Student loan financing tips include growing familiar with loan terms, understanding a grace period, maintaining communication with a lender and choosing the right repayment option, notes The Institute for College Access & Success. Student loan tips aim to avoid fees and minimize interest costs.
Always keep track of outstanding loan balance, the lender and the repayment status, advises TICAS. Access to loan information varies based on whether the loan is private or public. In some instances, it is necessary to contact the academic institution to obtain loan information.
Various loan financing options offer different grace periods, mentions TICAS. A grace period is the amount of time a student has after leaving school to make a first loan payment. Generally, the grace period is anywhere from six to nine months, though this varies between public and private loans.
Ensure that the lender has access to current contact information, suggests TICAS. This approach ensures a borrower is fully aware of all loan information to help avoid undesirable costs. Lenders can also work with collection agencies if necessary.
Finally, select the appropriate payment option, such as a standard plan or extension period. These options impact the monthly balance due on the loan. The life of the loan determines the total interest charge, states TICAS.