|
|
|
Step 6: Commit to Keeping Good Records
|
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. |
It is the borrower's responsibility to keep the proper documentation
on their student loans. Good record keeping could prove very helpful if
you ever run into problems with loan servicing.
We have already addressed in Step 1 the importance
of not only knowing what loans you borrowed for your medical education,
but knowing who services them as well. Good recording keeping can help
you do just that, and there are more ways than ever to be sure you have
a good record of your student loans.
-
First, information on your student loans, including a complete listing
of your educational loans from medical school (and possibly any educational
loans you took out prior to medical school) should have been provided
for you at your senior loan exit interview. So be sure to keep this
information handy, and if for some reason you cannot find this information,
contact your medical school financial aid office, as they remain an
integral part in helping you manage your educational loans.
-
Second, many (perhaps most) loans servicer allow you to access your
loan portfolio for loans they servicer on their Web site.
-
Third, you may also be able to access a listing of your federal student
loans through the National Student
Loan Data System (NSLDS).
One more reminder regarding record keeping. With all the paperwork and
correspondence you are likely to get regarding your student loans, just
be sure you know who services your student loans, as that is the organization
you are working with for deferment, forbearance, and repayment, and possibly
consolidation.
Once again, it is ultimately the responsibility of you, the borrower,
to keep a good record of your loans, and having a good record of your
student loans should help you as we discuss the use of financial professionals
in Step 7.
|
