Your Local Prime Real EstateYour Local Prime Real Estate

Your Family Broker

203-984-8228
info@agprimerealty.com
  • Menu
  • Home
  • Buy
  • Sell
  • Our Cities
    • Stamford
    • Greenwich
    • Darien
    • New Canaan
    • Wilton
    • Westport
    • Norwalk
  • HUD Homes
    • How to Buy a HUD-Owned Home
    • HUD FAQs for Consumers and the General Public
    • HUD FAQs for Real Estate Agents
    • HUD Home Financing Codes
    • HUD Blog Postings
  • REO
  • About
  • Client Reviews
  • Contact
  • Blog

Repaying a Student Loan? Be Aware of These Issues

The average college graduate in 2016 had $37,172 in student loan debt, according to the website Student Loan Hero. Thats a lot of money to pay off after graduation.

Paying it off should be as simple as writing a monthly check to the lender. Unfortunately, there are some potential student loan problems that borrowers should be aware of when repaying their student loans. Here are some of them:

Track your loans

Know how much you owe and to whom. This sounds straightforward, but it can be confusing. Why? Because the servicer of the loan that collects payments often isnt the original lender.

If you have federal loans, the National Student Loan Data System will help you track your loans after you set up an online account.

Banks that have given you private loans should contact you. If youre unsure, check your credit report to see if a lender has reported your loan.

Tie loan payments to your income

Federal loans have payment plans that allow monthly student loan payments to be reduced for borrowers with a family or lower income level. Youll have to requalify for the plan each year.

The Education Department has a repayment estimator tool to help determine if youre eligible. Your loan servicer should also be able to help, and its cooperation is needed for enrollment in an income-driven repayment plan.

Forbearance

If you cant repay your loan for a while, your loan servicer may offer you help through forbearance. This allows you to reduce or eliminate payments for an amount of time, though interest continues accruing.

Private lenders may not offer income-driven payment plans, but have something between them and forbearance. They may extend the term of a loan, leading to lower payments over a longer time, for example.

Dropping a co-signer

If a relative or someone else with good credit helped you by co-signing on your student loans ” leading to a lower interest rate for taking on the legal obligation of repaying the loan if you cant ” you can release them from this obligation after you graduate.

It requires making on-time payments for a certain number of consecutive months. However, if you skipped payments the clock will be reset to zero on your consecutive monthly payment count.

Make sure the bank or servicer is properly crediting your payments by using its online site to track your account.

Hope you found these tips helpful! Contact me for more insights and info.

Published with permission from RISMedia.

Source: RIS

Posted in: Uncategorized Tagged: Blockquotes

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Post navigation

« How to Make Your Home's Entryway Pop
How to Get the Best Mortgage Refinance Rates »
Search for:

Featured Homes

Resources

  • Blog
  • Buying Home
  • Financing
  • First Home Buyers
  • First Time Home Buyers
  • For Buyers
  • For Sellers
  • Housing Market Updates
  • HUD
  • Infographics
  • Interest Rates
  • Millennials
  • Move-Up Buyers
  • Pricing
  • Real Estate
  • Resources
  • Selling Home
  • Uncategorized

Search Tools

  • Basic Search
  • Address Search
  • Advanced Search
  • Home Valuation
  • Map Search
  • My Account
  • MLS Number
  • Contact

Our Neighborhood

Stamford

Westport

Wilton

Norwalk

Greenwich

Darien

New Canaan

REAL ESTATE IN FOCUS

Trust… Care… Expertise… = Real Results! - Whether you buy or sell we make it hassle free. - We love what we do. - We love people. - A different approach with exceptional results!

Our Neighborhood

  • Stamford
  • Greenwich
  • Darien
  • New Canaan
  • Wilton
  • Westport
  • Norwalk

Contact Us

AG Prime Realty
Stamford, CT 06903

203-984-8228
info@agprimerealty.com
© 2025 · AG Prime Realty LLC, Licensed Real Estate Broker, Stamford, CT 06903
Sage

hud-logo2

Log in