Borrowing student loans is an integral part of financing an education. It should be considered an investment in yourself. Here are some important tips to follow when borrowing student loans:
- As a student loan borrower, be aware of your rights and responsibilities.
- Be a responsible borrower and only borrow what you need to cover your educational expenses. If you have borrowed more money than you need for the semester, you can always return it. There are no penalties for early repayment.
- Know your allotted grace period for each loan. If you go below half-time status or withdraw from school, you will enter your grace period. If your grace period elapses and you are not enrolled, you will begin your repayment period.
- Pay off accruing interest to avoid interest capitalization when entering repayment.
- Avoid defaulting on your student loan. If you have trouble making monthly payments, contact your student loan provider or school for help and information.