f you’re like the majority of college graduates, you have most likely had to rely on help from student loans to fund your college education. Let’s take a look at 5 Tips For Repaying Your Student Loans:
1. Get organized:
The first thing you want to do is get organized. Knowing the balance, repayment details and lender for each of your student loans is key in preparing for student loan repayment. If you have federal student loans you will have the ability to visit www.nslds.ed.gov (The National Student Loan Data System) to view information on your federal student loans and/or receive exit counseling help. For private student loans, you can contact your lender to retrieve this information.
2. Get to know your grace period:
The grade period on a student loan is very important. The grace period is the amount of time you have from when you graduate college (or quit attending college) until your student loan payments begin. For many student loans a grace period of 6 months is typical, however each student loan (federal and private) is different, so make certain you contact your lenders and ask how long your grace period is.
3. Consider consolidation and/or other student loan repayment options:
There are different student loan repayment options and programs available, such as Income Based Repayments for those with federal student loans. Do your research and find the repayment plan that works best for you. Private student loans, typically offer no additional repayment options to borrowers, however, both private and federal student loans are eligible for student loan consolidation.
4. Make timely payments:
When you began making your monthly student loan payments, it is highly important you make timely payments and never skip a monthly payment. Letting your student loans slip into delinquency or default can create negative impacts on your credit and financial future for years to come.
5. If you need help, ask:
If you are having problems making your student loan payments or need help with questions regarding student loan repayment, simply ask. Contact your lenders and let them know what your questions and/or circumstances are. Lenders may be willing to help and work with their borrowers.