ\^JaJJB@"J 0 Body Text d,a$5OJQJ\^JNo1N es0Body Text Char5CJOJQJ\^JaJF@BF 0Header !5OJQJ\^JHoQH es0 Header Char5CJOJQJ\^JaJ.)a. 0 Page NumberH@rH _>F0 Balloon TextCJOJQJ^JaJHoH es0Balloon Text Char5CJ\aJ6U`6  0 Hyperlink >*B*ph/ (w"limFV`F r0FollowedHyperlink >*B* phB'`B ('0Comment ReferenceCJaJ4@4 ('0 Comment TextToT ('0Comment Text Char5CJOJQJ\^JaJBj@B ('0Comment SubjectCJaJZoZ ('0Comment Subject Char5CJOJQJ\^JaJPK![Content_Types].xmlN0EH-J@%ǎǢ|ș$زULTB l,3;rØJB+$G]7O٭V?}~O:~kҏM݄׷ )I0wK)K`qfݢFHb?G+D7HȌ x|iRLJqbOYPΥyL#R=E6wR#ϣ\16h>(()1!F\OI1yA"֐LəQMc@^V6o#6ϝU񅉄Q )FRrFrB72aʜ snyz? rnyӑCv(Yذ: ~%'L̼C9c_lj5xS,<̨ɊVRohzB+~KOOI̲uk##7~FmKw{ 7n_n?/绗Bx˭kYW[d}N('\m9zj"Cy'.ʐq2&""h;+Dpqg8lհշerfk.NsHlk~9"Gڛҽb5i{d&D{=(!hjew¢kaёשaʬɁV=0#xBdTyL`MvL$r3IȨc4Euиid(|PZX6` 4Օem5}(-z0Y@pE4g6ʲȸ"WABJ+_JCz%YA$BO6"#Zaol ijK.Joegzmo1QT5#QQt1JK:ꬌvVhglzPnZvޮ{&iv3fXXޮk!M;|.ے]k>2~{QLfPweXjv1jv&~kv+neN`]04_+U՗;{ 1K*J%|zl&jO"DqkH}]^J*^ӫU:~Y~>uË(ʿ\;bK{!KL}h11yjU67t*ݠ5 [A{8~;~: u*zTVMӭFSg A8+^PK! ѐ'theme/theme/_rels/themeManager.xml.relsM 0wooӺ&݈Э5 6?$Q ,.aic21h:qm@RN;d`o7gK(M&$R(.1r'JЊT8V"AȻHu}|$b{P8g/]QAsم(#L[PK-![Content_Types].xmlPK-!֧6 0_rels/.relsPK-!kytheme/theme/themeManager.xmlPK-!Dtheme/theme/theme1.xmlPK-! ѐ' theme/theme/_rels/themeManager.xml.relsPK]   qqqqqt" \1K[}`sux{~]$9Ocx|Otvwyz|}elnt!L# @0(  B S  ?+-.013467PMQNX=P:?4:^b.0_c    s w    gld-02ORQXim  z } !!!!!U"Y"""""!###M#R#l$u$$$$$%"%G%g%%%Q&T&f'i'''(&(](b(((g*k*****++++,,B,D,,,O-R-W.[.y....////0011222233445r55555f6s6667777R8_8889:Z:\: ;";Q;w;;;v<x<1=8===>>>>??r@t@LAPAAABBCBGBDDDDUE[EhFmFGGH*HHH/I4IIIKKKKL LLLLLLLMMMMRNUNOO`OdOOOSPUPPPPQUQYR^RRRRR0S2SNSQS}ST5U9UUU'V)V]VcVVVWWWW-X4XYYVYYY$Z(Z0\2\\\$]']^^/_4_____saxaaacce eeeeeffff0g2ggg;hAhhh|i~iiijjjjJkMkkk mmm"mmmmmmm\ncnnnoo9p>pppqqtryrrrss-t2tzt|ttt uuuu v vXv]vvvvvvvRwWwwx,z@zPzUzzzzz8{;{z{}{{{|||| }4}6}}F~Clhgiz{}!