Many people think they cannot afford a college education. It is a fact that a good college education is an expensive endeavor, but student loans can make such a thing rather affordable. The following advice will help you navigate the loan process.
Know all the little details of your student loans. Know your loan balance, your lender and the repayment plan on each loan. These details affect your repayment options. This information is essential to creating a workable budget.
Make sure you are in regular contact with the lender. Anytime there are changes to your personal information such as where you live, phone number, or email, it is important they are updated right away. You should also be sure to read all of the information you receive from the lender, whether electronic or paper. Follow through on it immediately. It can be quite costly if you miss anything.
If you can’t make a payment on your loans because of unforeseen circumstances, don’t worry. Typically, most lenders will allow you to postpone your payments if you can prove you are having hardships. However, this can make it to where you have higher interest rates and more to pay back.
Don’t let setbacks throw you into a tizzy. Health emergencies and unemployment are likely to happen sooner or later. There are options like forbearance and deferments for most loans. Remember that interest accrues in a variety of ways, so try making payments on the interest to prevent balances from rising.
Paying down your student loans should be done using a two-step payoff method. First, always make minimum payments each month. Then, those with the greatest interest should have any excess funds funneled towards them. This will cut down on your liability over the long term.
Know how long you have between graduation and the commencement of loan payments. Stafford loans offer a period of six months. Perkins loans often give you nine months. Grace periods for other loans vary. Know what you have to pay when, and pay on time!
The cost of school is high, so knowing about student loans is important. Getting the financing to pay for school is easy when solid information is available. Use the tips wisely whenever you go to fill out those financial aid forms.
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