:: What Can I Do To Prepare for Repayment? ::
Your grace period is designed to help you prepare for repayment. Use this time to:
Review the terms and conditions of your loan. Remember the Master Promissory Note (MPN) is legally binding and obligates you to repay your student loan.
Take your exit interview seriously. The exit interview is a federal requirement, during which your rights and responsibilities as a borrower are explained. You’ll also be asked to update important loan record information and receive helpful tips for successful repayment.
Stay in touch with your loan servicer(s). Share any changes in your name, address, phone number or ability to repay. If you can’t make a payment, talk to your loan servicer BEFORE your payment is due. Help is available, but you have to ask for it.
Make a My Student Loan file to keep track of all important loan documents and lender correspondence.
Review your current expenses and adjust your spending plan to accommodate your student loan payments. Use OKMM's online personal budgeting tool to create your new spending plan.
Start making interest payments now if you can to save yourself hundreds over the life of your loan. Interest rates change each July.
Visit the Department of Education's Direct Loan Interest Rate page for current rates.
:: Additional Resources ::
- OKMM's Online Personal Budgeting Tool
- OKMM’s Transition to Independence module: This module is designed to help you find financial independence as you transition from busy student to working professional.
- StudentAid.gov: look up your loan servicer and information about your grace period