#ČD_˕-4Қ,y{eg4V$&nɣ&(acުi` ~ Ooõ|~ {sB|p57B{kF$D;tvPT$)es+-.01346733333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333*+ ;Hn R[0|D*Ո ^`OJQJo( 8^8`OJQJo( ^`OJQJo(o  p^ `OJQJo(  @ ^ `OJQJo( x^x`OJQJo( H^H`OJQJo(o ^`OJQJo( ^`OJQJo( ^`OJQJo(^`OJQJ^Jo(o p^p`OJQJo( @ ^@ `OJQJo(^`OJQJ^Jo(o ^`OJQJo( ^`OJQJo(^`OJQJ^Jo(o P^P`OJQJo(^`.^`.pL^p`L.@ ^@ `.^`.L^`L.^`.^`.PL^P`L.|Dn                    @7g :|]z -6X6]`'RX{0V6 !h ETVYT]O^8hxy}|R} !(',4}7_8+GIPY_cfstvwz.{v Q"%|()-14<J>4?JO3RRRMV'^N`dotpuCwwi(8*-:cC%PmR(X_ccde"f;jors*   6 | 2   j $ & * - d/ :4 @ tO V W \ k] Mm y E    D ' ( * * 6 B C F M qP W W ]Y [ ` Cf oq y }    l z  " - L5 = OF K M PO V ] m o v (w w Uy y y 3~ ? _  '" $ ' 2+ k+ . 3/ &8 9 E eF H T U U [ ^ b c c 7g t u |v L|  $  E d r $ 5% % 6 : |= ? ? ?L 6Q jS T Z \ \ a }h m :q q s k   P )_(*~,--H0347E*WW YtvTxM T 'S!s&+J-/"01P4=>W@^HJXLPdS6YM[`^&``]abiuyy} r  n!$).2CCEINPRVUYYafgiEoux}|Ef_ )&')+5W778(:X;GHIiJKNCQ`l8o@v|0$E*-9=GILOV+[8]d^&bf#ggCiqv`aY &*,-3758CDHWJSPUWL[bdPekfuyT ?>-3o;4>4HpJ|KuLoM3[fnux!{ a# &403r=GKMTRU>VsVBXRXbe;ghk'tsv@a^ dfJ""G-0m3,9;%<FLJUZ[bfhmpKvxJh   _ !r''=*//U0'4:?gACIIR~STX`HaaMuwyyM|}~&.076KMP+R+S'^awx3x{_s   Y% /S1t79M::<G@FI4SS=VOZC_bl6p|@'Tw!$%a&(c+,#11V9C@BG>JKuVVYYYZ`ll(qt-wy{A7G[ Q+/a25GHHU[\Oh2kZuuU  '/13p66<KFcJOgP UUmWZ^bRor;dI*4,]3:<?IKK0N\kcWfjZqx  3 h #41U#%()G2>DfgiIiCkeobszxq~! (p3A456;<BTDNP!TSYYZad hMmsCt{z _ +  3 L+ 2 3 6 `< = :> ,@ A D D FT HU ` c d s _! !!:!! ! &!+! 5!7!Z:!B!G!L!Y!pc!e!Xe!i!wl! s!y!~!"c"M""1"2"[B"W"X"["Kd"d"Je"f"n"(w"w"z"~"i"## #)#<## ##b*#T<#L#P#%`#b#d#e#g#Sm#s#t#x#"y#{#}#f~##$$$?!$^/$D@$ C$H$Q$U$U$Y$1Z$[$^$\_$_$d$k$up$s$A{$}$}$K%%%% %'%''%*%'/%3% 4%6%\8% ?