You can't control the cost for college however you can control how prepared you are when it comes to your repayment. Take a few moments to learn the basics.
RETURN EXCESS FUNDS
If your school approves more funds than are needed, return the money within 120 days of disbursment and process it as a Borrower Cancellation Payment.
- Your principal balance will be reduced, so you will have to pay back less over time.
- Any origination fee you were assessed will be adjusted based on your new, reduced balance.
CHOOSE A PROPER REPAYMENT OPTION
If you feel you may not be able to afford your monthly payment then:
- There are special programs available, if you qualify, that could have your loan debt reduced or even eliminated.
- Consolidating your loans allows you to combine one or more existing student loans into a single new loan with a new repayment schedule.
THINK BEFORE YOU TAKE OUT MORE LOANS
If you're wondering whether or not you can afford to take out additional student loans, you should:
- Understand what you expect to make when you're out of school.
- Understand that your student loan payments will only be one of the expenses you'll have to manage.