Whether it’s because you graduated or you stopped going to school, if you’ve been out of school for six months, you have to start paying back your student loans. You can save money by planning ahead.
Here are some tips for repaying your student loans:
- If you have subsidized loans, check how much money you could save by paying during the grace period (the six months between when you stop going to school and when you have to start paying). Your lender can help you calculate these savings.
- If you have multiple student loans, look into consolidating (adding them together and making one payment) them. If you decide to consolidate, it may take several months to set up. You must continue making your payments until your consolidation loan is completed. Here’s the government website devoted to loan consolidation: http://www.loanconsolidation.ed.gov/
- Make sure you include your student loan payments in your monthly budget.
- If possible, set up your payments to be taken directly out of your bank account. This way you will never forget to make a payment time. <–Don’t do this if you aren’t 100% sure you will always have money in your bank account your student loan bill.
- Keep your student loan information (account number, log in information) in a safe place in case you need it.