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Student Loans

2015 November 3 by Jennifer Walker

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 strategy, 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 information of your loan servicer.

Make sure your servicer knows how to contact you.
-Inform your servicer if you change your street address or phone number.

Select the repayment plan that’s right for you.
-Research repayment 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 principal 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.

Navient.com

Filed Under: Budgeting, Financial Aid, Loans, Money, Student Loans

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