Navigating Student Loan Payments
Let’s unpack the latest student loan developments. Payments are set to resume this upcoming October, after a 3-year pause. Leaving many borrowers with the burden of accounting for the monthly expense. We’re here to provide you with a few tips and help ease some of your stress.
Know Your Balance
First, you will need to confirm your current balance and your loan servicers. Luckily for you, you’re a few clicks away from accessing this information. Head over to the Federal Student Aid Website and log in using your FSA ID and password. Next, take a look at your original principal amount, current balance, and interest rate.
For private loan borrowers, log into your lender’s website/app, or view your latest credit history report which lists loans in your name.
Reassess Your Loan Payment
Now is a great time to reevaluate your current payment plan. Make sure it aligns with your current monthly income and expenses. Visit The Department of Education’s loan simulator to determine the plan best suited for you. Consider if you would like a faster payoff or lower payments. Be sure to keep in mind the added interest associated with lower payments.
Consider Loan Consolidation
Weigh your options. Loan consolidation benefits include one monthly payment, a lower monthly payment, and more time to pay off your debt.
Does loan consolidation sound like the right move for you? Our loan officers will provide you with affordable rates and flexible loan terms. Stop by one of our branches or apply online.
Navigating debt can feel overwhelming at times. But, with a proper plan in place, you’ll be well on your way to reaching your financial goals. Here at CrossPointFCU we’ll be cheering you on every step of the way.