Repaying your student loans

Make payments on time and save on late fees

Graduate
Three high school students in caps and gowns holding diplomasGet your degree. Students who complete school are less likely to have trouble making their monthly payments. A college degree can lead you to a higher paying job and open the door to a new career.

Repay the sensible way
A hand holding a stamp that says: PAIDAsk your lender if they can automatically deduct your payments from your bank account. Also, ask if they offer an interest rate discount for making automatic payments.

Use the grace period
A person sitting at a desk paying billsTry to get other bills paid off during the grace period (usually six months) before your first student loan payment is due. That will help you to repay your student loans when the time comes.

Make one extra payment
Try saving up over the course of each year to make a one-time extra payment. Doing this will make a big difference in reducing your loan balance, the amount of the loan that you still owe.

If you can’t pay
If you’re unable to make a monthly payment, call your lender right away. Discuss options to postpone payments or adjust your repayment plan. To learn more read the postponing student loan payments article or visit the deferment or forbearance page on the Federal Student Aid website.

Under the Servicemembers Civil Relief Act (SCRA), if you are deployed you may be eligible for deferred or reduced payments. To make sure you understand your rights under SCRA, contact the Judge Advocate General (JAG) office on your base or post.

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