Monday, August 12, 2013

Know Your Student Loan

"Why is it important to know which kind of student loan I have? Aren't student loans just student loans?" Not at all! There are many several different kinds of student loans, and depending on which kind you have will determine the rules associated with your loan.

We are fortunate that we only deal with Direct Stafford Loans that are Subsidized or Unsubsidized for students and PLUS loans for parents. But even then, you should understand which of these you have since they are different. If you have issues with your loans or repayment, you are expected to understand what you are responsible for.

But what else is there? Aren't these the extent of student loans? Not at all! We do not have these, but there are also Federal Perkins loans, PLUS loans for graduate students, health professions student loans, nursing student loans, and private student loans. There are also consolidated loans that occur if you consolidate your loans together. These may have new terms or slightly different terms than your old loans.

Either way, you should be away of what your student loans are and how you should handle them. For some more information on student loan repayment terms, CLICK HERE. This link will take you to a page on Mapping Your Future's website that discusses repayment terms for several different types of student loans.

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