Managing Your Loan My Student Loan Information
 
 
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How to Manage Your Student Loan

Just like car loans and home mortgages – student loans must be paid on time, or there will be serious consequences. Here's how to stay on top of your loan and avoid unnecessary penalties:

Know the details of your loan agreement

Your loan provider will give you all the information you need regarding your student loan, including when your first payment is due. Make sure you know:

Make your payments on time

It is very important that you make your full payments on time according to your payment schedule (usually monthly). To make sure you don't forget – and in some cases, reduce your monthly interest rate – you may be able to have your loan payment automatically deducted from your bank account. Ask your loan provider if this is an option.

Ask for help when you need it

If you're having trouble making payments, contact your loan provider as soon as possible to discuss your options. You may be able to:

If you stop making payments without deferment or forbearance, your loan could go into default, and your loan provider may pursue serious action to recover the money you owe.

Speak with a Representative about various loan repayment options.

Apply for Forbearance to temporarily lower or postpone your payments.

Apply for Deferment to temporarily suspend your regular payments.