Steps to do before you make your 1st student loan payment.
Student loans often help make it possible to earn a degree, which over time can help you earn more. If student loans were a part of your college funding stragety, you’ll start repaying them soon. Follow these helpful tips along your path to repayment and you could be well on your way to a bright financial future.
Know what you owe. Review your federal student loan borrowing history.
-Visit StudentAid.gov and NSLDS.ed.gov to view all of your federal student loans and to find contact infrmation of your loan servicer.
Make sure your servicer knows how to contact you.
-Inform your sevicer if you change your street address or phone number.
Select the repayment plan that’s right for you.
-Research repayement options at StudentAid.gov/repay
Make on-time payments
-This helps to build and maintain a good credit rating.
Consider paying a little extra each month
-Paying just a few extra dollars of prinicpal each month can go a long way toward helping you pay off your loans faster.
Seek help at the first sign of financial difficulty.
Use deferment and forbearance only as a last resort.
-Postponing payments can cost you if unpaid accrued interest is added to the loan balance.