Information for Alumni
From time to time new legislation may have an impact upon Pacific McGeorge alumni. Following commencement, graduates may want to check this section for important information about such subjects as consolidating their loans and tax benefits associated with student financial assistance.
Extended Repayment
There is a new repayment option available for all Federal Family Education Loan Program (FFELP) borrowers who had new loans on or after October 7, 1998. If you have outstanding principal and interest in the FFELP loan programs totaling more then $30,000 you could extend your payments over 25 years. This would include your Federal Subsidized Stafford, Unsubsidized Stafford, and Graduate PLUS loans.
Loan Forgiveness and Repayment Options
The new College Cost Reduction and Access Act created a Public Service Loan Forgiveness for borrowers who work in public service jobs and a new repayment option, called the "Income-based Repayment Plan". The repayment plan will not be available until 2009. For more information please read the 
attached article provided by the National Association of Student Financial Aid Administrators (NAASFA).
Frequently Asked Questions Regarding Public Service Loan Forgiveness
NASFAA has been contacted by hundreds of borrowers with questions regarding the new public service loan forgiveness program introduced by the College Cost Reduction and Access Act (CCRAA). You may have similar questions. NASFAA has prepared a Frequently Asked Questions document regarding public service loan forgiveness to answer the most frequently asked questions by borrowers
Consolidation of Loans
Consolidating your federal student loans (Federal Subsidized Stafford, Federal Unsubsidized Stafford, Federal Graduate PLUS and Federal Perkins) enables you to receive one monthly statement and to spread the payments over up to thirty years. Consolidation offers a way to decrease payments during years when earnings are less than they will be in the future. Be aware, however, that by paying loans over a greater period of time, the total amount of interest paid will increase. If you are able to pre-pay in early years, there is no pre-payment penalty.Top
When you consolidate your loans, you are getting a new loan and must sign a new promissory note for the Consolidation Loan. The interest rate on a Consolidation Loan is fixed based upon a weighted average of the loans you submit for consolidation. If you have already consolidated, it is not possible to decrease the interest rate by "re-financing." Using the weighted average on a fixed interest rate loan, with no new lower interest rate loans to include, the weighted average used to determine the interest rate would be exactly the same. In addition, in order to consolidate a second time, you must have at least one new loan to include.Top
Be sure that all federal loans are included by using NSLDS (National Student Loan Data System). Please keep in mind that only FEDERAL loans can be consolidated. Alternative Loans have a maximum payment period up to 25 years and must be paid separately.
If you have any questions, please feel free to communicate with the Financial Aid Office by emailing or 916.739.7158.Top
LOAN CONSOLIDATION Q & A
Is loan consolidation right for me?
Which loans can be consolidated?
Should I include a Perkins in the consolidation? Yes and no.
When should I consider consolidating?
How do I get interest rate information?
What does "booking" a consolidation loan mean?
Who should I contact for consolidation?
Where can I get information about my federal loan portfolio?
What are borrower benefits?
What should I do with all the "junk" mail from loan consolidation companies?
University of the Pacific, McGeorge School of Law Information
Is loan consolidation right for me?
Most lenders have calculators available on their websites to determine whether or not consolidation is the right thing for you to do. Visit your lender's website and play "what if" games with your student loans. The one major benefit of consolidating is to fix the interest rate. Some unconsolidated loans normally qualify for better borrower benefits.
A consolidation loan is still a federal loan, but it is a new loan with new terms. Make sure you understand the new terms! You should never pay a fee to consolidate a loan.
Some unscrupulous companies are offering a "super consolidation package." They say you can combine your alternative loans and federal loan together. If you do this, you will have a new alternative loan which means the interest rate varies with no cap. Do not become a victim of exaggerated and false information. Top
Which loans can be consolidated?
Only federal loans. Subsidized and Unsubsidized Stafford, Subsidized and Unsubsidized Direct, Graduate PLUS, Perkins, and old loans (GSL, SLS). Please remember that alternative loans are not federal and cannot be consolidated. Top
Should I include a Perkins in the consolidation? Yes and no.
1. Perkins loans are at 5% fixed interest. If you have a high dollar amount of Perkins, the 5% interest rate may affect the weighted average used to determine your interest rate.
2. If you want the convenience of having just one loan payment, then including the Perkins in the consolidation loan is the answer. (Remember, that alternative loans are not federal and will be billed separately).
3. If you are intending to practice law in law enforcement (e.g. DA, US Attorney, Calif AG, Criminal Division, DEA, CIA, FBI) then you need to leave your Perkins out of the consolidation. There is a forgiveness provision for Perkins if you are in law enforcement. Contact the Pacific Loan Office in Stockton at: 209.946.2446 regarding eligibility for the forgiveness provision. (Also, teaching at low income schools may qualify).
4. If you include a Perkins in the consolidation and THEN enter law enforcement, you cannot take the Perkins out–you lose the forgiveness option. Top
When should I consider consolidating?
If you graduate in May, then on or about October 1st would be the best time to contact your lender about consolidation. It takes 30-60 days to consolidate a loan. If you have multiple lenders (e.g. Direct, Perkins and FFELP) it may take longer. If you graduate in December, April 1st would be the best time to contact your lender. Top
How do I get interest rate information?
You can get information from your lender, from www.loanconsolidation.ed.gov or from any guarantor such as EdFund www.edfund.org. Top
What does "booking" a consolidation loan mean?
Some lenders "book" a loan when the application is received. Most lenders "book" a loan when all the paperwork is complete and the borrower is ready to get a payment booklet or a bill. Make sure you find out when your lender books a loan so that you don't miss a deadline. Top
Who should I contact for consolidation?
You can choose any Lender that offers Federal consolidatin. Top
Where can I get information about my federal loan portfolio?
Keep in touch with the National Student Loan Data System at: www.nslds.ed.gov You will need a PIN to access your account. The Office of Education sent you a PIN when you filed your first FAFSA form. If you have misplaced the PIN, you can log on at http://pin.ed.gov and they will mail you a PIN within 10 working days or if you have email around 72 hours. Top
What are borrower benefits?
Some lenders offer incentives and rewards for good payment. Contact your lender regarding what borrower benefits they offer. Top
What should I do with all the "junk" mail from loan consolidation companies?
We fear that if you do consolidate with one of these companies (who are bombarding you with propaganda about their programs): if they don't get the volume of business they need, they will get out and your loans can be sold somewhere. In addition, most of them are grossly exaggerating their borrower benefits. Check with the Financial Aid Office if you are unsure. Chances are you will find that your lender has better borrower benefits! Top
YOU MAY CONTACT THE FINANCIAL AID OFFICE AT ANY TIME FOR INFORMATION AND ASSISTANCE 916.739.7158, or 
email. We usually respond the same day. The EdFund website at: www.edfund.org has excellent information about consolidation. Look for the booklet called Students Managing Loan Consolidation found under publications. It can be downloaded or browsed on-line. For information about Perkins, contact the Pacific Loan Office in Stockton at 209.946.2446. Top
Remember to change your name, address and phone number with your lenders and the Pacific Loan Office on the Stockton Campus within ten (10) days of such change!! Top