Graduates in our country frequently leave their universities with a hefty student loan debt that is both overwhelming and highly unaffordable, given their meager entry-level salaries. However, there are a few basic tips with which you can ensure that graduating with student loan debt does not end up being a nightmare for you.
Graduating with student loan debt
- Always keep a track of the multiple student loans that you might have taken and their respective details such as the lending company, repayment status and balance outstanding to identify your repayment or forgiveness options. In case you are unable to track your records, you might consider contacting your school for the information.
- You must know the different grace periods for the different loan products you might have procured. The grace period defines the time frame that you can wait after graduation until you start with your repayment schedule. For instance, the grace periods for Stafford and Perkins loans (both federal) are six and nine months respectively.
- Always notify your lender of any changes in your personal details such as contact number or address. This helps them stay in touch with you and work with you to resolve your student loan debt problems.
- If possible, try to may payments towards your interest during the grace period itself. This will help in easing out your loan liability in the long term.
- Whenever possible, you must try to squeeze in a little extra towards your repayment in order to reduce the principal as well as interest amount over the tenure of your loan. However, if you are planning to make larger payments every now and then, you must provide a written request to your lender notifying them of the same. If you make additional payments to your student loan without notifying your lender, they might be automatically credited to a future payment.
Contact our team of Dallas bankruptcy lawyers for more information about resolving your student loan debt.