How do you pay back student loans?


Quick Answer

To pay back a student loan, an individual needs to make payments through his loan servicer, choose a repayment plan and possibly consider consolidating his loans. If a student becomes disabled, or if his school closes, he may no longer be obligated to repay his loan.

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Full Answer

Different loan servicers have different requirements for how and when a student can pay back his loan. Even if a student doesn't receive a bill, he is still required to remain in contact with his loan servicer to remain up-to-date on payments.

Repayment plans determine how much a student has to pay on his loan and how long he has to repay the loan in full. A student has several different plan options to choose from based on his specific needs. It's recommended that a student explore his repayment plan options and estimate how much he needs to pay with each plan.

A student also has the option of consolidating several student loans, which can make paying them back easier, but might also result in the loss of certain benefits. Some of the disadvantages of loan consolidation include more interest to pay, a loss of loan cancellation benefits and a loss of principal rebates.

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