It is NOT a system and it will not help you magically pay for school or get out of debt.It will, however, take you through the process from start to finish put knowledge in your head, and give you tools to battle the student loan machine.Magnify Money is an advertising-supported comparison service which receives compensation from some of the financial providers whose offers appear on our site.This compensation from our advertising partners may impact how and where products appear on the site (including for example, the order in which they appear).It’s that dreaded time of year for recent graduates: the end of the six-month grace period on student loans.Whether you owe ,000 or ,000, having a handle on your education debt will help you avoid fees, keep your payments affordable and safeguard your credit rating. Take a deep breath and check out these expert tips.Welcome to the Definitive Guide To Student Loan Debt!
Keeping your expenses low, having a tight budget..keep doing it!
When you choose to start making payments while in school or when you pay a little more toward your principal balance while in repayment, you accrue less interest and reduce the total cost of your loan.
And with no prepayment penalties, paying a little extra when you can is a great strategy.
These are student loan servicers, the middle-men who collect your payments and apply them to your debt.
Both private lenders — banks, credit unions and other financial firms that provide education loans — and the federal government use servicers to manage payments.