Stay Organized

Keep all of your student loan documents together – while in school and after graduation.

Keep in Touch

Stay in touch with your lender. It is the borrower’s responsibility to update the lender of any changes to your personal contact information, including current address and phone numbers.

When you receive mail from your lender it usually contains time sensitive information regarding your loan so make sure you open it right away.

Know What You Owe

Be sure that you know your outstanding balance, payment due dates, estimated payoff timeframe, etc. The better you understand the financial details of your loan, the better off you will be.

Explore Repayment Options

Talk with your lender to determine what repayment options are available to you. Then tailor your payments to a plan that best fits your financial situation.

Make Monthly Payments on Time

Late payments could have an adverse effect on your credit score. To help yourself remember payment dates, set up calendar reminders that will alert you when payment due dates are approaching. Consider setting up online monthly loan payments through your bank or credit union. This will help ensure you don’t miss an important payment.

Avoid Defaulting on Your Loan

If you are having financial difficulties, reach out and talk with your lender. You may be able to defer your monthly payments depending on your circumstances. Defaulting on your student loan will have long-term negative effects on your credit score that can affect your ability to borrow money in the future.

Beware of Credit Cards

It may seem like easy money, but double digit interest rates and late fees can have negative effects on your budget and damage your credit score.

If you have questions about student loans, feel free to contact FAME’s Education Team at or 1-800-228-3734. They will be happy to help you.