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Step 7: Keep a Budget and Know When You Need the Help of a Financial Professional

Step 1: Know what you borrowed, from whom you borrowed, and who services the loans.

Step 2: Know the "relative cost" of your student loans.

Step 3: Know your grace periods, deferment options, and forbearance options.

Step 4: Know your "decision points" and keep a calendar.

Step 5: Run the numbers before choosing a repayment option of consolidating your student loans.

Step 6: Commit to keeping good records.

Step 7: Keep a budget and know when you need the help of a financial professional.

Step 8: Know and use your support systems.

Understanding your student loans may be only the first step. You may need help with your finances from a professional such as a certified financial planner, tax accountant, or other financial professional. Just as a consumer is willing to pay for your medical expertise, there is nothing wrong with your seeking financial expertise when you need financial help from someone who knows what they are doing.

The following are organizations you may wish to contact to get information about services provided by financial planners (also referred to as a financial advisors). Please note that our listing these organizations does not constitute an endorsement.

Financial Planning Association (formerly the Institute of Certified Financial Planners)
www.fpanet.org/public/tools/financialplannerhelp.cfm
(800) 322-4237