Skip Navigation
Fri Jul 11, 2014
 
Army OneSource
Army OneSource
Army OneSource
Commander's Page Online Training
Volunteer Tools Army Family Covenant
My AOS Page Services Locator
Full Website
This site may not be optimized
for a mobile browsing experience.
OK
Please don't show me this again:

May 10, 2013
By Nicole Callahan

You survived the final exams, the all-nighters and maybe even a crazy roommate or two. You did it, class of 2013! Congratulations on graduating!

Before you head off to the real world, it’s important that you take some time to learn about your student loans. Many federal student loans have a grace period, which is a set period of time after you graduate, leave school, or drop below half-time enrollment before you must begin repayment. But that doesn’t mean you should wait to figure it all out. It is important that you use this time wisely. To get you started, here are five things you should know about your student loans:

  1. Loan Types

You may have federal loans, private loans, state loans, loans from your school, or some combination of the different types. Different loan types can have very different terms and conditions, so be sure you know what types of loans you’ve got.

To see all of your federal student loan information in one place, you can visit www.nslds.ed.gov. Once you log in, you can access a list of your federal student loans, including the loan type and information for your loan servicer.  A loan servicer is the company that will handle the billing and payments on your federal student loans.

For all other types of loans, consult your records. If you have questions about the type of a loan, you can try contacting the financial aid office at the school you were attending when you took out the loan.

  1. Loan Balance

Once you’ve tracked down all of your loans, you’ll want to find out what your total loan balance is. This will help you determine a plan for repayment.

For your federal student loans, www.nslds.ed.gov will display your loan balance. For private and other student loans, you’ll want to check with your lender.

  1. Loan Interest

Remember, a student loan is just like any other loan—it’s borrowed money that will have to be repaid with interest. As interest accrues, it may be added to the total balance of your loan if left unpaid. As a recent graduate, you may want to consider making student loan interest payments during your grace period to save money on the total cost of your loan.

  1. Repayment Options

Depending on the types of loans you have, you will have different repayment options.

Federal student loans offer great benefits, including flexible repayment options. Some options include tying your monthly payment to your income, extending your payments over a longer period of time, or combining multiple loans into one. Want to compare what your monthly payment would be under each of our repayment plans? Try our new Repayment Estimator! Once you figure out which repayment option is right for you, contact your loan servicer to enroll in that plan.

For nonfederal loans, you’ll want to check with your lender to see what types of repayment options are offered.

  1. Repayment Terms and Benefits

Familiarize yourself with the repayment terms of all your loans. Here are some things to keep an eye out for:

With that, Class of 2013: let me be the first to welcome you to the real world, where midday naps are frowned upon and the closest you get to spring break is a Throwback Thursday on Instagram.

But jokes aside, make it a priority to figure out your student loans as soon as you can. The more informed you are the better. So don’t wait—get started today!

Nicole Callahan is a new media analyst at the Department of Education’s office of Federal Student Aid.