How to pay back your student loans

After graduating, many students worry about how to repay their student loans. The helpful video below from the Office of Federal Student Aid explains how switching repayment plans, exploring deferment and forbearance options, and consolidating your loans could help you avoid default.

If you’re having trouble repaying your loans, the most important thing to do is contact your loan servicer immediately. A loan servicer is a company, such as Sallie Mae or Nelnet, that handles the billing and other services on your student loan. If you want to change your repayment plan, consolidate loans, or file for deferment or forbearance, your loan servicer can help.

Student loan repayment can be overwhelming, and there’s nothing wrong with exploring your options or changing repayment plans to afford your monthly payments. If your payments are so high that you’re struggling to afford other basic needs like food and housing, it’s probably a good idea to figure out an alternative repayment plan.

For more information, check out our student loan repayment strategies, tweet us @cfgcollege, or give us a call at 1-888-234-3907.