Three Things You Must Know About Your Student Loans

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Whether you are just taking out your first set of student loans or are approaching the end of your grace period, there are so many concepts and terms that you must be familiar with in order to effectively manage your debt. Especially if you didn't or haven't taken the time to really read over the information presented to you when applying, now is the time to get on board with what it all means. To help you out, we've put together the following list of things all borrowers must know (not just parents, as seen in our latest blog):

1. Due dates: Though it may seem like an obvious thing to be aware of, you'd be surprised at how many people aren't quite sure when their first payment (and all the ones that follow) is due. Even if you plan on setting up a system where your lender automatically takes the money out of your account each month, you should still know on which dates payments are expected - especially if you are counting on a paycheck to already have been deposited before hand.
2. Interest rates: High or low, you'll most certainly want to know what type of interest each of your loans will accrue. Since interest is going to have a direct effect on how long it takes you to pay off your loans, you must be aware of how it will be applied to each of your loan groups; this will help you determine which are best to focus on first.
3. Your lender: The money isn't coming from just anywhere - you have specific lenders who are working with you to cover your tuition costs! In order to find out when your payments are due, what the interest rate is and so much more, you need to know which providers are in charge of each of your loans. And remember, you may have more than one, so don't stop researching until you have a name to match every loan you've taken out!

So, do you know when your loans are due? What your interest rates are? Which lenders you work with? If not, make finding out a priority on your to-do list! Having this information handy is the first step to managing your student loans in a way that will benefit you down the line. 

On the other hand, if college is years away for you and your family, your first priority should be finding ways to save! To learn which savings solution is the perfect match for you and your financial goals, give us a call at (516) 932-5130 to start speaking with one of the professionals at American Investment Planners LLC today!