Repayment and Deferment
Generally, the repayment period for federal student loans is ten (10) years. Extended and/or income-contingent repayment plans are available to qualified borrowers. You must begin repaying your loan once you graduate, withdraw from school (formally or informally), or drop below half-time status (6 credits).
Students can find important information about repayment rights and responsibilities, grace periods, managing your debt, and tracking loans here.
In addition to the federal studentloans.gov website, there are many on-line resources for financial and budget management including:
Entrance and Exit Counseling
Iona College students who borrow under the federal loan programs are required to receive Entrance Counseling prior to loans being disbursed to student accounts and Exit Counseling when they graduate, withdraw from school, or drop below half-time status (6 credits).
Entrance Counseling for Direct Loans is conducted online at studentloans.gov
Entrance Counseling for Perkins Loans is conducted online at Mapping Your Future at www.mappingyourfuture.org
Exit Counseling for both Direct Loans and Perkins Loans is conducted online at Mapping Your Future at www.mappingyourfuture.org
The College receives an electronic notification when a student has completed the online counseling.
Deferment and Enrollment Verification
Iona College has authorized the National Student Clearinghouse to provide degree and enrollment verifications for Employer or Background Screening Firm.
National Student Clearinghouse may be contacted through the following sites:
Enrollment verification is necessary for deferral of loan repayment during studentsâ€™ ongoing course of study. Student Financial Services provides official evidence of enrollment at Iona College for health insurance agencies, housing authorities, banks, etc.
If you are a Student, Verification of Enrollment can be completed online via PeopleSoft. Simply log in to PeopleSoft and go to:
Self Service > Academic Records > Request Enrollment Verification You may then print your Enrollment Verification.
If specific forms need to be completed, please send them or bring them to the following address:
Office of Student Financial Services
715 North Avenue
New Rochelle, New York 10801-1890
Fax: (914) 633-2486
If not currently registered, borrowers should contact Student Financial Services at (914) 633-2497.
The National Student Clearinghouse provides enrollment certification to employers, lenders, guarantors, and/or loan servicers as requested by the student. Throughout the semesters a student is in attendance, any changes in enrollment status are updated automatically.
Please consult with the lender, guarantee agency, or servicer to determine whether they require a Loan Deferment Request Form to be filed every semester or if a single request form is sufficient for the duration of in-school enrollment.
If seeking to defer loan repayment for reasons other than ongoing in-school enrollment (due to economic hardship, for example), borrowers must contact the lender or loan servicer for information about available options.
Federal Student Aid Ombudsman
The Ombudsman’s office is a resource for borrowers to use when other approaches to resolving student loan problems have failed. Borrowers should first attempt to resolve complaints by contacting the school, company, agency, or office directly involved. If the borrower has made a reasonable effort to resolve the problem through normal processes and has not been successful, he or she should contact the FSA Ombudsman.
Office of the Ombudsman Toll-free: (877) 557-2575
Via on-line assistance: http://studentaid.gov/repay-loans/disputes/prepare
U.S. Dept. of Education
FSA Ombudsman Group
830 First St. NE
Washington, DC 20202-5144
Fax: (202) 275-0549