Graduation 101 Repaying Student Loans


Graduation 101 Repaying Student Loans

Graduation 101: Repaying Student Loans
You have earned a​ college diploma...now what?
In addition to​ beginning a​ career and a​ new life,​ it​ also may be time to​ start repaying your student loans .​
When a​ student graduates from college,​ leaves school or​ drops below half-time enrollment,​ he triggers the​ process to​ begin repayment on​ student loans .​
In some instances,​ there may be a​ short period of​ time-up to​ six months-before they need to​ begin making payments .​
Regardless,​ it​ is​ important to​ proactively manage your education debt and put yourself on​ the​ path toward a​ successful repayment experience .​
Says Martha Holler,​ a​ spokesperson from Sallie Mae,​ the​ nation's No .​
1 paying-for-college company: Managing your student loan repayment will help you​ build good credit history,​ which will,​ in​ turn,​ make getting your next loan-for a​ car,​ house or​ further education-that much easier .​
Unlike other types of​ consumer debt,​ student loans typically come with offers of​ interest-rate reductions or​ account credits that reward the​ borrower for timely payments,​ making it​ all that more important to​ get in​ the​ habit of​ paying student loan payments on​ time .​
Why not take advantage of​ these incentives and save money while you​ build your good credit?
There are a​ variety of​ ways to​ make your student loan payment .​
Holler advises graduates to​ consider a​ repayment plan that is​ consistent with their income,​ lifestyle and other debt obligations .​
In addition,​ students may prepay student loans,​ if​ possible,​ with no penalty .​
There are several loan forgiveness programs available to​ those who pursue certain careers in​ select areas .​
Educate yourself to​ see whether you​ can qualify to​ have your loans completely discharged .​
There are many payment relief options available,​ adds Holler .​
If you​ experience financial difficulty,​ contact your lender immediately so that you​ can take advantage of​ the​ options available to​ you​ .​
The earlier you​ take action,​ the​ more options you​ will have and the​ less likely it​ is​ that your temporary financial difficulties will have a​ long-term negative impact.
For borrowers having difficulty making their payments,​ there are repayment and deferment options that can ease the​ burden,​ especially for new graduates.






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