Top 5 Tips For Managing That Student Loan
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Top 5 Tips for Managing Your Student Loan
Summary:
On February 8, 2006, President Bush signed a budget reconciliation bill affecting student loans for students and graduates. New Federal Stafford Loans taken after July 1, 2006, will have a fixed interest rate of 6.8%. Existing loans will retain variable rates.
The good news? Origination fees on student loans will gradually phase out. Additionally, graduate students can benefit from the new PLUS Loan initiative, making it easier to cover education expenses with low-interest loans rather than costly alternative ones.
If you're nearing graduation, consolidating your student loans through the Federal Loan Consolidation Program could reduce your monthly payments by up to 50%. Here are some key tips to help manage your student loans effectively.
Average Loan Concerns:
The average new graduate faces over $220 in monthly student loan payments. With impending deadlines, consolidating now could save you substantially in interest. Currently, rates are variable and may rise to 8.25%. Locking in rates while they are low (as low as 4.5%*) is advised to avoid future increases.
Top Tips for Managing Student Loans:
Tip
1 - Lock in Your Interest Rate:
Student loan interest rates adjust every July 1st. Consolidate now to secure a permanent rate.Tip
2 - Set Up Automatic Payments:
Many lenders offer reduced interest rates for automatic deductions from your account. This ensures timely payments and adds up to significant savings.Tip
3 - Stay Current with Payments:
If you're struggling, contact your loan servicer about deferment or forbearance options. Late payments can damage your credit.Tip
4 - Choose the Best Payment Plan:
A variety of payment options are available for loan consolidation. Select one that suits your financial situation, and switch plans as necessary.Tip
5 - Take Advantage of Cash Back Offers:
Some lenders offer incentives, like up to $2,000 cash back, for making on-time payments over a specified period.By following these tips, you can manage your student loans more effectively and secure a better financial future.
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