default avatar
Welcome to the site! Login or Signup below.
Logout|My Dashboard

Expert Advice On Student Loan Repayment

Font Size:
Default font size
Larger font size

Posted: Friday, November 22, 2013 3:44 am | Updated: 1:34 am, Sat Nov 23, 2013.

(NAPSI)—Here are two bits of good news for recent and soon-to-be college graduates with student loans:

1. You probably have a six-month grace period after graduation before you have to start making payments.

2. While adding a new payment of any kind into your life can be daunting, the vast majority of Americans with student loans do successfully pay them off, due, in part, to the value of their college education.

These student loan repayment tips can help you be among them:

• Contact your servicer. Some students have more than one loan, so it’s best to contact each servicer to discuss your payment options. The servicer can also help identify alternatives if you’re experiencing difficulty.

• Pay every month, and pay extra when you can. Make payments every month. Options to postpone payments typically mean you’ll pay more over the life of the loan, so tackle your payments now. Whenever you can, pay extra to reduce your interest costs and pay off faster. Put money from a raise or bonus toward your student loans.

• Create a budget. Know how much is due every month and create a budget that’s in sync with the amount due. Get the big picture when creating your budget. Put together a snapshot of all your financial obligations, including your credit cards, car loan, student loans and rent.

• Pay yourself. Build an emergency savings fund of $500 to $1,000 to be prepared for car expenses, an emergency trip or life’s other unexpected expenses.

• Sign up for auto-pay. Automatic payments not only make sure you never miss a payment, but servicers such as Sallie Mae, the nation’s No. 1 financial services company specializing in education, may reduce your interest rate if you pay by automatic debit. It’s peace of mind with a bonus.

• Learn more. Go to www.SallieMae.com.


On the Net:North American Precis Syndicate, Inc.(NAPSI)

Rules of Conduct

  • 1 Use your real name. You must register with your full first and last name before you can comment. (And don't pretend you're someone else.)
  • 2 Keep it clean. Please avoid obscene, vulgar, lewd, racist or sexually oriented language.
  • 3 Don't threaten. Threats of harming another person will not be tolerated.
  • 4 Be truthful. Don't lie about anyone or anything. Don't post unsubstantiated allegations, rumors or gossip that could harm the reputation of a person, company or organization.
  • 5 Be nice. No racism, sexism or any sort of -ism that is degrading to another person.
  • 6 Stay on topic. Make sure your comments are about the story. Don't insult each other.
  • 7 Tell us if the discussion is getting out of hand. Use the 'Report' link on each comment to let us know of abusive posts.
  • 8 Share what you know, and ask about what you don't.

Welcome to the discussion.



Mailing List

Subscribe to a mailing list to have daily news sent directly to your inbox.

  • Breaking News

    Would you like to receive breaking news alerts? Sign up now!

  • News Updates

    Would you like to receive our daily news headlines? Sign up now!

  • Sports Updates

    Would you like to receive our daily sports headlines? Sign up now!

Manage Your Lists