%M%LY%b%:q%@q%u}%%3 &&&&|&q&&&&#&2&%6&\8&=&0=&G&,Q&_&?`&`a&Sh&"&_'s ' ''s'_''!'''1'5'F']M'/N'U'uZ'}`'d'f'g'p's'lx'(P()(O((&$(7&(.( E(G(J('U(pU(:](](Me(m(o(w(z())e))d))))")$)()(-)6);)P<)E)J)tS)iT)T)RU)X)])^)_)n)x)x){)|)*D **C*'*2*5*7*\;*5D*3I*M*T*IX*h`*c*Ke*g*h*h*Qi*kk*ql*%m*n*n*p*Tt*u*v*Qy*z*+++ +*+++/+58+<+G+G+zH+H+P+M^+a+Ce+`f+g+w+/y+|+,, ,^ ,V,,!,',p3,89,@,`O,=Z,\,)],k,Im,q,t,t,x,||,Z},----!-e#-{%-n)-7*-.-/-@B-E-R-S-T-Z-u^-c-e-k-v-w-W~-!..1 .@ ....V.|.f&.I0.o2.2.:.fH.J.L.mQ.8S.S.=b.Hg.Di.Go.|.///m/h/1 /-/w3/4/:/J/N/T/+W/0d/f/jg/i/k/uu/|/0/0D0[000I!0y$0.01010f<0>0UB0D0D0^O0T0V0X0X0Y0h^0b0Gf04z0{0|0T}0~0'1 1 1 11&1'1+101Z5171#;1e<1/>1?1B1xC1\1>b1nc1Ke1h1i18{12 222222v#2#24242p;2IE2F2F2L2O2#Q2S2V2Z2^2_2b2j2Io2p2s2]v2n33`3Q3"3#3]$3b)3d-393I>3B3I3J3bL3Q3S3_3Wh3s3u3u3D}3t}3 3o4#4<*4.,4.43444I64l94<4C4PD4)K4[M4.P4U4U4_4a4f4n4w4x4p~444 55555(535U;5=5qD5H54T5!W5}\5c51d52h5l5t5v5{5{53|56R6606 6 6 6b6I6666616!6!6@"6$6,6e.60:6?6?6C6IF6F6H6I6CK6=N6RY6^6q6^x6z67>77x7d77K*7+7,7697c<7?7?7F7 W7Z7[7_]7^7 `7@b7Mb7`d7h7_n7n7!s7{}7*88=8: 8'8~(8,8-82878,:8uB8F8Q8W8X8`8f8'j8m8Wt8wv89f 9 9s999_9 909s89=9=9@9J9K9L9M9V9Y9 Y9f[9[c9q9r9x9t|9C : ::V:f:::O,:G-:6:8:::;:;:.M:M:8W:Z:b\:/e:k:n: y:y:{:}:~:;C;o;!;%;%;/;2;#3;q7;w>;S;Y;Z;[;`;e;i;j;l;Lm;m;n;<k<& <<<<p'<@<FF<IF<3S<qU<\<9a<t<u<=== ==w=#"=y,=.=>=(D=F=G=N=O=6R=U=X=Y=]a=l=t=0w={=> >H>V>>t,>.>p?>K>b>f>n>u>h}>J?? ??R?????#?$?u7?5B?B?dH?yI?R?S?Y?_?c?zh?p?Cw?p|?@@,@ @m@@m@@@@@@H @j#@+@+@x7@I@I@L@N@T@W@X@_@qh@`j@FFFKF}LFQFRFyYFZFraFfFRpF`vF/zFaFFjG GrGDG #G/G2G<9GG:G?G@GsAG8BGFGPGWPGmG[qGsGKtGxG{G/}GHH-HH6 HB HHH H H#H)+H,HF>H?HGMH,QH[HjH5mHtH~vH|HI5II I,IIpIIl+I=.I3It9I?CICIII|NI.OIRI'YIn^ICbIodInIupIpIIqI.I(J JJhJC#J%J19JRJRJUJBcJdJpJK K\"KZ+Kz,K\=KFKJK&MKQK\SKZK_KbKcKfKDwKzKkLL^L LL LLL$L(L*L/L=4Lv7L8LLyALMLQSLvXL]LaL"wLyL