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September 24, 2010
Checking on Your Loans
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It’s easy to forget about your student loans when you’re preparing to go back to school. But checking on your loans is an important step in making sure you understand your borrower rights and responsibilities.
Entrance Interview
If you’re new to student loan borrowing, your college is required to set up an entrance interview for you. An entrance interview is a counseling session you must take part in upon receiving your first federally guaranteed student loans. Your school will arrange and conduct your entrance interview, which covers topics like debt management and loan repayment. An entrance interview must be conducted before you can receive your loan proceeds.
Checking Your Student Account
Your student loans will be posted to your student account when your financial aid office disburses the funds. It’s a good idea to check your student account at the beginning of the school year to make sure your aid has been processed. Depending on your school, you may be able to do this online, or you may have to call the financial aid office. Some universities charge a fee if tuition is paid late, so it’s a good idea to make sure everything is squared away before you begin the school year.
Be a Wise Borrower
Usually your school will send you a refund check if your student account has a credit balance after your tuition has been paid. It may be tempting to keep the money for your living costs, but think about returning it to your lender instead. Money you borrow now will have to be repaid, with interest. If you have a $10,000 loan with a 4% interest rate, and repay it in 10 years, the total amount you’ll repay is $12,150.15. That’s $2,150.15 you’ll pay just to borrow that money.
It’s important to be a wise borrower.
