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"I received my loan. Is there anything I should do now?"
No matter if you are in school or out of school, if you have taken out a Stafford Loan or have a parent that has taken out a PLUS loan, you need to KEEP COPIES OF LOAN DOCUMENTS (application, promissory note, disclosure statement, deferment forms and all correspondence with your lender).
As one of your responsibilities as a borrower you must make your loan payments
promptly. When you apply for other types of credit (a car loan, credit
cards, home loan, etc.) you'll have to demonstrate you are creditworthy.
Failure to make your student loan payments on time will reflect on your
credit record. There are different repayment options of making your student
loan payments. Check with your lender to select an option best suited to
your needs.
Another responsibility as a borrower is that you must contact your lender if you change schools; have a change of address, telephone number, or social security number; change your name; change your enrollment status (example: from full-time to half-time, withdrawal from school, or returning to school); or your employer(s) address changes.
CALL YOUR LENDER IMMEDIATELY if you have any questions or problems regarding loan payment. If you have multiple lenders, be sure to contact each one. Treat each loan as a separate debt.
As a Federal Stafford Loan borrower, you will receive a six or twelve-month
grace period when you cease attending school at least half-time. The length
of your grace period is stated on your promissory note. During this time
no payment of principal is required, and the Federal government will continue
paying the interest to your lender if your loan is subsidized. Federal
Unsubsidized Stafford Loan borrowers always pay their own interest. Once
this period has expired, you will be required to start making payments
on both the principal and interest of your loans(s). If you re-enroll at
an eligible school on at least a half-time basis prior to the end of your
grace period, your loan will return to its former in-school status, and
repayment of principal will again be postponed. In this case, when you
leave school again your grace period will start over. Re-enrollment after
this point will not reverse your repayment status, nor will you be eligible
for an additional grace period. However, you may be able to postpone your
principal payments through a deferment or forbearance.
* Borrowers of only SLS loans do not receive a grace period, but may have the option of one if they also have a Federal Stafford Loan.
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