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To help, we've created a bit of a starter guide to the different types of student loans out there, including some basics on how to manage and pay them back.Of course, if you're thinking about opening a student loan, you should talk to your personal financial advisor or your school's financial aid office.
With both private and federal loans, you may have options to postpone making payments for a period of time.
In some limited cases, your student loan could be completely or partially forgiven, although this is typically quite difficult to do so.
Federal loans typically offer more flexible repayment plans.
With either federal or private loans, though, it's important to know the details of each of your loans and to keep careful track of how much you owe.
Federal loans are generally seen as the better option for most students because of their fixed interest rates, which are often lower than those available through private loans.
As long as the borrower is enrolled in school at least half-time, all payments are delayed.Some servicers even offer an interest rate reduction if you sign up for automatic payments.Bill pay reminders are another way to help prevent missing payments.You can use repayment or loan calculators to estimate, based off of basic loan terms, how long it will take to pay off a loan or to see how much you'll need to pay each month, helping you plan for your future.To make repayment easier and avoid late fees, you may be able to set up automatic payments through your bank or loan servicer.Considering financing your education with student loans?