Financial Tools and Links

We're alwaus on the look out for news and information to help in the Financial Aid process. Check out these resources for further information and help.

Credit/debt management

  • About.com provides a wonderful resource for managing your debt. These articles are useful for getting your financial portfolio organized as you transition from college to the professional world.

Loan consolidation

Credit Reporting

A credit report is your personal credit payment history. Lenders use it to decide whether to grant you credit. This history is compiled and reported by credit bureaus (also called credit reporting agencies) from information received from various grantors of credit—credit card issuers, mortgage holders, banks, or even retail stores that offer credit for purchases.

Your credit report shows your address, Social Security number, date of birth, how much you have borrowed through credit cards or any other types of loans including student loans, and whether or not you pay off your debts on time. You can request a copy of your credit report from these agencies:

Equifax
http://www.equifax.com
Information Service Center
P.O. Box 740241
Atlanta, GA 30374-0241
800/685-1111

Experian
http://www.experian.com/
National Consumer Assistance Center
P.O. Box 949
Allen, TX 75013-0949
888/397-3742

TransUnion
http://www.transunion.com/
Consumer Relations
P.O. Box 1000
Chester, PA 19022
800/916-8800

Most information reported to credit bureaus remains on your credit report for seven years, and some bankruptcies are listed for 10 years. You may have no reason to think there is negative information in your credit report, and you are probably correct. But it's a good idea to check. Credit agencies occasionally make mistakes. If your report is inaccurate, the credit bureau will tell you their procedure for disputing credit report information.

Important note: You should only handle disputes about credit information through the credit reporting agency. Be very cautious of companies or individuals that claim they can "fix" or "clear up" bad credit reports for a fee. 

Student Loan Management

In order to pay for school, you may need to take out student loans. Planning for successful repayment should begin before you sign your first promissory note. Just as you are making a commitment to your career by investing time and money in higher education, you should make a commitment to your financial future by effectively managing your student loans from the start.

It's a good idea to save all of your student loan documents and correspondence so you know exactly what you've agreed to, what's expected from you as a borrower, and how much you have borrowed. KCAI will send a Perkins Statement of Disclosure every semester advising you of the amount borrowed in the current semester and the cumulative total. Hold on to this! It's not a bill. It's advice.

  • Save documents
  • Keep copies of all correspondence
  • maintain up to date addresses and telephone numbers 

Repayment Tips 

  • Stay informed about your student loan obligations. Default occurs when you fail to repay the loan as agreed and/or meet the other terms of your promissory note. Refer to the Statement of Rights and Responsibilities.
  • Send your education loan payments when due each month, for the full monthly payment amount or more, regardless of whether you receive a bill.
  • Understand the repayment options provided by your lenders. With some options, you can minimize the total cost of the loan by making a high monthly payment , while other options may reduce your initial monthly payments and may make it easier for you to afford your loans early in your career.
  • Understand deferment and forbearance; exercise your options when you need them
  • Understand the pros and cons of loan consolidation and its repayment options

Contact KCAI if you

  • change your name or address,
  • Have questions about your billing statement,
  • have problems making your scheduled payment on time,
  • want information on or applications for deferment or forbearance.

Read and understand all correspondence you receive from KCAI