10 Tips to Stay on Top of Your Student Loans While You’re in School
We know there’s a lot of information to take in when it comes to your student loans. Here are some tips to help you manage your loans, including ways to save you money while you’re still in school.
Reveal Stay Connected contentStay Connected
Throughout the life of your loan, we’ll share important information with you. To make things quick and easy for you, and to save a tree or two, we suggest a couple simple things.
TIP 1 Sign up for account access at mygreatlakes.org. You’ll be able to track your loans and get important information about them.
TIP 2 If your email address or other contact information changes, update your Account Profile. We want to be able to reach you, so we can help with whatever you need.
Reveal A Change in Plans? contentA Change in Plans?
No two students take the exact same route in school. Some attend full-time, others part-time, and still others change schools. Whatever you decide, make sure your school enrollment status reflects your changes. For example, if you take a leave of absence or attend school less than half-time, there are specific things you’ll need to know about starting to pay back your loan. We want to make sure you have all of the information you need in order to help you make decisions.
Reveal Know How Much You Owe contentKnow How Much You Owe
It’s easy to lose sight of the total amount you owe on your student loans. Each time you receive an additional loan, keep track of the total to prevent any surprises after you leave school.
TIP 4 Check out the U.S Department of Education’s (ED) financial aid central database, called the National Student Loan Data System (NSLDS). It receives information from the key players in the student loan industry to provide you with information about all of your student loans, not just those serviced by Great Lakes.
TIP 5 Use ED’s payment calculator to estimate what your monthly payment amount might be after you leave school.
Reveal Smart Borrowing contentSmart Borrowing
One of the best ways to limit your overall student loan amount is to only borrow what you need.
TIP 6 Don’t borrow the maximum amount just because you can.
Reveal Make Payments While In School contentMake Payments While In School
A great way to hold down costs is to make student loan payments while you’re in school.
TIP 7 Making payments while you’re in school can reduce what you owe in the long run. Depending on the type of loan you have and when you make your payment, it will either be applied to your principal loan balance or the interest that’s accruing (building up). Either way, you will have that much less to pay when you are required to begin making regular payments.
TIP 8 To make it a little easier, sign up for Auto Pay to make automatic student loan payments, or make one-time payments online, by phone, or by mail.
Reveal Know About Your 1098-E Interest Statement for Taxes contentKnow About Your 1098-E Interest Statement for Taxes
During each calendar year, the interest you paid on your student loans may be tax deductible.
TIP 9 You’ll want to have your annual 1098-E Student Loan Interest Statement on hand when you prepare and file your taxes. Your statement is available each January from your mygreatlakes.org account. After logging in, select 1098-E from the Quick Links menu.
Reveal Expect It contentExpect It
TIP 10 We’re your student loan servicer and we’re here to help you. Expect outstanding customer service from us. We promise to deliver.