Student Loans and Repayment
A Federal Student Aid survey of borrowers in grace asked students about to enter repayment what they would do differently when borrowing student loans. Some of their responses are shown below:
“If I could do it all over again…
- I would begin paying my loans during my studies
- I would have taken all subsidized loans and no unsubsidized ones
- I would have taken out just enough and not the maximum amount
- I would pay interest as I went
- Rethink how to spend my loan
- Take more classes per semester to cut down on cost
- I would borrow less, have a better understanding of loan repayment options, and not accept refund checks to make my loan smaller
- Find out exactly how much I am borrowing”
The responses show that students would approach loan borrowing differently. Use this information to make informed decisions with your student loans. Federal student loans used to pay for your college education can be an investment in your future. Follow the advice of other students to get the best return on investment possible:
- Start making interest payments if you are able
- Take out only subsidized loans if offered to you
- Borrow only what you need
- Take advantage of banded tuition and take a higher credit hour load each term
- Know the amount you are borrowing and know your federal loan servicer
Be wary of third party companies promising to consolidate or eliminate your student loan debt through loan forgiveness programs. Work directly with your federal loan servicer
Department of Education repayment videos
Department of Education Repayment information
Understanding Your Loan Status