Once you've graduated and are embarking upon that career you've dreamed of, what about your student loans? Here are some ways to successfully manage them:
- Make a budget that includes your student loan payments and stick by it. Don't let obligations slide or you could damage your credit. Plus, if you have co-signers, you could harm their credit, too.
- With a Loan to Learn® Private Education Loan, if you make on-time payments for 48 consecutive months and satisfy certain conditions, you may be entitled to an interest rate reduction. And that can mean significant savings in the long run. Get more details about lowering your student loan interest rate.
- If you have multiple private student loans, combine them into one, more convenient monthly payment with a Loan to Learn Consolidation Loan. This will save you time and effort and very likely money too. As with the Loan to Learn Education Loan, you can also get an interest rate reduction after 48 consecutive on-time payments. You can also stretch the payments out over a longer term, which can lower your monthly payments. For help, use the Loan to Learn Student Debt Consolidation Loan calculator.
- Should you ever have a problem with any student loans, contact the lender immediately. Lenders will usually work with you within reason to solve a legitimate problem and this can help you avoid credit trouble down the road.
- Learn from others. A rich source of information on handling your student loan debt and other aspects of finances after you graduate is all around you: friends, acquaintances and fellow students who have been through the experience. They can tell you what they’ve tried — what worked and didn't.
And one other thing: don't forget to rely on your parents for advice and guidance. Their life and survival experience can be a treasure trove of information, insights and practical knowledge.