55Things to Do to Manage Your Student Loans

Congrats!You’ve reached an important goal and other than maybe the day you get married or have a child, you’ll never receive more good advice than you will when you graduate.

But let’s be honest. Some of the advice may leave you feeling like you just read a fortune cookie or the inside of a Dove chocolate wrapper. So while “follow your dreams” and “learn every day” are really solid pieces of advice, here’s more practical guidance:

Take control of your student loans so you can a�ord to “forge your own path in life.” On SchoolName.GradReady.com use the Electronic Loan Counselor (ELC) to import your loans (see the cheat sheet on the back).

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Identify Your Servicer

Know Your Total Debt Load

Calculate Your Level Payment

Pick A Repayment Plan

Mark Your Calendar

Every loan has a servicer and it’s their job to help you manage your loans. They know your loans back and front and can answer any question you have about your loans.

To do: Put your servicer’s contact information in your phone and share your updated contact information with them.

Many graduates are surprised about their total amount borrowed. Student loan repayment is a challenge best tackled with knowledge and organization.

To do: Note the sum of your total indebtedness - principal plus interest.

Now that you have your total debt amount, how does that equate to monthly payments? Use the Creat Strategy Page within the ELC to get your monthly payment amount.

To do: Take note of your level payment, this is the amount your servicer expects unless you . . .

Don’t worry. Your loans aren’t due tomorrow. Most loans have a 6 month grace period.

To do: Calculate your payment due date by adding 6 months to your graduation date or contact your servicer. Schedule recurring payments so that your payment is automatic.

There really is no reason to fall behind on your student loan repayment. If you’re short on cash there are repayment options that can lower your payments to a more manageable amount.

To do: On the Create Strategy Page see your repayment options. Pick a plan that works for your situation and call your new bestie (your servicer) to communicate your plan.

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© NorthStar Education Services | NS027.14.11.3.001

MyStudentData HelpYou can download a file through the National Student Loan Database (NSLDS) to quickly add your federal student loans to the Electronic Loan Counselor, without needing to wade through all of the details. To find and download your student loan data, follow the steps below:

©2014 NorthStar Education Services RR012.14.11.07.004

Why weren’t all my loans added?

In order for a loan to be added to the Electronic Loan Counselor, it must meet the following criteria:

• $100.00 minimum loan balance

• Active loan status (i.e., in-school, grace, deferment, forbearance and repayment)

• Valid loan type - Private loans and some federal loans are not added For assistance use the Customer Support link in the bottom of this web page.

How can I add a loan that is not listed?

To manually add a loan to the Electronic Loan Counselor, click + Add a Loan and enter loan information into all of the fields in the loan box that appears.

You may need to contact your Lender/Servicer for information about any student loans not imported from NSLDS.

In the loan import window, Click go to NSLDS then choose Financial Aid Review and proceed through the privacy policy and encryption pages.

1. Click “Get loans from NSLDS”

Log in by providing your NSLDS PIN and key personal information.

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Click MyStudentData Download, followed by Confirm, to save the file in a secure location.

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Return to the Electronic Loan Counselor and click Upload Loans from NSLDS then Browse Files to select and upload your MyStudentData file.

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