Student Loan Information

When you first took out your student loan and began your studies, you may not have taken special note of some important student loan information. Below is a list of items that you should know as a borrower of federal or private student loans.

  • A loan is borrowed money that must be repaid according to the terms and conditions of the loan agreement.
  • You are required to repay the loan even if you didn't like the education you received or are finding it difficult to find a job in your field of study.
  • You are required to repay the loan if you left school early without completing your degree.
  • You need to keep the loan holder informed of any changes in contact information, a change in your name, a change in your Social Security Number or if you change your student status.
  • You must make payments on your loan even if you don't receive a monthly bill or coupon book. Billing statements are a courtesy, and you're still obligated to pay regardless of receipt.
  • If you are applying for a federal student loan consolidation, need to defer payment or apply for a hardship, you must continue your payments until you are notified that your request has been approved.
  • You can repay the entire amount loaned or any part of it at any time without penalty. This means you are paying some or all of the loan amount before it is due.
  • In the event of a hardship, or a financial problem, you can consolidate your student loans and reduce the amount you pay each month. To refinance your student loans, your student loan should be in good standing.
  • The effects of defaulting on a federal student loan is very difficult to recover from.
  • Your loan holder will report to national credit bureaus on a regular basis. Both positive and negative reporting's are made which will either help establish or maintain a good rating or damage your good name and credit rating.

We would like to encourage you to keep all your student loan information in a safe place.

Related Student Loans Ed Web Pages » Free Student Loan Consolidation
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