If you're getting ready to graduate, that means it's time to start thinking about repaying your student loans. Knowledge is power when it comes to repayment; knowing what to expect and staying on top of your loan payments can help you fulfill your financial goals.
To start, complete EXIT Counseling
How much do I owe?
To keep track of how much you have borrowed in Federal student loans and who services your loan on behalf of the U.S. Department of Education, go to The National Student Loan Data System, the central database for student aid. You will need your FSA ID and password to access this site. If you've taken out private loans, you'll need to contact your lender(s) to find out the total amount you've borrowed.
Calculating monthly payments
Don't forget to factor your loan repayments into your after-graduation living expenses. Think of your loan payments as a fixed cost, such as rent, utilities or car payment that you will need to include in your budget.
Use this student loan online calculator to help you determine what your monthly payments might be.
How do I know which repayment plan is best for me?
The Federal Government offers many different plans for loan repayment. To find out which plan will work best for you, go online.
And finally... Make sure to repay your loans on time
Keep in the habit of repaying your loans on time and avoid default. Doing so will help you establish good credit. Good credit is important when looking for a job, renting an apartment or buying your first car. Good credit can also lead to lower interest rates and creates more options for you in the future.