Financial Literacy and Resources
The Office of Student Financial Services is committed to providing Berklee students with information and resources to help them become educated consumers on topics such as banking, budgeting, saving, and other important money matters.
Announcements
Visit this page for current news, resources, webinars, events, and pre-recorded videos that will help you navigate your post-graduate financial journey.
- The Federal Student Loan Payment Pause due to COVID-19 is ending soon! Learn more.
- Learn more about current information about the One-time Federal Student Loan Debt Relief.
Loan Repayment Resources
You must complete exit counseling when you leave school or drop below half-time enrollment. The purpose of exit counseling is to ensure you understand your student loan obligations and are prepared for repayment. You'll learn about what your federal student loan payments will look like after school. Federal Student Aid will recommend a repayment strategy that best suits your future plans and goals.
FSA is the go-to website for comprehensive information about federal direct loans. Get information about repayment options, loan consolidation, and loan forgiveness.
NSLDS is where you will find information about your specific federal loans. Find out who your loan servicers are, how to contact them, and see your loan amounts.
Loan Simulator helps you calculate student loan payments and choose a loan repayment option that best meets your needs and goals. You can also use it to decide whether to consolidate your student loans.
Avoid Loan Default
A student defaults on a federal student loan when they have not made any satisfactory payments for 270 days (about nine months). Most students default because they are unaware of their options or they have not kept their information up to date with their federal loan servicer, so they miss important information. If a student defaults, that student is no longer eligible for federal student aid AND the U.S. Department of Education can garnish their wages, federal or state tax refund, or other federal benefits such as social security.
If you are having trouble making payments, do not ignore your loans. There are options available that can help keep your loans in good standing even when finances are tight.
- Change Your Payment Due Date: Do you get paid after your student loan payment is due each month? If so, contact your loan servicer and ask them to switch the date on which your student loan payment is due.
- Change Your Repayment Plan: What you ultimately pay depends on the plan you choose and when you borrowed. If you need lower monthly payments, consider an income-driven repayment plan. This type of plan will base your monthly payments on your income amount.
- Consolidate Your Loans: If you have multiple student loans, you can simplify the repayment process with a Direct Consolidation Loan. This allows you to combine all of your federal student loans into one loan and a single monthly payment.
If these options don't work for you and you simply cannot make any payments now, you may be able to postpone your payments through deference or forbearance. However, interest may still accrue during the time you do not make payments.
Don’t forget about your private loans! Make sure to ask your parent or someone else who might have helped you secure financing for your education. Check with your private lender(s) to stay up-to-date on your repayment options.
Financial Literacy Resource
Educational Credit Management Corporation (ECMC)
Berklee has partnered with ECMC to provide students with financial literacy tools and resources. ECMC is a nonprofit corporation that assists students and families in their efforts to plan and pay for college. Solutions at ECMC helps students understand the complexities of student loan repayment. Students with questions about federal student loan repayment are encouraged to take advantage of these free services that are being provided by their school. Some of ECMC’s tools include:
- Financial Awareness Basics (FAB)
- Banking
- Budgeting
- Credit Reports and Scores
- Preventing Identity Theft
- Saving
- Understanding Your Paycheck
- The 411 on Managing Your Finances – Helpful Financial Resource Guide
Other Financial Literacy Resources
Savings and Budgeting
Mint brings together everything from spending, balances, and budgets to your credit score and more. Access your financial life in one powerful app.
Finaid is a great online resource to help students navigate financial aid information, advice, and tools.
FREE Credit Reports
Getting your credit report helps you avoid errors on your credit history and can protect you from identity theft. Make sure your information is current, complete, and correct. It's important to do this at least once a year.
Webinars and Pre-Recorded Videos
How to Complete Exit Counseling
Repayment: What to Expect
How to Manage Your Student Loans
Using the Loan Simulator Tool
Loan Repayment Options
How to Regain Access to Your FSA ID
Budgeting
