| It is so hard at times when you are a college student | | | | to look at the statements that could come monthly |
| to remember about student loans when you have to | | | | or usually each semester. If you have lost this |
| deal with homework, tests, a love life and all of the | | | | information or if you have changed your address |
| other distractions. Pretty soon college is over and | | | | then I would suggest that you contact your financial |
| now you are fully responsible to take care of those | | | | aid office for your college you are attending. If they |
| student loans that you have put on the back burner | | | | don't know for sure then they will definitely let you |
| for four years. This can be a scary task when you | | | | know who to get in contact with. |
| see thousands of dollars staring you in the face. | | | | 2. How much do you owe total? |
| There are going to be some important steps to take | | | | Usually if this is a federal loan then the amount |
| when figuring out how to pay off this student loan. | | | | offered to you is decided by the Department of |
| We are going to take a look at some simple, but | | | | Education according to the school you are attending |
| somehow easily neglected questions that put a lot of | | | | and your financial circumstance. They may give you |
| graduates in trouble for their financial future. Pay | | | | more than what you need or end up giving you not |
| attention because your credit may be at stake here. | | | | enough and require you to get another student loan. |
| 1. What is the name of the loan? | | | | Whatever happens, these statements each month |
| Many students are young and need some guidance | | | | you receive will let you know what you have been |
| on how to get a loan and they usually go to their | | | | offered and what you owe. Many times you will not |
| parents or a trusted family member for some help. | | | | be responsible for the loan until after you are done |
| This is good, but also can be bad if you don't pay | | | | with school. Now some private loans may not give |
| close attention to how you are getting the loan and | | | | you that benefit in return for better interest rates, |
| through whom. | | | | so you will have to decide what you can pay and |
| You need to know what type of loan you have | | | | when. |
| because it will be crucial in finding out how you make | | | | 3. Whose pockets am I filling? |
| your payments and what terms and conditions you | | | | When you get a loan, it will come attached probably |
| have agreed to for the repayment of this debt. | | | | to a certain bank. That bank may sell your loan to |
| Some loans like the PLUS Loan actually will be the | | | | Sallie Mae, which is the government agency created |
| responsibility of the parent, which is a very nice | | | | to help market student loans for the country. |
| gesture and make sure to help out when you can. | | | | They may keep it or sell it off to someone else. |
| Some of these loans may be federal loans such as a | | | | Whatever happens to your loan, you will be notified |
| Stafford Loan or a Perkins Loan. Others may be | | | | in your statements and your terms will stay the |
| private loans created by lending companies or banks. | | | | same as long as you keep your side of the terms. Be |
| Some of these may be easier to consolidate if you | | | | aware that some companies or organizations may go |
| get into a bind down the road and you are looking to | | | | after you harder than others so make sure your |
| minimize your scheduled payments. | | | | payments are a priority and preferably automatic. |
| The easiest way for you to figure this out is simply | | | | |