Within the SDS online tool, after entering your income and goals, uploading your student file, and answering a brief set of questions, we analyze your data to present a list of available plans and programs, along with a recommendation for the best solution. Now, let’s dive into the 'Build Your Plan' screen to explain what you’ll see.
There are three main sections:
Key Financial Details: This includes the initial monthly payment, the total repayment, and the term in months of the plan. If there is any loan forgiveness, that will be shown here as well. Remember that with Income Driven Repayment (IDR) plans, the monthly payment will adjust over time based on your income (which needs to be reported annually).
Repayment Plan Descriptions: When clicked, this explains the type of repayment plan that is shown in the title. Also, the title will refer whether multiple loans are being “Consolidated” or not.
View Savings: This button compares your current loan financials with this specific plan. Also, this button is shown on every plan displayed for you to consider. This allows you to quickly see the difference in financial terms from one plan to another.
Why is this plan “recommended”?
The first plan "Option 1" is always the Recommended plan. SDS makes a recommendation based on the selection that was made earlier in the program. This is the slider-bar where SDS asks for your goals – lowest monthly payment, lowest total repayment, or a balance of these two. If you would like to see other options, you can always select “view more options” which is displayed right after the recommended plan. Selecting that link will show you all of the plans you are eligible for.
If I select this plan, will I be stuck with it?
Selecting a plan does NOT lock you into that plan. You can always make changes to go back and select another plan if your life situation changes (job, family size, income) or if new plans become available from the Department of Ed. Log in to see your options.