Manage Student Loans to Avoid Trouble

One of five U.S. households has student-loan debt, with the biggest burden falling on the young and poor, according to USAToday.com. The economic downturn adds to debt among recent college grads, who often don’t find full-time jobs after graduation. The lack of a consistent paycheck goes hand in hand with the inability to pay back loans.

Follow this advice from Credit Abuse Resistance Education, Alexandria, Va., to help manage student loans:

Know loan details. Know how much you owe on all student loans, as well as the interest rates, monthly payments, and when the loans need to be paid off.

Stay in touch with your lender. Let your lender know of any contact changes such as a new address, email, phone number, or name change as soon as possible.

Know grace periods. After finishing school, you have a grace period before you must start making payments. Grace periods vary from loan to loan. Stay on top of this detail to avoid fees.

Be conscious of loans while in school. If possible, try to pay down student-loan debt while you’re still in school. You won’t have such a big chunk to pay after graduation.

Consider consolidation. Consider consolidating student loans to help manage payments. This could save you a lot of money in the long run, but be certain you can handle the combined payment before you consolidate.

Ask at Hopewell Federal Credit Union for advice about managing your existing student loans. Our professionals can offer guidance for your situation. Stop by or call us today at 740.522.8311.

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