In fact, the answer to how you pay your student loans is very simple .... you write a check for the amount, either in whole or sliced), and return to the lender. It's a simple concept but when you consider the percentage of students default on their student loans, it becomes painfully obvious that there is a problem somewhere in the mix.
For starters, determine how much and to whom. Most of us go through our college years, blissfully unaware of the debt that they are running. Have you taken a Stafford loan? Perkins? More information? What are the conditions? Familiarize yourself with your financial situation.
Do not give money mistake to lend money. Grants are free money, and should not be reimbursed.
Look at options for loan forgiveness. Join the military or Peace Corps can help you get your loan has been paid or reduced by as much as 70%. You can get more if you are ready to perform high-risk tasks. You may also be able to reach a certain level of forgiveness by working as a teacher or therapist, or through social work.
Know your options and exercise them. After graduation, you have a period of six months during which no payment is required, the idea is for you to get on your feet and get a steady income that allows you to pay efficiency.
As with any loan, the more it takes to pay it back, the more interest you pay. It 'obvious that it would be preferable to pay in full, but if possible, choose the lowest and the payment period that you can handle, and then make the payment on time, every month, every month. You have several options:
standard payments are fixed monthly amounts over a period of ten years. You get good interest rates, but rather high payments.
Graduated payments begins slowly and then increase gradually over time, with the idea that the loan to keep pace with expected salary.
You can also select or based on income from long-term plans for payment, the loan designed to stretch as far as 30 years and make the monthly rates are more affordable.
It may seem obvious, but .... not the norm! I ran into more than one person, who basically admitted to ignorance of their student loans with an intellectual luminary actually tells me she thought they would simply disappear. "No, they are there and will be treated like any other loan. If you default, it is your credit history and score, which can affect your ability to buy houses or cars of the future.
Addition to the above .... in the case of a bankruptcy, student loans are loans that are not deleted from your credit history.
If you missed, you can still get back on track, or by the use of consolidation (collection of different loans into one big loan with a payment you can handle), defer (put off your loan during a given time) or indulgence (a period of three months where you do not pay because of problems documented scenarios).
As with any loan. If you are able to redemption, it must pay a loan off early will save you a lot of money in interest charges.
Do not be late with your payments, higher interest rates or late fees will accumulate over time. Make your payments on time every month, every month for the duration of the loan.
This is not limited to student loans, but a rule of thumb is to start early and develop good financial habits, pay your bills on time, live within their means and not go further with the credit card. Managing your debt has a certain job, but the introduction of good practice early on can reap huge benefits later.
If you are in over your head, unable to effectively manage the mountain of debt, you managed to generate, solicit the help of a financial advisor who can sit with you, look at your situation objectively, and you start on a course designed to help you regain your financial situation.