Whether you are a new student, taking a break from school, graduated or started repayment, these tips will help you keep your student loans under control.
- Know Your Loans: Keep track of your lender, balances, and repayment status for each of your loans If you are not sure of the details visit www.nslds.ed.gov.
- Know Your Grace Period: Different loans may have different grace periods speak with your lender to verify when the first payment is due.
- Stay in Touch with Your Lender: Keep your contact information up to date with your lender. Ignoring bills or serious problems can lead to default, which has severe, long term consequences
- Know How to Receive Support: APUS has appointed ECMC to help you prevent defaulting on your student loans contact them at 1.877.331.3262 or www.ecmcsolutions.com/resources
- Pick the Right Repayment Option: If you have not chosen a repayment option contact ECMC or your lender for assistance. If not, when your federal loans come due, your loan payments will automatically be based on a standard 10-year repayment plan.
- Consolidate: A consolidation loan combines multiple loans into one for a single monthly payment and one fixed interest rate. Ask ECMC or your lender for details.
By Tangene Umstead
Senior Default Prevention and Compliance Specialist at American Public University
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