Get Smart About Student Loan Debt

Take Control
Top ten list for taking control of your student loan debt

1) Keep good financial records.
Get organized and keep all your student loan documents together - now and after graduation.

2) Stay in touch with your loan provider.
Address change? New phone number? Your lender needs to know!
Click here to update your demographic information.

3) Know what you owe.
As long as your lender has your current contact information, you will receive periodic updates detailing your outstanding balance, payment due dates, etc.
Click here to find information on your loan.

4) Open your mail and read it.
Don't assume correspondence from your lender is junk mail.
Read everything - even the fine print.

5) Take advantage of flexible repayment options.
Standard, graduated, income-sensitive and extended repayment plans are available. Work with your lender to determine which option best meets your needs. Click here to view descriptions of different repayment plans.

6) Make monthly payments on time.
Many lenders offer incentives for timely payments - particularly via auto-debit. Click here to learn more about Auto-Debit payments with Edfinancial.

7) Pay online.
You're net-savvy - use it to your advantage. Lenders encourage paperless billing & payments and often reward participating borrowers. Click here to pay online.

8) Consider consolidation.
Consolidating multiple student loans into one loan simplifies payments and could save you money.

9) Avoid default.
You may be able to defer or suspend your monthly payments depending on your circumstances. Defaulting on your student loan will ruin your credit history! Contact your lender as soon as you think you might have trouble making payments.

10) Beware of credit cards.
It may seem like easy money, but double digit interest rates and late fees can wreck your budget and damage your credit rating!