M M1 M/MMMM#M M%M*M5MAM'CMZDMHMRMUM^MD`MbM]lMvMw{MUMN]NNNfN.N|2N3N!9N79NU;N;N ?N}?NtDNINKNTNUNVNlZN]N`NrNOO OOO O!O*Oo+O-O!1OvBOGOLOXOYO^O`OcOeOS>SDSDSKHSNS3SSTSTS4WS_ScaSaS]gSgSgSIpSgtSgySB{STTT TT T@Tj T&T.T5T6T 9T;TATmCTbRTwYTfTgThTxT9}TU U"U$U$U$U*U+U+U(5U6U;U;BUDUEUEUNUPUFSUbTUiUUVU]UfUoUzzU{U{UVVVV?VuHVLVmVV[V\V_V|fVfVDpVxV~V~VVi WsWWyW W4W7W07W_eG_Q_T_`_@i_"n_o_{_%``2 `L``"``+`.`A9`;`2@`%F`G`N`O`Q`T`Z`q`q``a,aW)a-a6a>aBaeEaEaMaSa]XahaiiaBnaOpapavaza0b b>bZbb/b /b5b&7b9b:b>bE?b@bGbAJbMbw`babcb|fbibjblb$rbksb7{b |bbcc c c9ccZcccca!c$c%cz(c[6c9cUc5?cDcMc\c_cfc^kclcmmcoc{ccdEddQdd dd$dA9d=dPdRUdXVdZd\d\d]dfdhdwmdvd}zd}dReree6ee5eeeKeYe e%ej'e(e*e,e,e0ej1ee?eDeOReSeUeYe_\ebeoepe_{e}e~ef fffP f#f*f*fm.fV2fj;fEfGfSfXfpf^rfufXwf:g g g gggg0 gA go&gp1g7gFg2GgGguHgIgRgeg nghhhBh9hh&h-h5h5hV9hM=h=h9?h@hbFhIhJhKh?MhYhah?ohshvhXwhzh${hY}h i i i.iiiii%i'i6iDi)FiVi]i`iaidinisiyzizi~iR j8 j jejj&j5j.:jIjkJjLjSj[j#\jL_jj_jbjcj\jjljpjwj0kkk2k k k3kk kF!k`6k;k@k CkKkKkONkVkoVkWk]k&^kekEikpkll)ll&l"lZ&l'l)l*l.l1l3lAlFlTlcWlz[lIblblbl@el&flEfltllllnlolqlvlwl+xl{l|}lV~l"m:m>m3mm!m?+mBmEFmPFmGmNmQmRm^mdmfm*hmRmmnmrmtmzm?m( nQn5nnnnX%n2n7n=n>nAnbIn,OnQn]SnSnTnTnYnrErOrXXr\rergrBzr{rws,s>szsssks,!s"s's,s-s.s;1s8s?sAsBsKCsLsRsjSsUsXs[s.^s_s)esqeshqsOss,usG|sDt t<ttP-tf1t1t5t:t>IJQPZTT6W[1g_hikp} '$#^+ .v.0;<=?HMVR_cips4u|j *v]"'5,@-.6=@BQ^`mj3qBqvy}dhS{c &('s3569S;MYvby#zsL^  kt2Y!#%B'Y36f9AEKQ SFadk{c(o's279:=X[a]r]Z^'pFs!uwz}W^ k!%2-/91|258<?FT[<]T_td;enAz|s~e.<^&r1 $?P\"a)++K=AwDE+PT^s__`cdFgy{`OY ; seR$,+23H:RFyJYZ.\cfmlu?x < x18:DIQQST}XVchjosuDw{g$hI_io_),S5; @IMQRE]J`cjJq:}tdY*,16M:0<vHUWXh^_i``IghlqvrTsssTyW 4 s('*,(1n4R894@UC\FDGOIPQU)V^mdlrrsuv>x  %,-/Y05i6 9g9<$EGGKNBR{``dghmr'v|nu X"P#0h66;>?