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Managing Student Debt

Managing Student Debt

How to Pay for College

Paying off student loan debt can be a long, complicated, and often hard process, one that can put a significant pressure on an individual's finances, influence major life decisions, and put healthy credit at risk. It is estimated that about seven million of the nation's borrowers are in default. With so much at stake, how can borrowers best manage their student loan debt?

Below are some key points on how to manage your student loan debt:

  • Know Your Loans
    • If you need to borrow for school, look first to federal student loans. Private loans are not backed by the federal government and are more risky and expensive than federal loans. All college students should fill out the Free Application for Federal Student Aid (FAFSA). Submitting a FAFSA is necessary for participation in any federal student aid program, even those that do not depend on financial need.
    • Check out the National Student Loan Data System to find a complete listing of all your federal student loans. You will need your Federal Student Aid PIN to access your information.
  • Stay in Touch with Your Loan Servicer
    • Loan servicers send lots of important information to borrowers, including information about when your payments begin and how to select a repayment plan. If you miss your servicer's communications, you may be enrolled in a repayment plan you don't like or be late on payments. 
    • It is very important that your new phone numbers, email addresses, and mailing addresses are updated with your lenders.
  • Pick the Right Repayment Option
    • You have a choice of several repayment plans that are designed to meet your needs. The amount you pay and the length of time to repay your loans will vary depending on the repayment plan you choose. Please visit for more repayment options.
  • Know Your Resources
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