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4 Common Student Loan Mistakes

11/16/2013 Published by: Suzanne

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Categories: Student 2 Student Programs Worldwide, Transition to College

Federal student loans are a common portion of financial aid packages.  In most cases, those students who take them out would not be able to attend a college or university without them.  Keeping track of all the ensuing information . . . the correspondence, the dollar amounts, the INTEREST, etc. . . .  is often placed on the back burner in favor of focusing on classes, homework and exams over the years.   Once they have earned their degree, graduates can be out of touch with how much they have borrowed over the years, how much interest has accrued and what their monthly payments will be when it comes time to pay off their loans.

In her U.S. Department of Education "Homeroom" Blog entry, “4 Common Student Loan Mistakes”, recent college graduate Nicole Callahan offers some great advice for handling student loan debt in a proactive way:

1.  Keep track of what you borrow – utilize the “Financial Aid Review” link to see all your federal student loans in one place!

2.  Try to make interest payments while still in school and/or during your grace period.

3.  Stay in touch with your loan servicer regarding your current contact information – mailing address, phone number and email address.

4.  Figure out what your monthly loan payments will be BEFORE going into repayment – utilize the Federal Student Aid “Repayment Estimator” so you can plan your post-graduation budget accordingly.

Perhaps some of you have handled tracking your student loans in other effective ways . . . let us know by commenting below.

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