It’s a good idea to take the time to manage your loans wisely. Here are some important tips to do that:

Repay all you borrow.

This might be kind of obvious, but it’s also reality.

Meet all other borrower responsibilities.

These responsibilities will be explained on the promissory note you signed to get the loan.

Understand terms and conditions of your loans.

It’s important to understand the terms of your loans – fees, interest rates, subsidies, capitalization of accrued interest, grace and repayment periods, repayment options and so on. We recommend you read your promissory notes and other documents to avoid misperceptions and confusion about your loans. Keep copies of them for future reference. Keep a log that lists all of your loans (both for undergrad and graduate school) and estimated monthly payments.

Don’t ignore mail from your lender/servicer.

We know how you don’t like to open official-looking mail, but it’s important to read your mail and communicate with your lender/servicer as needed. Things can change and it’s important to stay abreast of the changes. For example, the servicing of your loan can change. These changes will be communicated to you along with other information that you’ll need to manage your loans.

Promptly report changes in address, etc., to your lender/servicer.

Also, be sure to let your lender/servicer know of any changes in your contact information or your enrollment status. Neglecting to do so does not excuse you from making payments.

Request deferment/forbearance or explore alternative repayment options (as needed).

If you find yourself in trouble paying the minimum required amount and/or paying on time, immediately contact your lender/servicer and explain the situation. You may be eligible for a deferment or forbearance, or a lower monthly payment using a different repayment plan to help you manage your circumstances.

Keep accurate, well-organized records.

Bottom line is you’re responsible. When entering repayment, you should have a well-informed set of expectations about how much you owe and when you’ll start paying. There are almost no excuses for being unprepared to pay your loans on time. Failure to do so could have serious negative consequences for you.