Everyday Cheapskate: Top 10 Student Loan Tips for Recent Graduates -- and Not So Recent, Too!
Whether you just graduated, you're taking a break from school or you have already started repaying your student loans, these tips will help you keep your student loan debt under control.
1. Know your loans.
It's crucial that you keep track of the lender, balance and repayment status of each of your student loans. If you're not sure, ask your lender or visit NSLDS.ed.gov. You can log in and see all this information.
2. Know your grace period.
A grace period is the amount of time between leaving school and the due date of your fist payment. It's six months for federal Stafford loans. For federal parent or PLUS loans, there is no grace period.
Grace periods for private student loans vary, so consult your paperwork, or contact your lender to find out.
3. Stay in touch with your lender.
Whenever you move or change contact information, tell your lender right away. If your lender needs to contact you and your information isn't current, it can end up costing you a bundle.
Read every piece of communication you receive about your student loans. If you're getting unwanted calls from your lender or a collection agency, don't stick your head in the sand. Take the calls.
4. Pick the right repayment option.