Not sure how to manage your loans? A few of these tips could help you out!
The National Student Loan Data System (NSLDS) provides students with loan totals and specifics. In order to use the NSLDS website, your FSA ID username and password used to file the FAFSA will be needed.
Find out which repayment option is best for you at: https://studentloans.gov/myDirectLoan/mobile/repayment/repaymentEstimator.action
Find out what your exact loan payments will be and which income-based repayment option is best for you at Student Loans.
Here are a few more helpful tips for repaying your loans:
- Paying extra on your student loan each month can save you from spending more money in interest over time. By doing so, you also get your loan paid off months or even years early!
- Prolonging your repayment term will reduce your monthly payments but extends the loan term to 20 or 25 years. This increases the total interest paid over the life of the loan (even double your interest in certain cases). Unless you are using Public Service Loan Forgiveness, consider sticking with the shortest loan term you can afford in order to save money in the long run.
In certain situations, you can have your federal student loan forgiven or canceled. Find out whether you qualify due to your job, disability, or other circumstances at Federal Student Aid