College graduation season is upon us, which means that soon students will need to start repaying their school and education loans.
Here are some tips to help keep you on track as you start to pay back your loans:
Make sure your information is up to date. You need to inform your lender as soon as possible if any of your personal information changes like your address, name, etc.
Save all your paperwork. Keep all your student loan paperwork and information organized. Start a file or folder where you can keep everything. Read everything that you receive in the mail or online! If you don’t understand something, make sure you ask your financial advisor or call the loan lender.
Make a payment plan. Decide how you’ll pay for you loans. Most lenders allow students to make payments several ways like online, over the phone, by check, or having it automatically deducted from their checking account each month. To avoid penalties for late payments chose the same day each month to pay your loan off. Write it down in your planner or calendar.
Check your student loan account online. Most lenders will offer students online access to their student loan accounts, so you can check the balance of your loan, see when payments are due, and make sure your payments went through. Regardless of the way you have decided to pay your loan bill, you will be able to easily check your account if anything comes up.
Ask questions. Student loans can be confusing, so don’t be afraid to ask questions if you don’t understand something. Ask your parents, financial advisor, bank, or loan lender for help or clarification with your student loan.
Make sure you pay your loans on time! There are consequences if you are late on your loan payments.
To learn more, please read: What Happens If You Default On Student Loans