If you need to start repaying your student loans because you just graduated and you’re having trouble finding a job or keeping up with your payments these tips will help you to maintain your student loan under control.
Know your student loans
The first thing you need to do is to keep track of the lender, repayment status and total balance of your loans. You can contact your school if you do not find any records, but if you have a public or federal loan you can log in on the website of the lender and see the total loan amounts.
Also remember that you have a grace period which is a period of time that you can wait before start making your first payment, even if you are graduated. Different loans have different grace periods; those can be for three months, six months or more than a year, so use that time wisely to get part of the money and do not miss your first payment, because you may have serious consequences by ignoring it. If you have some troubles making the payments you should report it to your lender.
Think about priorities
We recommend you to pay off the most expensive loans or those with highest interest rate first. Consider that if you have private loans and federal or public loans, you should start paying your private loans, since they have higher interest rates and less repayment options.
If you’re having some troubles because of unemployment, unexpected financial issues or even health problems, don’t panic because you still have options for managing the payment of your federal student loans.
You can postpone temporarily
You can postpone temporarily your federal loan payments with proven and legitimate ways. For example, unemployment might be a valid reason for you to postpone your payments because if you’re having trouble finding work right now it will be difficult to pay off your student loans. But you need to consider that the interest will increase your total debt. So, after you do it you will need to estimate all the numbers and look at what you can pay per month.