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Step 6: Commit to Keeping Good Records
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Step 1: Know
what you borrowed, from whom you borrowed, and who services the
loans. |
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Step 2: Know
the "relative cost" of your student loans. |
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Step 3:
Know your grace periods, deferment options, and forbearance options. |
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Step 4:
Know your "decision points" and keep a calendar.
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Step 5: Run the numbers before choosing a repayment option or consolidating your student loans. |
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Step 6: Commit
to keeping good records. |
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Step 7:
Keep a budget and know when you need the help of a financial professional. |
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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.
Step 1 addressed the importance of not only knowing
what loans you borrowed for your medical education, but knowing who services
them as well. Good record 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.
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First, information on your student loans, including a complete listing
of your education loans from medical school (and possibly any education
loans you took out prior to medical school) should have been provided
for you at your senior loan exit interview. Be sure to keep this information
handy, but if for some reason you cannot find it, contact your medical
school financial aid office, as they remain an integral part in helping
you manage your education loans.
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Second, many loan servicers allow you to access your loan portfolio
for loans they service on their Web site.
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Third, you may also be able to access a listing of your federal student
loans through the National Student
Loan Data System (NSLDS).
- Fourth, information about your private loans can be found on your
credit report.
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.
Remember, 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.
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