Given the constantly rising costs of college, getting a post-secondary education without student loans is often impossible. Such loans do make a better education possible, but also come with high costs and many hurdles to jump through. Educate yourself about education financing with the tips and tricks of the following paragraphs.
Verify the length of your grace period before repayment of your loan is due. This is the amount of time you have before the lender will ask that your payments need to start. You can get a head start in making timely payments by knowing what your grace period is.
Do not default on a student loan. Defaulting on government loans can result in consequences like garnished wages and tax refunds withheld. Defaulting on private loans can be a disaster for any cosigners you had. Of course, defaulting on any loan risks serious damage to your credit report, which costs you even more later.
Try paying off student loans with a two-step process. The first thing you need to do is be certain that you are making the minimum required monthly payment on each loan. After that, pay extra money to the next highest interest rate loan. That will save you money.
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