Congratulations. You have your College Loan and you are on your way to your diploma. At this point you're good to go, but you may have
questions related to loan servicing, Defaults, or you're trying to find
out how to pay for your loan. This section will concentrate on topics "after" student loan has already been received.
The most important student loan is the one with lowest interest rate.
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Overview
When you take out a student loan you will have to repay it. This does not mean that you have to accept the payment plan that the lender is giving you.
Federal Student Loan borrowers have choices. They have more choices than they realize. They have different types of repayment plans,
ways to postpone repayment, and even ways to get out of default through repayment.
Below you will find descriptions regarding issues that come up after students receive loans. The following things come up after students receive their loans:
After You Get Your Student Loan Scenarios
Everything Is Going Good You Want To Pay Off The Loan
This is a perfect case scenario. All you have to do is start paying it. If you do not know how to pay make sure to contact your lender before you make a payment. If you were not paying for a
longer time you may not remember where to send the money. Request the lender to give you all documentation for the loan and instruct you how to make the payments. You need to find out who you
owe and how much you owe.
You are required to pay off the loan, but you do not have the money
Time has come to pay off your loan and you do not have money. So far nothing bad happened. You still have options. If the loan in question is a
Federal Student Loans see if you can have the payment be pushed back or modified. You can even ask the lender to forgive you the
loan. Search under our Download Forms section for appropriate forms.
You want to delay the loan repayment
Delaying your loan repayment is possible especially if the loan you own is a Federal Student Loan. Contact the lender and ask if
they help you. It makes sense to ask the lender to forgive you the loan all together. If the lender does not agree then you can ask him to delay the repayment process.
You received your student loan and you still do not have enough money
There are still ways to get more funding. If you did not apply for all types of free financial aid you can still apply. If you did apply, you have an option to go to the bank and ask for a
personal loan. If personal loans do not work, try getting employed for a semester and make up the missing amount.
You are already in default (not paying the loan off)
This happens. Life is not simple. Your best solution at this point is to contact the lender. They could delay the repayment, offer lower monthly payments, forgive some or all of the loans.
They may have an option to Consolidate Your Loans into a more manageable payment. Everyone's situation will be different
here, so your best bet is to speak to the lender directly.
You have too many loans and you want to consolidate your loans
Students that have too many loans or have a single loan that is overwhelming can apply to Consolidate Their Loans. Some
cases of loan consolidation will leave you with a lower monthly payment that is easier to repay.
In some other times instead of making multiple payments each month you will make a single payment making the payment process simpler and possibly cheaper.
Student Loan Repayment Options
The Repayment Options offered by Direct Stafford loans are generally the same as those offered by FFEL loans.
Options they provide include: Extended Repayment Plan, Income Contingent Repayment Plan (Direct Loans), Income Sensitive Repayment Plan (FFEL Loans), Income Bases Repayment,
Standard Repayment Plan, and Graduate Repayment Plan.
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Everything is going good you want to start paying off the loan |
Student Loan Tips |
Q: Take Out Student Loans As The Last Resort
When you try to get all types of Financial Aid and you do not receive anything or if the amount of money is not enough try borrowing money by taking out loans.
Q: Use Your Grandparents
Everyone talks about parents, but very rarely do we hear Grandparents. They can take out a Loans and help you store some of the assets.
Q: Apply For Student Loans On the Same Day
We are not sure if this tip is valid, but if you have to apply for more than one student loan (different banks) do it on the same day. This will prevent the second bank to see your first loan on the credit history and it will be easier to get qualified.
View All Tips
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Important Questions |
Q: Am I eligible for financial aid?
Just about everyone qualifies for some type of financial aid. In fact, over 8 million students receive financial aid every year. Even if you are not a straight-A student or a star athlete,
you may be eligible for more aid than you think. To see if you meet basic eligibility requirements, take our Financial Aid Eligibility Quiz. Then, complete the Free Application for Federal Student
Aid to see how much aid you can get.
Q: Possible to get a student loan without a co-signer?
Most of the federal student loans do not need a co-signer since they are geared towards young students without long credit history. With private loans you will need a co-signer. With peer to peer
loans it will be on case by case basis. Some investors could provide a loan without a co-singer for a higher interest rate.
Q: How old do I have to be to apply or be eligible for a loan?
To be eligible for a private student loan you must be at least 18 years of age (19 in Nebraska and Alabama, 21 in Puerto Rico & Mississippi). Mississippi residents under the age of 21 may borrow with written consent from a parent or guardian.
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Repaying college loans is harder then getting them. Make sure to be honest with yourself and your lenders when you get in trouble paying off your loan. Contact the people that borrowed you money and
see what can be worked out.
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