Hey there! As a recent college graduate, I know that student loans can feel overwhelming. It’s important to take control of your debt, and one way to do that is by asking your student loan servicer the right questions. Here are some top questions to ask:

What type of loan do I have? 📝

It’s important to understand the specifics of your loan. Is it a federal or private loan? Is it a subsidized or unsubsidized loan? Understanding the type of loan you have can help you determine your repayment options and potential forgiveness programs.

A person looking at a document with a confused expression

What is my interest rate? 💸

The interest rate on your loan will determine how much you’ll pay over time. It’s important to understand if your interest rate is fixed or variable and if there are any fees associated with your loan.

A calculator with money flying out of it

How much do I owe? 💰

This might seem obvious, but it’s crucial to know the total amount you owe. Make sure to ask for a breakdown of your principal loan amount and any accumulated interest.

A person holding a calculator and looking at a stack of bills

What are my repayment options? 🔄

There are several repayment options available for both federal and private loans. Make sure to ask about deferment, forbearance, income-driven repayment plans, and any potential loan forgiveness programs.

A person holding a notebook with different repayment options written down

Can I change my repayment plan? ⏳

If you’re struggling to make your payments or want to explore different options, it’s important to ask if you can change your repayment plan. Different plans have different requirements and benefits.

A person looking at a calendar and holding their head in frustration

What happens if I miss a payment? 💸

It’s important to understand the consequences of missing a payment. Ask about any potential fees or penalties and if there are any options for deferment or forbearance in case of financial hardship.

A person looking at their phone with a notification about a missed payment

How can I pay off my loan faster? ⚡

If you want to pay off your loan faster, ask about making extra payments or if there are any prepayment penalties. You can also ask about different payment plans to see which one would allow you to pay off your loans faster.

A person holding a shovel and digging into a pile of money

Asking your student loan servicer these questions can help you better understand your debt and your options for repayment. Don’t be afraid to ask questions and advocate for yourself. Good luck on your debt repayment journey! 💪🏼

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