Federal Student Loan Consulting
  • STUDENT LOANS 101

Student Loans 101 /
How To Be A Smart Borrower
/

SMART BORROWING

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.

Tip #1
Tip #2
Tip #3
Tip #1

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.

Tip #2

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.

Tip #3

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.