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Ask the Right Questions & Get the Right Answers
Now you probably know all about all of the above. But have you thought: “What happens after I graduate and my loan disbursements end?” You should ask this, because knowing what to ask is the first step in being well-informed and well-prepared to shoulder a certain amount of debt burden after graduation. What else should you ask? For starters…
- What’s the difference between federal student loans, parent loans, and private loans?
- Where can I find repayment guidelines?
- How much will I owe, including interest?
- How many years do I have to repay my loans?
- What will my repayment schedule look like?
- What recent legislation might raise the amount I can borrow?
- What makes me eligible for a payment deferral?
- How much will it cost me in the long run if I defer until I can afford to resume payments?
- What can cause my interest structure to change?
- What happens if I default on my loans?
- How can I consolidate my debt and lock in a low interest rate for all of my loans?
- What assistance can I get if I’m a veteran or currently serving in the military?
- Can I repay some of my loans before I graduate?
- Will I receive exit counseling on loan repayment before I graduate?
These are just some of the many questions that will arise. First of all, it’s a good idea to visit one of your school’s financial aid officers to get answers and important literature. That’s what they’re there for. Because the answers to all of these and more questions could fill up our pages, for your convenience, they can be found below in our list of Resources You Can Depend On.