WILMINGTON, Del., Oct. 07, 2015 (GLOBE NEWSWIRE) -- Most recent college graduates with student loans are in the final weeks of their grace period, the six-month transition before their first payments are due. Navient, the nation’s largest student loan servicer, offers several tips to help these 2015 graduates get ready for student loan success.
A few tips include:
- Know what you owe. Federal borrowers can start with the National Student Loan Data System.
- Sign up to manage your account online. Research shows that borrowers who track the progress of their accounts and communicate with their servicer increase the chances of successful repayment.
- Select the repayment plan that’s right for you. The 10-year standard repayment planis usually the lowest-cost, fastest way to pay off loans. There are other options too, including such income-driven repayment plans as Income-Based Repayment and Pay As You Earn. These plans can lower monthly payments, but extend the payment length and the cost. Individuals planning long-term careers in nonprofit or government organizations should also learn about Public Service Loan Forgiveness.
For these tips and more, check out “The top 10 things to do before you make your 1st student loan payment.”
In addition, the Navient Path to Success (navient.com/path) series offers free online modules about student loan repayment and plan options, as well as budgeting, credit scores, saving and investing.
Of course, borrowers can also learn about their repayment options the old-fashioned way: “Call your servicer,” says Nikki Lavoie, a spokeswoman for Navient.
“Servicers are here to help. If customers have any questions, they can reach us online, by email or phone. It’s important they understand their options and get started on a path to be successful.”
That’s especially important for borrowers who are feeling financially stressed. Nine out of 10 past-due federal borrowers who talk to Navient are able to get back on track with their payments and avoid default.
Connect with @Navient on Facebook, Twitter and LinkedIn.
About Navient
As the nation’s leading loan management, servicing and asset recovery company, Navient (Nasdaq:NAVI) helps customers navigate the path to financial success. Servicing more than $300 billion in student loans, the company supports the educational and economic achievements of more than 12 million Americans. A growing number of government and higher education clients rely on Navient for proven solutions to meet their financial goals. Learn more at navient.com.