The Importance of Repayment
It could be argued that the most important part of getting a loan is paying it back! Successfully managing debt now and after college is an important part of respecting your money.
It’s really important to know how much you owe! This includes not only your monthly payment amount, but the total amount you owe – known as the principal balance – and your interest rate you will be paying the loan back. Using the principal and interest you can then calculate your true loan costs. Enter these two numbers our calculators to learn your true cost.
You’ll also want to know your terms and conditions. Do you have a certain amount of time available to pay back the loan? Are there additional fees that you are required to pay? Do you have an introductory rate that changes over time? Your terms and conditions will explain all of this.
Finally, you’ll want to be aware of any repayment options that are available. This is especially important when it comes to student loans, because there are many to choose from.
Visit our student loan repayment page to learn more about paying back your student loans, and apply some of the same tips you find there when you’re handling your other loans.