TIP! Learn about your loan’s grace period. The grace period is the time you have between graduation and the start of repayment.

Student loans are effective means to help shoulder college costs. But unlike a scholarship or a grant, a loan is not a gift of money. You must pay it back. For some great ideas on how to do so, continue reading.

TIP! Speak with your lender often. Make sure they always know your address, phone number and email, all of which can change often during your college experience.

Don’t panic if you can’t make a payment due to job loss or another unfortunate event. Many times a lender will allow the payments to be pushed back if you make them aware of the issue in your life. However, you should know that doing this could cause your interest rates to increase.

TIP! Never do anything irrational when it becomes difficult to pay back the loan. Many people have issues crop up unexpectedly, such as losing a job or a health problem.

Don’t eschew private student loans for financing a college education. While you can easily find public ones, they have a lot of competition since they’re in demand. Private loans are not in as much demand, so there are funds available. Ask around your city or town and see what you can find.

If you plan to prepay your loans, try to pay those with the highest interest rates first. This will reduce the total amount of money that you must pay.

Grace Period

TIP! Make sure you understand the true length of your grace period so that you do not miss payments. For Stafford loans, it should give you about six months.

Check the grace period of your student loan. Many loans, like the Stafford Loan, give you half a year. Perkins loans have a nine-month grace period. Other types of student loans can vary. Know what you have to pay when, and pay on time!

TIP! If you don’t have a lot of “extra” money, student loans can really make life difficult for you. Loan programs with built in rewards will help ease this process.

Payments for student loans can be hard if you don’t have the money. There are rewards programs that can help. Look at programs like SmarterBucks and LoanLink via Upromise. These are similar to other programs that allow you to earn cash back. You can use this money to reduce your loan.

TIP! To help maximize the money you get from student loans, sign up for additional credit hours. As much as 12 hours during any given semester is considered full time, but if you can push beyond that and take more, you’ll have a chance to graduate even more quickly.

You can stretch your dollars further for your student loans if you make it a point to take the most credit hours as you can each semester. Full-time status is usually 9-12 hours per semester, so getting between 15 and 18 can help you graduate sooner. This will help reduce how much you have to borrow.

TIP! Lots of people don’t know what they are doing when it comes to student loans. It’s a good idea to speak with the lender to ask about thing you don’t know too much about.

Be sure to fill out your loan applications neatly and properly to avoid any delays in processing. Incorrect or inaccurate information will only delay the process, and that may result in your schooling pushed back to the following semester.

TIP! Stafford and Perkins loans are the most advantageous federal loans to get. Many students decide to go with one or both of them.

The simplest loans to obtain are the Stafford and Perkins. They are the safest and are also affordable. These are good loans because the government pays the interest while you are still in school. There’s a five percent interest rate on Perkins loans. Stafford loans offer interest rates that don’t go above 6.8%.

TIP! PLUS loans are available if you are a graduate student or the parent of one. They cap their interest rate at 8.

Why would your school recommend a certain lender to you? There are institutions that actually allow the use of their name by specific lenders. This can mislead you sometimes. If you decide to get a loan from a particular lender, the school may stand to receive a monetary reward. Know what is going on before you sign.

TIP! Do not think that defaulting will relieve you from your student loan debts. The government can get back this money if they want it.

This article will help you to gain a better understanding of student loans. It’s tough to find the best deals out there, but it’s definitely possible. Take it slow and use this information to find loans that are right for you.