Whether you just graduated, are taking a break from school, or have already started repaying your student loans, these tips will help you keep your student loan debt under control.
By “under control” I mean avoiding fees and extra interest costs, keeping your payments affordable, protecting your credit rating and paying those loans in full as quickly as possible. If you’re having trouble finding a job or keeping up with your payments, there’s important information here for you, too.
1. Know your loans. It’s important to keep track of the lender, balance and repayment status for each of your student loans. These details determine your options for loan repayment and forgiveness. If you’re not sure, ask your lender or visit NSLDS.ed.gov. You can log in and see the loan amounts, lender(s), and repayment status for all of your federal loans. If some of your loans aren’t listed, they’re probably private (non-federal) loans. For those, try to find a recent billing statement or the original paperwork that you signed. Contact your school if you can’t locate any records.
2. Know your grace period. Different loans have different grace periods. A grace period is the time between leaving school before you must make your first payment. It’s six months for federal Stafford loans, but nine months for federal Perkins loans. For federal parent or PLUS loans, it depends on when the loans were issued (see details). The grace periods for private student loans vary, so consult your paperwork or contact your lender to find out. Don’t miss your first payment.