Raysha Duncan, Financial Aid Administrator and Purdue Alumna
Student loans are all over the news right now. Why? May 2014 grads are rapidly approaching repayment for their student loans! How up-to-date on your loan information are you? (I only have 25 days left in my grace period for my loans! Eek!) Check out www.purdue.edu/loans for basic loan information. You should also log into your account on www.nslds.ed.gov for detailed information on your personal federal student loans.
Once you’ve been contacted by your loan servicer, make sure to create your online account so you can keep up with your loan balance and figure out when your first payment is due. Some servicers offer a reduced interest rate for qualifying borrowers if you set up automatic debit to make your monthly loan payments.
If you have private student loans, you’ll need to check in with your lender about your repayment schedule.
From the web this week:
The Washington Post, A guide to paying off your student loans
Look here for a quick breakdown of the basics. And be sure to check out the short video at the top of the article for a simplified explanation of the different payment plans.
Have you gotten an email from Navient recently? (I have!) Sallie Mae created this company to handle their portion of the federal student loan accounts and some of their private loan accounts. In this article, Reyna Gobel explains how this split affects borrowers.
Considering loan consolidation? Read this first to see if that’s the best strategy for you.
MyMoney Powered by Purdue Articles on Student Loans:
Why You Shouldn’t Panic About Your Federal Student Loans by Reyna Gobel
College Seniors Week 2: Paying Your Loans by Raysha Duncan
Downside of Student Loan Default by Brandon Endsley
Five Tips for Debt Reduction After Graduation by Julie Huser