You may need a student loan. The time could be now or sometime in the future. When it is that you need a student loan, it is important that you are familiar with the process of applying for one. Below, you will find many tips to help you make sense of it all.
Make sure you keep track of your loans. You should know who the lender is, what the balance is, and what its repayment options are. If you are missing this information, you can contact your lender or check the NSLDL website. If you have private loans that lack records, contact your school.
If you are having a hard time paying back your student loans, call your lender and let them know this. There are normally several circumstances that will allow you to qualify for an extension and/or a payment plan. You will have to furnish proof of this financial hardship, so be prepared.
If you have taken a student loan out and you are moving, be sure to let your lender know. It is important for your lender to be able to contact you at all times. They will not be too happy if they have to go on a wild goose chase to find you.
If you are moving or your number has changed, make sure that you give all of your information to the lender. Interest begins to accrue on your loan for every day that your payment is late. This is something that may happen if you are not receiving calls or statements each month.
If you have extra money at the end of the month, don't automatically pour it into paying down your student loans. Check interest rates first, because sometimes your money can work better for you in an investment than paying down a student loan. For example, if you can invest in a safe CD that returns two percent of your money, that is smarter in the long run than paying down a student loan with only one point of interest. Only do this if you are current on your minimum payments though and have an emergency reserve fund.
If you're having trouble arranging to finance for college, look into possible military options and benefits. Even doing a few weekends a month in the National Guard can mean a lot of potential financing for the college education. The possible benefits of a full tour of duty as a full-time military person are even greater.
Be sure your lender knows where you are. Keep your contact information updated to avoid fees and penalties. Always stay on top of your mail so that you don't miss any important notices. If you fall behind on payments, be sure to discuss the situation with your lender and try to work out a resolution.
Try looking at consolidation for your student loans. This can help you combine your multiple federal loan payments into a single, affordable payment. It can also lower interest rates, especially if they vary. One major consideration to this repayment option is that you may forfeit your deferment and forbearance rights.
You should consider paying some of the interest on your student loans while you are still in school. This will dramatically reduce the amount of money you will owe once you graduate. You will end up paying off your loan much sooner since you will not have as much of a financial burden on you.
In summation, you may need student loans, whether now or later. You must be knowledgeable about student loans to find the ones that are best for you. The article you just read can help you learn more about them, so be sure you use it.
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