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STUDENT LOAN NOTES:
Planning for successful repayment should begin before you sign your first promissory note. Just as you are making a commitment to your career by investing time and money in higher education, you should make a commitment to your financial future by effectively managing your student loans from the start.
Get Organized
It's a good idea to save all of your student loan documents and
correspondence so you know exactly what you've agreed to, what's expected
from you as a borrower, and how much you've borrowed. It may not seem
important at the beginning of the student loan process, but when you are
closer to repayment, you may need to refer to some or all of these
documents.
- Save documents such as your applications, promissory notes, disbursement and disclosure statements, and loan transfer notices.
-
Keep
copies of all correspondence between you and your
lender(s), loan holder, and/or servicer(s) and your school's financial aid office. - Maintain up-to-date addresses and telephone numbers of your lender, loan holder, and/or servicer.
- When speaking with anyone regarding your student loans, be sure to jot down his/her name, the date and time of the conversation, and a summary of what you discussed for future reference or clarification.
When setting up your record-keeping system, be sure it's comfortable to use—a system you'll find easy to maintain over the life of the loan—and secure from theft or fire. You should keep all student loan related documents and correspondence until all education loans have been fully repaid.
Repayment Tips
Being informed about your student loan obligations is crucial as you enter
repayment. Default occurs when you fail to repay the loan as agreed and/or
meet the other terms of your promissory note. Refer to the promissory note
for each of your loans before you graduate or leave school so you know
what your rights and responsibilities are in repayment.
Here are some tips for successful repayment:
- Send your education loan payments when due each month, for the full monthly payment amount or more, regardless of whether or not you receive a bill.
- Understand the repayment options provided by your lenders. With some options, you can minimize the total cost of the loan by making a high monthly payment, while other options may reduce your initial monthly payments and may make it easier for you to afford your loans early in your career.
- Understand deferment and forbearance; exercise your options when you need them.
- Understand the pros and cons of loan consolidation and its repayment options.
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Contact your lenders, loan holders and/or servicers immediately if you:
- change your name or address
- have questions about your billing statement(s)
- have problems making your scheduled payment on time
- want information on or applications for deferment or forbearance.
- Read and understand all correspondence you receive from your lender, loan holder, and/or servicer, and respond promptly if asked (or required) to do so.
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Enjoy the life, Best regards,
JEM Practical Solutions Team.