Manage your Student Loans
For many people, a student loan is their first major experience with borrowing and managing a long term obligation. Repaying your students loans on time is key to building and maintaining a good credit history. It's not hard if you follow these guidelines:
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Budget before you borrow to ensure you borrow what you need today and can repay tomorrow.» Read all your loan documents and keep your loan records organized in a convenient place. Important documents include:
» Financial aid forms and award letters» Loan applications and promissory notes» Loan disclosure statements» Notices received by your lender/loan holder/loan servicer» All written communication between you and your lender/holder/servicer and a log of phone conversations» Income tax returns
» Understand your rights and responsibilities as a borrower.» Review your repayment options carefully and remember you can change your repayment plan once a year.» Make all scheduled payments on time and take advantage of borrower benefits that may reduce the cost of your loan.
If you believe you will have difficulty making your payments, contact your loan servicer immediately to investigate your options and avoid delinquency and default.
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