Whether you’re a fresh graduate, having a break from school, or have already started paying your student loans, the tips included below will help control your student loans. With these tips, you can avoid extra interest fees, keep your payments affordable, and protect your credit rating. If you have a hard time searching for a job or keeping up with your payments, you can learn important information here too:
Determine your Loans
It’s essential that you keep track of your balance, lender, and repayment status of your every student loans. Such details will determine your options for loan repayment. If you’re unsure about this, you can consult with your lender like the 15 minute loans direct lenders.
If you check your lender’s website, you can register and log in. Then, check the loan amount and repayment status of your loans. You can also check the original paperwork or billing statement that you have signed. You can contact your school if you cannot locate these records.
Take Note of your Grace Period
Loans have different grace periods. A grace period refers to how long you have to wait after leaving school before making your first payment. For Federal Stafford loans (or unsubsidized or subsidized loans), it will take around six months. Meanwhile, for Federal Perkins loans, it will take you nine months. The federal PLUS loans will need you to have six-month deferment.
The grace period for private student loans differ. As such, it’s best to consult your lender to understand more. Make sure that you don’t miss your first payment too.
Get in Touch with your Lender
Whenever you change your phone number or move to a new address, you must notify your lender immediately about this. If your lender needs to call you and you cannot be reached, this will end you costing a bundle.
Thus, you have to open and read every message that you receive about your student loans may it be by paper or electronic. If you’re receiving unwanted calls from the collection agency or your lender, don’t just hide. Talk to him.
Lenders like the 15 minute loans direct lenders are paid to work with the borrowers to resolve their problems. Collection agencies are mandated to follow certain rules. If you ignore your bills, you can face serious problems in the end. This can possibly lead to severe and long-term consequences.
If you’re having problems on your payment due to health reasons, unemployment, and other unexpected financial problems, you must remember that you have other options for managing your student loans. You can temporarily postpone your loan payments in a legitimate way. Examples of these are forbearance and deferments. There are options to temporarily postpone your loan payments in a legitimate way. Examples of these are forbearance and deferments. This can be the correct choice for you if you are experiencing hardships like gaps between jobs. However, you must be careful because there can be interest that can accrue on the loans that you have. Thus, you must ask your lender regarding paying the interest only if you can now afford it.
If your expected income is lower than what you have planned, you can check the income-driven repayment plans (IDR.)