Description: Discovery Education - Education Careers - Education Destination - Masters Education
Most college students today can’t finish their higher education without the use of student loans. The way to exit school and still be in good financial shape is to learn all you can about student loans before getting any. Read on and learn all that you need to know in advance of applying for student loans.
Don’t panic if you aren’t able to make a snag in your loan payment. Job losses or unanticipated expenses are part of life. Do know that you have options like deferments and forbearance options. Just be mindful that interest continues to accrue in many options, so try to at least make an interest only payment to get things under control.
Pay your loan off using a two-step process. Always pay on each of them at least the minimum balance due. Second, make extra payments on the loan whose interest rate is highest, use it to make extra payments on the loan that bears the higher interest rate rather than the one that bears the highest balance. This will minimize the amount of total interest you wind up paying.