Prepare for Student Loan Repayment By Organizing Your Loans

Organize Your Student Loans This Video will give you: 5 steps to Organizing Your Student Loans 3 Loan repayment rules to live by If the time has come to repay your student loans, then it’s time to get organized

Being successful in loan repayment may seem difficult when you look at your total loan balance, but you can dominate loan repayment by creating a plan, being faithful to it, and contacting your loan servicer if you ever have to stray from that plan Here’s a five-step approach to organizing your student loans: Step 1 Pull up ALL your loans For your federal loans, visit nsldsed

gov or studentloansgov Log-in or create an account Once in the site, you’ll find your full portfolio of federal student loans For your private loans, visit annualcreditreport

com You’ll need to request a credit report that will list all your credit accounts including private student loans Once you have compiled this information, note the servicer assigned to your loan and their contact information Consider putting their contact information in your phone so you can easily get in touch with them Step 2 Check your interest rates Remember that your loans may have different interest rates

Note the interest rate next to the loan balance and check if the rate is fixed or variable If it’s variable, be sure you understand how and when the rate may change Rank your loans by interest rate Paying off loans with higher interest rates first, while making minimum payments on the other loans, could save you money While you’re checking on interest, see when your lender capitalizes interest

Interest capitalization is when accrued interest is added to your principal balance to make a bigger principal balance Step 3 Calculate your total balance and standard repayment amount Using the repayment estimator on studentloansgov, enter your loan balances and interest rates to calculate a standard repayment amount With standard repayment on your federal loans, scheduled monthly payments are the same every month for the life of the loan

We’ll discuss other repayment options later Step 4 Find your payment due date Some of your loans may have a grace period and some may not Your due dates will differ for your federal and private loans

Consider setting up automatic payments Talk to your loan servicer to see if an interest-rate reduction is possible if your monthly payments are automatically deducted from your checking account Step 5 Determine if consolidation is in your best interest There are a number of benefits to consolidating – like simplifying your loan repayment With federal loans, consolidating could help you take advantage of federal repayment options and loan forgiveness

Always speak to your servicer before deciding if you want to consolidate You could also save money by consolidating your private loans into a lower fixed-interest loan Each scenario is unique so make sure you examine the costs, interest rates, and loan terms before consolidating With these 5 steps in mind, there are 3 student loan repayment rules that you should live by 1

Unless you are in deferment or forbearance, always make a monthly payment With the loan repayment options that we’ll introduce in the next video, there is really no reason to fall behind on your loans 2 Contact your loan servicer whenever you’re confused, worried, moving, or have significant changes to your income or family size They have good advice to help you manage repayment

3 Create online accounts for all your student loans and spend a few minutes a month checking your account balance Once you follow these steps, you’ll feel more organized with your loans and prepared for repayment Next we’ll continue to plan your repayment strategy and discuss repayment plans that could make repayment easier for you

Source: Youtube

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