Benefits of Staying Current
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The Benefits of Staying Current

There are not only a lot of good reasons to stay out of default, but also a lot of good reasons to keep up-to-date in your student loan payments. Here are just some of them:

Solid Credit
Your lender reports on your student loan account to a national credit bureau on every month. If you allow your account to go past due, it could cause a creditor to deny your credit application.

Lower Finance Charges
When you remain past due, you stretch out your repayment schedule. Because Federal Family Education Loan Program (FFELP) lenders charge interest on a daily accrual method, this increases your overall cost of borrowing. When you make payments every 30 days, as opposed to every 40 days, less of your payment goes to interest, more goes to principal, and your loan gets paid off sooner.

Avoid Collection Efforts
When you stay current on your loan, we don’t have to bug you. Neither does your lender, your school, or anyone else who is interested in seeing you get current.

Lender Benefits
Most lenders now offer interest rate discounts to borrowers who make their payments consistently on-time. These may include discounts for arranging to make payments through automatic deductions from your checking account. 

It’s The Right Thing To Do
If you’re like most borrowers, your student loan is the first loan you made. Your dependable repayment of the loan allows your lender and your guarantor to make loans to other deserving students. Besides, regular repayment of your loan will help you feel good about the way you manage your credit!

We know it’s not always easy to keep up with your student loan payments, but it’s easier if you have a plan. We can suggest one. Click here.

Student Loan Counseling Service, Inc
(888) 633-4850