Student Loan Repayment — The Basics
Knowing your options is critical.
All student loan borrowers need to be aware of the available student loan options. The first step is to find out what kind of loans you have. Are they all federal loans, all private loans, a mix, which federal programs? All of the information discussed here applies to federal loans in any status: deferred, current, delinquent or in default. So stop worrying. Keep reading.
Get Your Loan Data
Go to the National Student Loan Data System (NSLDS), register, view and download your federal loan information. There are many different federal loan programs and your repayment options depend on the type of loans that you have. Any private loans will not be included in the NSLDS data and repayment of private loans will need to be determined separately.
Now that you know what types of federal loans you have you can begin planning your strategy.
The Almighty Cancellation (or Discharge…or Forgiveness)
Don’t gloss over the idea of cancelling some of your student loans. It is possible and it does happen. I am using the term “cancellation” to cover all of the forgiveness options for brevity.
