Sallie Mae’s 5-Tips to Repay Student Loans
Posted by admin on October 16th, 2008
Sallie Mae offers 5 tips to help newly minted alumni begin student loan repayment and build a healthy credit history and to help customers get off on the right path for student loan repayment:
1. Automatic debit: Set up monthly loan payments with
automatic debit as an easy way to make on-time payments. Your
monthly student loan payments are electronically deducted from
your checking or savings account, saving you time and stamps.
2. Run the numbers: Sallie Mae’s Loan
Repayment Calculator estimates the monthly payments and total
interest costs under the different repayment plans available.
Before selecting a repayment plan, run the numbers and see which
repayment plan gives you a monthly payment that fits into your
budget.
3. Link your loan to Upromise: Join Upromise,
then link your Sallie Mae loan account to your Upromise account
and use your Upromise rewards to transfer savings automatically to
help pay down your eligible Sallie Mae student loans. Upromise
helps students and families save money for education expenses by
earning rewards on everyday purchases from participating
companies. Visit www.SallieMae.com/upromise
to learn more.
4. Stay in touch: Immediately notify your student loan
servicer(s) of any change to your name, address, telephone number,
employer, or Social Security number. This will ensure that you
receive all communication from your loan provider and that you are
aware of your payment amount, payment due date and repayment
options.
5. Prepay or pay extra when possible: You may prepay your
loans in part or in full at any time without penalty. This will
lower the overall cost of the loan. Adding a little extra to each
monthly payment can help.
Tags: repay student loans, sallie mae, student loans
This entry was posted on Thursday, October 16th, 2008 at 2:50 pm and is filed under College Scholarship and Loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
