If you have recently graduated or you are otherwise at a point where you are repaying your student loans, below are a few tips for helping you keep your student loan debt under control:
- Understand your loans. You must make sure you understand the balance on your loan and the repayment status. Keeping track of these details will help determine your options for loan repayment and forgiveness.
- Understand grace periods. A grace period is the amount of time you can wait after leaving school before you are required to make your first payment. Grace periods differ significantly, depending on the kind of loan you have, so it is important to review your contract and properly schedule your first payment date.
- Communicate with your lender. It is important to let your lender know if you move, change your telephone number or get a new email address. Also, make sure you open all mail from your student loan lender. If your lender needs to contact you, but is unable to do so, it can end up costing you more. Ignoring or avoiding your lender can lead to you defaulting on your loan.
- Commit to a manageable repayment plan. Most federal loans are automatically based on a standard 10-year repayment plan. If this is not a workable plan for you, consider lowering your monthly payments by extending the repayment period. Just remember, the longer your payment plan is, the more interest you will pay. Even private student loan lenders are often willing to negotiate repayment plans.
- Get help if you need it. If you are having trouble making your student loan payments, don’t delay in getting help. We can help you seek repayment plans, loan forgiveness, deferment, forbearance, or loan consolidation.
Please keep in mind that every student loan matter is different. If you have questions about your student loan and you would like to schedule a no-cost consultation, please contact our office by completing the form on this website or calling us at (954) 932-5377.