With all this talk of $$$ isn’t it important we help our students borrow successfully when it comes to student loans? Some students may not have a second thought about their student loans until after they’ve graduated from college! But understanding the obligations they’ve committed themselves to is of huge importance throughout the life of the loan.
A few things for students to keep in mind as they venture through their college career:
1. Know your lender. Students may hold multiple loans, and throughout the course of their life, they often get sold to another lender. Contact the school financial aid office in order to get this information.
2. Make early payments if possible. Making the interest payments during school can help lower the total they pay overall.
3. Repayment Requirements. Repayment is 100% necessary and required! By signing the promissory note, the student has agreed to repay the loan, regardless of employment, satisfaction of education, or whether they actually received a degree or not.
4. Mail from the lender. Along with knowing the lender of the student loan, it’s also crucial to open and read all mail from the lender and make sure the lender has the correct mailing address.
5. Keep all paperwork regarding a student loan(s). This is part of being organized! Keep all copies of all paperwork related to the student loan information in one, safe spot where it can easily be found.
Having this information available and on hand (knowing the lender, reading, and keeping the mail from the lenders) will make life so much easier when questions come up or when it comes that time to start thinking about repayment.
One last suggestion I make as I am advising students in their financial aid process is to only take what you need, never take more than what is necessary. With that said, never over-borrow, or students will find themselves unable to meet their obligation of repayment. Student loans are an investment to a successful and prosperous future!
For more information on federal student loans and loan obligations, visit www.fafsa.gov
Faith Helton
Rock Springs College Advisor
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