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.» Keep track of all your Sallie Mae-serviced loans online.
If you believe you will have difficulty making your payments, contact your loan servicer immediately to investigate your options and avoid delinquency and default. |
