It doesn’t matter if you’re taking some time off from school, or getting ready to graduate, every college student needs to know as much as they can about their student loans. Millions of people are currently trapped under heaping mounds of student loan debt simply because they made some very crucial mistakes. The following are what more students need to know about college and Graduate Loans.
For starters, it’s important that every student knows as much as they can about the loans that they specifically agreed on. This is a binding contract between you and your lender. This isn’t something that you can simply walk away from after you’ve decided to. Students need to always be aware of the balance of their loans, as well as their repayment status and the number of lenders.
If you’re beginning the process of paying off your Graduate Loans, you’re going to need to focus on due dates and grace periods. Most lenders require their students to pay off a portion of their balance at least once a month. Make sure you know the exact date your payments are due. If you miss a payment due date, you’re typically given a few days before your balance acquires late fees.
The next thing you’ll want to do is to keep the lines of communication open between you and your lenders. A great way to do this is to make sure the contact information provided to your lenders is always correct and up to date. Lenders understand that people often move or change their telephone numbers. However, your lender needs to be able to contact you if something comes up. Even if you move or change your phone number, be sure you at least have an active email address where you can be reached.
If you’re looking for a lender or you have more questions, consider speaking with a representative at the Pearl Hawaii Federal Credit Union. Again, make sure you study the terms of each of your loans. Also, make sure you know when your monthly payments are due in order to avoid fees. And finally, make sure your lender is always able to contact you via phone, a written letter or an email. You can also connect with them on Facebook for more updates!