5 Questions to Ask Yourself About Student Loans
So, you’re a recent graduate? Congratulations! Now that the caps have been thrown and you’ve received that degree, you’re one step closer to real adulthood. Among the many new responsibilities you’ll have coming your way as an adult, is beginning to pay off your student loans.
If you’re like most students, you probably didn’t read the fine print of your student loan agreement. But don’t fret! We’ve got a few key questions to ask yourself so you can get up to speed quickly.
- Do I have a grace period? Most student loans permit a six-month grace period after you graduate. This time is given to ensure you have time to get on your feet before entering loan repayment. Make sure you note when your grace period ends so you don’t miss a payment!
- What type of loan do I have? There are a few different types of loans out there and each kind has differing terms and conditions. When in doubt, you can always contact your loan servicer or your school’s financial aid office to get the information you need regarding your loans.
- How much do I owe? It’s always a great idea to wrap your head around your total loan balance. However, keep in mind that you will also be paying interest on your loan over time, so be sure to factor this into your repayment planning on top of your overall balance.
- What are my options? Each type of loan offers a variety of different repayment options, including flat monthly payments, income-based payments, etc. Check out all of your options and pick the one that works best for you.
- Are there any repayment terms I need to know about? When it comes to reading the fine print, the small details of your loan term deserve a closer look! Knowing and understanding these could help you save on interest, or reveal details about loan forgiveness, cancellations and more.
Answer these five simple questions and you’ll be prepared to enter your student loan repayment in no time – just make sure you find the answers before your grace period is up so you don’t miss a payment!
More like this
5 Financial Tips for College Students
If you are a college student, you are probably focusing on getting an education rather than saving for your financial future. However, it is important that you take control of your finances now to avoid problems later.
5 Financial Tips for Your Soon-To-Be College Student
If you have a student heading off to college, they’ve probably got visions of freedom and the good times to come, floating around in their head.
5 Things You Need to Know About Student Loans Before Graduating
With the FAFSA (Free Application for Federal Student Aid) deadline fast approaching, student loans are on the minds of many parents and students preparing for their first year of college.
Federal Student Loan Repayment Plans Explained
So you've graduated college, landed a job, and all is well – until you get a notice that your first student loan payment is due. Take a deep breath! With so many repayment options, it can feel overwhelming and hard to know which one is best for you.
Federal Student Loan Repayment Plans Explained
So you've graduated college, landed a job, and all is well – until you get a notice that your first student loan payment is due. Take a deep breath! With so many repayment options, it can feel overwhelming and hard to know which one is best for you.
How to Save Money Before & During Your Spring Break Trip
Ah, Spring Break. The phrase brings to mind thoughts of the beach, late nights, friends, and way too much sun exposure! The winters are long and cold in Upstate NY.
Start Your Kids on a Positive Financial Path
Financial responsibility doesn't come naturally. It's something that has to be learned, or even better, taught from a young age. Luckily, there is a lot you can do to help set your children up for long-term financial success – and North Country Savings Bank is here to help!
Student Loans 101
College is over and your student loan repayments are finally becoming a reality. For many who are straight out of school and unemployed, this is an intimidating situation – but it doesn't have to be.
Tips to Manage College Expenses
It’s September and for many parents, that means it’s time to send the kids off to college. And while getting a college education seems more important than ever, tuition and student loans can weigh heavily.
Top 5 Credit Card Tips for College Students
Many college students start receiving credit card applications as early as freshman year – and as time goes on and graduation approaches, you might even start to ask yourself, “Should I get one?”
Top 5 Tools for Managing Finances in College
If you’re the parent of a recent high school graduate and soon-to-be college student, you’re probably thinking of all of the ways you can prepare your child before they take flight from the nest.