Financial Education FAQ

What does UM Financial Education Program do?

The UM Financial Education Program is dedicated to empowering the UM community to make informed financial choices and take action to improve their present and long-term financial well-being. Students with questions about getting student loans, repaying student loans, student loan forgiveness, or consolidation should be encouraged to make an appointment. In addition to these topics students with Financial Hardship questions, or Personal Finance (budgeting, saving, account maintenance, credit, etc.) questions should also be referred. Appointments can be made at (406) 243-6016.

What time is the UM Financial Education Program counter open?

The UM Financial Education Program tries to maintain the same hours as Griz Central. If the front counter is closed a sign will be posted directing students to the Office for Student Success in LO 269. Students and parents can call ahead to schedule an appointment at (406) 243-6016.

Where do I go for EXIT Counseling?

A student can come to the UM Financial Education Program counter in Griz Central for exit counseling.  It’s a great opportunity for students to ask questions about their student loans and their particular circumstances.  A student can also do exit counseling on-line at www.umt.edu/finaid.  The student clicks on Stafford Loan Exit Counseling link.

What is loan consolidation?

Student loan consolidation is the act of combining federal student loans that a student has borrowed into one loan with one lender.  Perkins loans can be consolidated too.  Private loans for a student’s education taken through a bank or credit union CANNOT be consolidated.   Consolidation does require an application. 

When should I consolidate my loans?

Students cannot consolidate while they are in school.

Students are eligible to consolidate their student loans when they are in their grace period or repayment.  A grace period starts if a student quits, graduates, or is enrolled for 5 or fewer credits at University of Montana.

Who does Private Student loan consolidations?

There are a variety of loan servicers, for and not-for-profit, that do loan consolidations.  It is a consumer beware situation.  Students need to do their research and make sure they go with a reputable company that will not sell their loans.  Most information received in the mail is a marketing gimmick designed to scare students into thinking they are being taken advantage of if they do not consolidate now or with that company.

Who do I pay my student loan back to, or how do I make a payment on my student loans?

The UM FEP office can assist students in finding out who their servicer(s) is as well as how to go about making a payment. They can schedule an appointment in advance by calling (406) 243-6016.

I don’t want my refund check.

Students need to return the current semester funds through the Financial Aid Office.  Students need to make an appointment with Diane Llewellyn or Connie Bowman through the Financial Aid Appointment Desk to cancel the refund check.

Was this helpful?
0 reviews

Details

Article ID: 63364
Created
Tue 10/2/18 3:02 PM