What is the best way to pay school loans?

Question

Where I can I get a loan and only pay a little a month?

Answer 1

Effective Tips To Help Lower Your Student Loan Payments

Tip#1: Maintain at least Half-Time Enrollment

Considering a half-time enrollment is highly necessary in order for you to qualify for an in-school deferment. The half-time enrollment normally takes six credit hours. Regarding your school’s requirements for half-time status, see your financial aid officer.

Tip #2: Take Advantage of Tax Savings

Some of the student who takes out student loans qualifies for tax credits. To see your own status, check with your tax advisor. The credits are actually based on your qualified tuition payments, and they can help reduce the amount of Federal tax you pay. Now, if you are paying interest on a student loam, you may also be able to take a deduction on your Federal tax return for those interest payments. Therefore, to obtain the full benefit of the credits as well as the deductions, grab the opportunity of employing the additional tax refund to pay down your student loan debt, or perhaps to handle your educational overheads.

Tip #3: Repayment Tips

As you enter the repayment period, note that being aware of your student loan obligations is very crucial. This is where the student loan default usually happens. It occurs when you fail to pay back the loan as agreed or meet the other terms of your promissory note. The promissory note for each of the loans must then be referred prior to your graduation or before you leave school so that you know what your rights and responsibilities are in repayment.

Here is what you should do as you enter the repayment period:

• Send your education loan payments when due every month, for the full monthly payment amount or more. This must be done regardless of whether or not you receive a bill.

• Note and understand the repayment options provided by your student loan lenders. With some available options, there is a possibility that you can lessen the total cost of the loan by making a high monthly payment. Other options may even lessen your initial monthly payments and may make it easier for you to pay back your leans early in your career.

• Understand the deferment as well as forbearance. In case you need them, just learn to exercise your options.

• Remember that the loan consolidation and its repayment options have its pros and cons. So, understand them.

• Keep your school, lender or servicer informed of your whereabouts. Contact them immediately if you change your name or address; have questions about billing statements; have problems making your scheduled payment on time; or if you want information on or application for deferment or forbearance.

• Read, note and understand all the correspondence you receive from your student loan lender, loan holder, or servicer. And, respond them promptly if asked to do so.

For Further Information

If for instance you need further information regarding your student loans, always remember that the financial aid staff at your school is probably your most important resource. However, there are also some consult publications from federal and state governments, lenders and scholarship granting organizations, and financial ad guidebooks that are available from your local bookstore. They are great enough for you to start your own search.

Student Loan Consolidation is another option if you already have school loans you are paying.

Answer 2

Well depending on where you get your loan from and how much it is will determen your monthly payment!
Just pay it no matter how hard it is to pay it! do it ! or you won't get your taxes back at the end of the year and they will take a nice % out of your check when they garnish your paychecks!
Not fun! but my loans are now paid! but now i got this on my credit report! well looks like in 7-10 years it may come off!
Good luck
Mad luv

Answer 3

The first place to start is FASFA - that's federal financial aid, you'll need to fill out a form online which is pretty involved from your (and your parents if your still a dependent) tax info. But they offer grants, scholarships, and some of the best student loans. They gave me a small scholarship, and I had 2 small loans from the feds. On both, I didn't have to start payment until a few months after I graduated, and one of those didn't even start accruing interest until after I graduated.

Best wishes

Answer 4

If you have multiple loans consolidating them greatly reduces your monthly payment, but if you just have one, call your creditor and talk to them about it. They would rather get a little a month from you now and more later than have you default on your loan altogether.

Answer 5

hrm.. i pay back my student loan a little bit every month.. :)

i got it threw my province..

ontario student loands

osap!
yay

Answer 6

Get a job.