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#DYK four in ten adults under 30 have student loan debt. It’s important to know the ins and outs of your loans before you start repaying them. Here are six great tips from StudentAid.gov to help you start the process:
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1. Choose an affordable payment amount. There is no one-size-fits-all approach to paying back student loans. Swipe up to compare different repayment options using a repayment calculator.
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2. Explore forgiveness options. Research loan forgiveness programs as soon as possible, as they may affect your repayment strategy. Swipe up to learn more.
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3. Sign up for automatic payments. Automatic payments make repayment less painful, and may provide benefits such as reductions in interest rates.
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4. Make extra payments whenever you can and specify how you want them applied. Make sure any extra payments go to the actual loan total and prioritize repaying the loan with the highest interest rate.
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5. Don’t postpone payments unless you really need to. Before choosing deferment or forbearance, ask about enrolling in an income-driven repayment plan, since interest will usually continue to accumulate on your loan even if you aren’t making payments.
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6. Take advantage of FREE federal loan assistance. Loan servicers provide free payment assistance – talk to yours to explore your options.
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REMEMBER: Do not trust companies who offer to help you with your student loans for a fee. You don’t have to pay for help with your loans. If you need advice, assistance, or help applying for a repayment program, contact your loan servicer instead.
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