How can student loan repayment requirements affect you? (and your credit)
I just got off the phone with a credit correction company who reminded me that student loans are now no longer deferred — payments are due this month!
What does this mean? If you have a student loan, you should make sure you’re aware of the due dates and required payment amounts. Missing a payment could drop your credit scores by as much as 50-100 points. I just wanted to make sure all my clients are aware of this. If you or anyone you know has student loans, this is a good time to be reminded– spread the word!
What you need to do:
Verify what student loans are actually yours, make sure there are no duplicates, and set up your plan and your autopay online — https://studentaid.gov/
If your student loans transferred to a new loan servicer during the pause, set up an online account with your new loan servicer and ensure your contact information is up-to-date.
Remember to only work with the U.S. Department of Education, the Office of Federal Student Aid, and with your verified loan servicer, and never reveal your personal information or account password to anyone claiming to help you for a fee. If someone tries to charge you money to help with your student loans, it’s probably a scam. You never have to pay for help.
There are some great income-based repayment plans you can do as well, and I am surprised how most folks can qualify for one of them.
There are many smart financial reasons, (relating to planning ahead and the tier of wealth) tokeep your student loan payment as low as possible,
Want to go over this with me?
Please give our office a call and schedule a time — 360-676-9600.