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Frequently Asked Questions

Success in Repayment:
     A Plan to Stay on Track

Success in repaying your student loans doesn’t just mean staying out of default.  It also means staying out of delinquency - keeping your account current.  This may not always be easy, but we think these steps will help: 

  1. Know Your Rights and Responsibilities.
    At the time you took out your loan, your lender sent you a document that explained your Rights and Responsibilities.  If you have entered repayment, it’s likely they sent you another copy at that time.  If you’ve misplaced it, call your lender or servicer; they’ll be happy to send you another. For a list of servicers with contact numbers and e-mail addresses, click here.
  2. Know Your Repayment Options.
    A loan from the Federal Family Education Loan Program (FFELP) offers many more options for repayment than most forms of credit.  To find out more, visit our Overview of Options.  
  3. Keep in Touch.
    Stay in close contact with your lender or servicer.  Make sure they hear from you whenever you have a change in your:
    bullet Name 
    bullet Address 
    bullet Phone number 
    bullet E-mail address 
    bullet School enrollment 
    bullet Employment

    If they haven’t heard from you for a while, you may want to contact them now.  Click here for a list of servicers with contact numbers and e-mail addresses.
  4. Keep Your Credit Cards Under Control.
    Or, better yet, avoid them completely until you know you’re on solid financial ground.  Your credit card balances are harder to pay off than your student loans because their interest rates are so much higher.  Remember, your student loan is probably the first loan you borrowed.  It should be the first one you pay off.  Don’t let a lot of other debt get in the way of doing that.
  5. Ask for Help.
    If you’re having difficulty repaying your loans, don’t be afraid to talk it over with your lender or servicer.  Or your guarantor.  Or us.  We all want to see you be successful in repayment.  Generally, the earlier you ask for help, the easier it is to get it.
  6. Make a Budget.
    And make sure that it includes your monthly student loan payment.
    Need help in creating a budget?  Click here.
  7. Automate Your Payments.
    We strongly recommend making payments by automatic monthly deductions from your checking account.  This removes the hassle of writing and mailing a check each month.  It also removes the temptation of using your funds for something else.  It may also make repayment cheaper for you: Many lenders and servicers offer interest rate deductions to borrowers who make their payments this way.  Your lender or servicer may also offer a rate reduction if you remain current for a specified period.  The surest way to remain current is to make automatic payments.

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