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Student loan tips from the federal government

Congratulations! You graduated from college and are now the proud owner of a degree, along with a bunch of student accounts.

Moving to adulthood can be quite sad, especially if you’ve never been concerned about your finances before. You may be confused about your options, unsure of what to do, or fear that you may not be able to make your payments.

It is never a good idea to try to hide, escape or ignore your student loans completely.

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You used them to accomplish your goal; now it’s time to pay the bill. If you don’t know what to do, the first step is to research and gather all the information you can.

Not surprisingly, the federal government had a vested interest in making sure you repay federal student loans. As such, they provide a wealth of information to help recent graduates cope with student loan responsibilities. In fact, they have eight student pay proposals that should be helpful.

Student loan repayment proposals

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Now take action: Don’t neglect those student loans during the summer while you’re having fun, and then deal with when the payment announcement comes.

There are actions you can take now that will make your life much easier in the fall. Find out about student loan repayment plans available so you can find something that suits your financial situation after college.

You may be able to pay for nothing for a certain period of time, but you must speak with your service provider to determine if you are qualified.

  1. Get a Budget Thinking: If your parents kept you on a college budget, you’re already one step ahead. You will need these skills to enable you to repay your student years of repayment. Get a budget for estimated income and cost of living to estimate how much you have left to spend on these payments.
  • Learn Your Options: If you do nothing, you will be enrolled in the Standard Repayment Plan, which allows you to repay student loans over ten years. While this is often the fastest way to repay this debt, monthly payments may be for some students. Check available repayment plans that can extend your loan period or adjust payments based on the income you earn.
  • Your loan could be forgiven: in some specific situations, the government may forgive part of your loan or even provide money to help you repay it, depending on your post-college plans. Do not make any repayment decisions without first learning whether you are eligible for loan forgiveness.
  • Start a Direct Pay Link: Most students are already familiar with online banking, which can be very useful for paying student loans. Ask your lending service how to apply for automatic debit so your payments will be automatically downloaded from your bank account every month. You will also receive a 0.25% interest deduction when you enroll.
  • Make extra payments: When you get a job, you may find that you are making more money than expenses. Great for you!

This may not be true if you decide to get married or buy your own home, so it makes sense to use any extra money you could now pay with your student loans.

Inform your credit service

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Inform your credit service that no additional amount should be placed on future payments. If you have not consolidated your loans, you will also need to tell them that you are applying any additional loan amount at the highest interest rate.

  1. Think twice about deferring payment: Although you may be able to participate in a delay or debit option, think twice before exercising this option. In most cases, interest will continue to build.
  2. Ask for help: Don’t be afraid to ask for help if you need it. Your loan repairer provides assistance without charge. Do not pay outside companies who say they can help but charge a fee.
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