How Can I Pay Off My Student Loans?

If you are no longer in school, you need to know ‘How can I pay off my student loans?’ The guidelines for student loans state that if you are no longer in school you must begin payment on your student loans. You may have graduated or you may have stopped attending. At any rate, after six months of no school attendance you must start paying on your student loans. You may still be attending school, but you may have fallen below the full time student classification. If so, you will also have to start the repayment process.

You do not have to wait until you have left school to start paying on your student loans. If you start making payments sooner you will reduce the amount that you must repay. You will need to determine how much to pay and who to send the payment to. One way to find this information is to log onto the National Student Loan Data System website. You will have to enter personal information like your name, address, and social security number in the financial aid review section. This will tell you who services your federal student loans. This can be a private lender or it can be through the Department of Education.

When you know who services your loan you can log onto the website and access your account. You should be able to find your account number on the original loan papers that you signed when you initiated the note. You should be able to find a location online where you can make payments. If you do not want to do online payments, then note the contact information for your provider and contact them to start a paper notification system.

You may be able to select the repayment plan that works best for you. There are several types of repayment plans. Two of these plans are for those who may struggle to make their payments. One is called income-based and the other income-contingent repayment plan. Both of these plans offer the lowest monthly payments. You can also opt for the standard repayment plan that will schedule your payments over a 10 year period. If you are not paying online, then you will need to remember to write out a check each month for the loan payment. You can also set up automatic withdrawal payments from your bank account. Whatever option you choose, make sure that you make the payments timely and do not miss any payments. You know the answer to the question, ‘How can I pay off my student loans?’