Anyone who has ever taken out a student loan knows how serious the implications of such debt can be. Unfortunately, there are far to many borrowers who realize too late that they have unwisely entered into obligations that they will be unable to meet. Read the information below to make sure your experience is a positive one.
Speak with your lender often. Let them know if your number, email or address changes, all of which occur frequently during college years. You should also be sure to read all of the information you receive from the lender, whether electronic or paper. You should take all actions immediately. Missing an important piece of mail can end up costing a great deal of money.
If you choose to pay off your student loans faster than scheduled, make sure that your extra amount is actually being applied to the principal. Many lenders will assume extra amounts are just to be applied to future payments. Contact them to make sure that the actual principal is being reduced so that you accrue less interest over time. (more…)