Tips: Managing Your Loans
Here are a few tips to help you get started on the right foot when borrowing loans to fund your education:
- Read your mail. Don't assume it's junk mail.
- Keep copies of your financial aid records where you can refer
back to them. - Contact your lender if you move or transfer schools.
- Contact your lender if you are unable to make a payment.
- Contact your lender if you graduate or drop below halftime.
- Contact your lender if you want to apply for a deferment or forbearance.
- Establish good credit by repaying your loan on time.
- Don't default – defaulted loans can result in wage garnishment, withheld income tax refunds, ineligibility for future financial aid, collection costs and damaged credit.