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Latest from FSA: 4 Things Borrowers Should Do Before Making Their First Payment

May 22, 2014

4.28-4-Things-to-Do-BeforeThe Department of Education recently shared these four steps borrowers should take during their grace period to prepare for their first payment due date:

1. Get Organized

Log into NSLDS to see all federal student loans in one place. Make sure you are familiar with loan balances and servicer information. Also be sure to check personal records to see if you have private student loans.

2. Contact Your Loan Servicer

Become familiar with your servicer and the resources they provide.

3. Estimate Your Monthly Payments Under Different Repayment Plans

Use FSA’s Repayment Estimator to compare repayment plans.

4. Select the Repayment Plan That Works for You

After using the Repayment Estimator, choose a repayment plan that works for you. Then, contact your loan servicer to officially change your plan.

Read the full article here: http://www.ed.gov/blog/2014/04/4-things-to-do-before-making-your-first-student-loan-payment/?sf26117927=1. Be sure to share these four steps with your school’s borrowers!

 

Kristin Tobias, Communications Coordinator, Nelnet

Kristin Tobias, Communications Coordinator, Nelnet

 

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