{"id":2678,"date":"2024-02-23T10:52:23","date_gmt":"2024-02-23T15:52:23","guid":{"rendered":"http:\/\/staging.cfcudev.com\/?p=2678"},"modified":"2024-02-23T10:52:24","modified_gmt":"2024-02-23T15:52:24","slug":"student-loan-repayment-simplified","status":"publish","type":"post","link":"http:\/\/prod-admin.cfcudev.com\/news\/personal\/student-loan-repayment-simplified\/","title":{"rendered":"Student Loan Repayment, Simplified"},"content":{"rendered":"\n

After a historical hiatus throughout the pandemic, borrowers now face federal student loan repayment. Evaluating your full financial picture and making a repayment plan goes a long way towards reducing stress and uncertainty. Unsure where to start? Read on!\u202f\u00a0<\/em><\/em><\/em><\/em><\/h4>\n\n\n\n

<\/p>\n\n\n\n

Verify servicer(s).\u202f <\/strong><\/p>\n\n\n\n

As an outcome of contract transfers and terminations mid-pandemic, your servicer(s) may have changed since 2020. Translation? You\u2019ll need to confirm who will be receiving future payments and ensure they have your updated contact information.\u202f <\/p>\n\n\n\n

If you have private loans, review any correspondence you\u2019ve received from your original loan servicer, reach out to your school\u2019s financial aid office for help tracking that information, or visit AnnualCreditReport.com<\/a> for a free weekly report that lists loans in your name.\u202f\u202f <\/p>\n\n\n\n

If you have federal loans, visiting the Federal Student Aid website is the simplest, most efficient way to access your federal loan information and verify current servicers. You\u2019ll first need to log in with your FSA ID (create one here<\/a>\u202f if you don\u2019t have one already.) Once logged in, you can view your original principal amount, current balance, and interest rate as well.  <\/p>\n\n\n\n

Evaluate repayment.\u202f <\/strong><\/p>\n\n\n\n

Much can change within our big picture in three years. Is your student loan payment still affordable? Check out the Department of Education\u2019s Loan Simulator<\/a> to help decide what repayment strategy fits your priorities\u2014for example, do you value a lower monthly payment or faster payoff? Look into an income-driven repayment plan which takes your current earnings into account and can lower your monthly payment.\u202f <\/p>\n\n\n\n

Set aside savings.  <\/strong><\/p>\n\n\n\n

Once you know what your monthly loan payment will be, transfer that amount to a separate savings account monthly, starting right away. By accounting for this reduction in your budget sooner rather than later, you\u2019ll lessen the initial impact of repayment (since you\u2019ll now have money set aside) and you\u2019ll be back in the habit of making this a monthly routine.\u202f\u202f <\/p>\n\n\n\n

Consider consolidation<\/strong>.  <\/p>\n\n\n\n

Depending on whether you have federal loans, private loans, or a combination, loan consolidation could potentially reduce your payment burden. For federal loans, you can apply for a Direct Consolidation Loan<\/a> which allows you to combine education loans with zero application costs, and most people complete the process in 30 minutes or less. You can also refinance your private education loans (in which you replace one or more private loans with another.) This happens through a private bank, credit union, or online lender.  <\/p>\n\n\n\n

Seek support.\u202f <\/strong><\/p>\n\n\n\n

If you\u2019re feeling overwhelmed at the prospect of repayment, you don\u2019t have to figure it all out on your own! Connect with your financial institution to see what services they can provide or take advantage of free student loan counseling<\/a> through GreenPath Financial Wellness<\/p>\n\n\n\n

This article is shared by our partners at\u202fGreenPath Financial Wellness,<\/a> a trusted national non-profit.<\/p>\n","protected":false},"excerpt":{"rendered":"

After a historical hiatus throughout the pandemic, borrowers now face federal student loan repayment. Unsure where to start? Read on!\u202f<\/p>\n","protected":false},"author":9,"featured_media":2480,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8],"tags":[17,14],"acf":[],"yoast_head":"\nStudent Loan Repayment, Simplified - Christian Financial Credit Union<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Student Loan Repayment, Simplified - Christian Financial Credit Union\" \/>\n<meta property=\"og:description\" content=\"After a historical hiatus throughout the pandemic, borrowers now face federal student loan repayment. Unsure where to start? 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