Student Loans
Borrowing
Borrowing money is inevitable in one’s life time. We all have to borrow for major purchases like a house, a car, or an education. Sometimes, we may have to borrow for unexpected life events that we were not prepared to face financially. Regardless of the need to borrow, you have to be careful of the amounts borrowed and your ability to pay back these loans. Borrow only what you need for a specific purpose. Being eligible for a loan does not require you to accept the maximum amount the lender allows you to borrow. Always remember that a loan will have to be paid back plus interest, so always ask yourself how badly do you need to borrow and if you could find alternative funding to borrowing.
Repayment
Keep in touch with your loan servicer. You can login to www.nslds.ed.gov to track your borrowing history and to see who services your student loans. If you are struggling with loan payments, contact your servicer to avoid defaulting on your loans. Defaulted student loans can affect financial aid eligibility, employment, and your credit score.
Know your options. Work with your loan servicer in deciding which repayment option is best for you.