@HNPS_agowz{"}*n&u&z123/5V?BEOT^~ttw. ( *8p<D|F0LNUJX3__g(nrH~c?#Jt !""3#&#)_0>CWG%LNPRUsop q|~= w r*l.'/ 126?AKN S_SZeh]]bdejAlp3xby q !! ):KlLN^_`bDd_fiPnsuhzb0!z$%h)L+v+,=48&=J@aH]bgkttuvH}L$%/+++7L8%9ByCLKzL}P^'dejj!l>FD lz !49<?jBjE?FHPQRR>[_|kap #%-v55GIMQSW[e,hian|/ \##Y$%a' (6@:DKM]NY[[bd"eIhZlm L"]#(-)66668:B==CWEFM#Q2TU2WtYa]bgjpqtL~# h ~ k (+-667F,HH*LAT2XAX\kh~h?jmn6y -b %../x5;m>I6PRoX]_codfllrrrs#t2uuv{!%t*.2I88<=8?CHhKKXZZb[dCeWk&lWmub $j(,z33280<<=ABuRYSVVR]c``_dghhi2w|^~KIW!** /3Y3;==]FMMQWqY!Z bbjtuvx U4%_,Y6v:>@AA7BC`CsMQ]]A^_[gmNnvy{7%&).7D>{BBEGIKzKMNRvSY]^kcd$j)j E o%h'3()-E.D14"68n:j<@BD=GFKnKUdVVZ`fXlorQ[z))-N..//j8FmIpUEWfm7pr|R | X $%s*.<2e4=D/FRcSSTWY!]hlpq |}s Fu {'i*+5>]KMQ_bbfg;l|} 5 "n%,2.8Y@AGHLOZPWY`a7mn}H!7#9 @C,GDGQYS]s]~`kbops}84. W c/1K8;;"?DF G_J!NOLY_HbnboIa}A*i.K/x/CGLL_`2d_eYijqV|}!1::<*AGK8LRTTCbzb imp] E bt*,148 AChLOUZZ_cbhqkGttxj}*`I\)+/4G8H9;>?@2AGL/XZjny8{~ h #'*.?C^EGIQHZZ\9emnnv$ 0 *!@''F/: ;]<HOGIUWfg)j>tzH$#o)f./;FIJ")z)P45666EYFGKPIRRVX\elq zz5~~i' %(c#o% ,K44;AD(IL0OY\_[kneor?uuivpzzCv w))-//55:LrOOSaqhpps t]vTC 9"K"%i(`))17#:>AT_ci{i+j[nPpqru`X'ppC!%'.8;8?@CM5RRY`h.nno&s  p U %@))+w35ZGSLkMQN4_dgh+j"lgopw mE$25j>>GJVWkdd|nt&y &+n259?0@FBG+_bdhzno vw{?~V!H)*0;>VI\\5a d4irts{|~0 1 3# 1"#*o119BCZaSllrt{S}154<DIRSWX] zYu#]')#),-119&<<URS_p`hi&kkuw]xIk j%`2j6D@gBGKPPxQZ]^_aglvpx(l=3>Qb a!!%,g;w?%@]CS3WZ^McPq{}0~&^ #'*+.+e++3 :;E<GDKRRWWX\zhj mOm{{  Q 7#288g>BF]MOPaXddwrxy z C c p# &/?8<IN8QXV`[m]`aikpwM 5:<ANZr!1#&D+Y+=?rF_IsKOq[J]_behpqs"{y}-~/ +-2%38>EJKoMM`NAVRV_eh{J >n",68h;=R^[bcdeiikypqvwxWy|C >%(i,,2iEhUXaGddm3n'ovw|}i%%32C7::5<Qo[ cgu!wYx0}U  5<H>I+KTMMh\xdpqPy} )#$9%( +U.0BJNfjokzz Z4Q!!