Research options to reduce the total amount repaidon yourstudent loan.
- Ask if your loan holder offers benefits for automatic payments debited directly from your checking or savings account.
- Consider making payments during your grace period (Stafford loan) or post-enrollment deferment period (Grad PLUS loan), which will save you interest expenses over the life of the loan.
- If possible, pay more than the required monthly payment. Any additional amount you pay will reduce your outstanding principal balance, resulting in earlier payoff and lower interest costs over the life of your loan.
- Get organized. Carefully read all of your student loan-related correspondence and create a “my student loan” file to hold statements, notices and other important loan documents.
- Keep a phone log. Take notes when talking to your loan holder, including the date of each conversation, the name of the customer service representative who assisted you and a brief description of the conversation.