Reddit Personal Finance

Reddit Personal Finance: Top Financial Independence Secrets

In Self Confidence by Interconnected Lives

#5: Reddit Student Loans

Being a student can be hard, especially when you’re worried about the debts you need to make. If you don’t keep them in check, these debts can become dangerous and steal your peace in the future. The key is to avoid late payments and keep it affordable. You also need to protect your credit rating in the process, so there are no problems later.

First off, try to understand the loans you take. By keeping a track of the balance, lender and also the repayment status, you can make a difference. The small details really matter here, but if you’re not sure about what to do, you can ask your lender and clear any doubts you have. In addition, you can also visit www.nslds.ed.gov  to see your repayment status, loan amounts etc.

Also, it’s very important to understand how much grace period you have. As different loans come with different conditions, you need to be sure about your grace period. The grace period is the amount of time you need to wait after you leave school and make your very first payment.

While it’s about 6 months for some loans, it extends up to 9 months for other loans. It also depends on where your loan was issued. Therefore, do your homework and look into your paperwork to be sure that you’re heading in the right direction.