The Top 5 Student Loan Tips
It might be challenging to determine which ideas to follow regarding student loan guidance because there is so much available. While each person’s situation is unique, several tried-and-true tactics can assist you in paying off your debt.
We asked professionals for their student loan advice to compile the best methods. This guide will show you how to pay off your student loans smoothly.
Make A Total Debt Calculation
The first thing you should know about your debt situation, as with any other, is how much you owe altogether. Students typically graduate with a slew of federally and privately backed loans, having secured new funding each year of their education.
You can only build a strategy to pay down, consolidate, or possibly investigate forgiveness if you know how much debt you have.
Understand Your Grace Period
Grace periods vary depending on the type of loan. A grace period is the amount of time you have after graduating from high school before making your first payment.
Federal Stafford loans (subsidized and unsubsidized loans) have a six-month grace period, whereas federal Perkins loans have a nine-month grace period. Therefore, you may be eligible for a six-month delay on federal PLUS loans.
Private student loan grace periods vary, so check your papers or contact your lender to learn more. Don’t forget to make your first payment!
Choose the Right Repayment Plan
If you don’t choose a different payback plan when your federal loans mature, your payments will be based on a standard 10-year repayment plan. However, there are alternative options if the basic payment is too much for you to handle, and you can change plans at any time if you want or need to. Continue reading “Private Student Loans Don’t Qualify For Forgiveness Programs”