--<./4=BBCJKMV2EHHIN P9P R^RvUMdghKlmIw0~mX!)G6:L@pADcHOP7Q-z,>&A&N/PH[}f3hAx SHKWEor(*J-[11L37T<@9FtFrJJLUVV[_cipsvvw`zz=|}L<f i k$ #K%&p,000V2^<U?CAN)QTUCVY]]kfgm nFtxUu Yi(*,37GQTYZRdfllqIu6y &!I"Y',7;*<@NyN{VY\bupqis]v~{{} GF].2^57w?;@8CII^S`Y.ZCZ9[TlOoqvjyb|wG!24594;O<> BJaWXa^ be 9T(,0N578f>>??7A5CKVLUU@ZcfkzpqsuLvww y,0]X$a&d&d)./4379<>FV[[^zcquv{R|lf\@\^!2&) .0};O<ABCNUXt_ce.fgynnuI}4 |3'13&67u=EEEFjHIJSlXQY[^m`e hq%stu\xxs|K 9"%,-{0<=MRNTTZ``Vff3opuwww>yQ}~M%%'jMPPYZT\\$^j u{%~}# t,$&,34:::M?JST[E\\]cye iUmnnvwy`| "#Q*/A8d8W9EhH+KLyfQir ? %~&RX`aklx~  j !T"$)01{<>NZf hmrz|Lq*S1A467@=EHiSa&ei"w xwwh O%(23kABObPSWX.Y(]+cd(foopIqqxE~?Mi!s%\'*,.0886<8=?CFGaWoorqtK{ W?t!k29,:X;<AEQFLGO,UbdmegmilXppsN5= !L2!"*.0>BGoTT[5]^gswx)()9<=LQ$QS0euyN n #%%&'070^7:@GLQS:Z[\_`Og3oo]v&wzPv#$i$)c68EGKLO/RVYYZhx(|Tg&,-.,9k<UEPnWWN[a%a#ddFmZpt|l 37(!&+, 8HJ5W[f '-05 >G?BCKGKNP6SV`duRw& 7/A>X>D(FHPVQQS=T?Ux`je:ffwhdlmpir~ ]##$\.2,GRTXZ/\fgoqtjvw  &j,15f667oLL,NWXf[p`efmnnoxy{~w "l&d-0<92;v>A|BGGJNQRTTZ<`dwg|jop`v9wx} m@1p317HIJLWWY^bagjozz}~*d 1+-m..3 ;HAC}DHPLV~\]_'akmnp3wrN V$$!%#=#%J(,3jBxEILS*TXbdgkmnz~~ 0eh!,"'):BD"J3JQJuRWWZ[]^_aak@mvwTz( ]7187:\AAMNUkpktyl Am#8.!>TFJSxTY-Z]cc kmor vvwrt9 /"*$-!-p-04BOSZl[|\YkkIloo9u/v8Cu$$ 0=349BGK~MTTh*il2 !"$/P3N894=w?@BJNbQRX!c~eCintCw#{h}{$l%%+-0m3z7:BHRbln&xzX F w>]!;"(<.E/:9g??EFLL[Q_bkmzntu  &%+568=>AxMP1abefj nppx$De ,!"6(@,_-S5_6#78S?nGyPpUZ]ikknpprh|+-@@Unknown G*Ax Times New Roman5Symbol3. *Cx Arial3*Ax Times7@Cambria5" Tahoma?= *Cx Courier New;WingdingsACambria Math"1h1F'1F'!) q!) qqp0J$P_>F6!xxc ,END   Oh+'0(x   END Normal.dotm1Microsoft Office Word@@=@= !)՜.+,0 `hpx  q END Title  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root Entry FpRData 1TableWordDocument8SummaryInformation(DocumentSummaryInformation8CompObjr  F Microsoft Word 97-2003 Document MSWordDocWord.Document.89q