So, you’re a recent graduate? Congratulations! Now that the caps have been thrown and you’ve received that degree, you’re one step closer to real adulthood. Among the many new responsibilities you’ll have coming your way as an adult, is beginning to pay off your student loans.
If you’re like most students, you probably didn’t read the fine print of your student loan agreement. But don’t fret! We’ve got a few key questions to ask yourself so you can get up to speed quickly.
- Do I have a grace period? Most student loans permit a six-month grace period after you graduate. This time is given to ensure you have time to get on your feet before entering loan repayment. Make sure you note when your grace period ends so you don’t miss a payment!
- What type of loan do I have? There are a few different types of loans out there and each kind has differing terms and conditions. When in doubt, you can always contact your loan servicer or your school’s financial aid office to get the information you need regarding your loans.
- How much do I owe? It’s always a great idea to wrap your head around your total loan balance. However, keep in mind that you will also be paying interest on your loan over time, so be sure to factor this into your repayment planning on top of your overall balance.
- What are my options? Each type of loan offers a variety of different repayment options, including flat monthly payments, income-based payments, etc. Check out all of your options and pick the one that works best for you.
- Are there any repayment terms I need to know about? When it comes to reading the fine print, the small details of your loan term deserve a closer look! Knowing and understanding these could help you save on interest, or reveal details about loan forgiveness, cancellations and more.
Answer these five simple questions and you’ll be prepared to enter your student loan repayment in no time – just make sure you find the answers before your grace period is up so you don’t miss a payment!