Student loans can help you go to your dream college, but it can be a nightmare if you’re not borrowing wisely. It’s best to make yourself knowledgeable on the subject of student loans before signing any paperwork. Read on to learn more about student loans.

Make sure you stay on top of applicable repayment grace periods. This usually refers to the amount of time you are allowed after you graduate to pay back the loan. Keep this information handy and avoid penalties from forgetting your loans.

You are offered a grace period after you graduate before you must start paying on your student loans. For Stafford loans, the period is six months. It is about nine months for Perkins loans. For other loans, the terms vary. Understand when your first payments will be due so that you can get on a schedule.

Select the payment option best for your particular needs. Many loans offer payment over a decade. If this is not ideal for you, then there are other choices out there to explore. It is sometimes possible to extend the payment period at a higher interest rate. It may even be possible to pay based on an exact percentage of your total income. Some loans are forgiven after a 25-year period.

When you begin to pay off student loans, you should pay them off based on their interest rates. Begin with the loan that has the highest rate. Do what you can to put extra money toward the loan so that you can get it paid off more quickly. You won’t have any trouble if you do your repayment faster.

Pay off the loan with higher interest rates first so you can shrink the amount of principal you owe faster. If you don’t owe that much, you’ll pay less interest. Look at the large ones and see how quickly you can pay them off. After you’ve paid your largest loan off in full, take the money that was previously needed for that payment and use it to pay off other loans that are next in line. By keeping all current and paying the largest down totally first, you will more quickly rid yourself of debt.

Student loans come with a lot of variables. What you do now will follow you around for quite some time after you graduate. Wise borrowing is the way to go, so use this advice when applying for student loans.

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