Understanding Your Student Loans Payment Options

You've finally graduated. Somehow you got a career in this terrible economy. You're independent and ready to face the world by yourself. Unfortunately, this means paying more bills. One of those will most likely be your student loans. Paying back student loans could possibly be the most annoying bill you have as a young professional...and possibly the most important.

Most student loan payments don't start until 6 months after graduation or until the New Year after your graduation. For example, if you graduated in May, you won't have student loan payments until January. The average college student comes out of college with $20,000 in debt. This is a lot of money, but the good news is a lot of people are in the same boat as you.

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Here is a good step-by-step process for paying back your student loans. Keep in mind that late payments can affect your credit score, and make it harder later in life to buy a car, a house, move to a different city or even get a credit card. Making payments on time is extremely important.

Before you choose a repayment plan...

* Understand the repayment options available to you.

* Compare your repayment options. Sallie Mae has a Loan Repayment Calculator available to help estimate monthly payments.

* Know the importance of paying back your loans. As previously mentioned, your credit score can be greatly affected if you don't make loans on time

* Understand that choosing a plan with lower payments may result in higher costs over the life of the loan.

* Know you can prepay your loans (partly or in full) without penalty which will lower the interest on the loans you have yet to pay back.

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Lowering or postponing your payments

* Depending on your financial circumstance based on the company you work for, you might want to find a payment plan for your student loans with a low monthly payment. Federal loans through Sallie Mae that offer lower monthly payments are:

- Extended repayment - gives you up to 25 years to pay back loans. This makes monthly payments lower but makes the overall loan balance higher through interest - Graduated repayment - this allows Stafford, Parent PLUS Graduate PLUS, and Federal Consolidation loans to have reduced rates as low as just the interest.

Also, many who choose this repayment option need to repay during school as well because the repayment option takes so long. - Income-sensitive repayment - You apply annually to this payment option; paying 4-25% of your monthly gross income along with the monthly accrued interest.

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- Income-based repayment - This plan allows customers to make monthly payments that are no higher than 15% of their discretionary income. This is designed for people with higher loan balances as compared to their incomes.

* Postponing your payments can be done in two ways; Deferments and Forbearance. Deferments is a temporary suspension of paying back student loans whereas a forbearance lets you suspend or reduce your student loan payments under certain circumstances and for specified periods of up to a year at a time.

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Online Payment

Shopping, paying bills, and interacting or exchanging money online is not new anymore and almost everyone of do it confidently. However, when you are making an online payment, there is a safer way to do it.Credit cards are the most popular method of paying online.
Debit cards are also being used actively because these days most people do not want to use their credit cards. Also, the advantage of using debit cards is that it will debit your account directly and you will not owe anything to anyone. Usually it is an ATM card that also doubles up as a debit card. It will have its own PIN number.
You can also pay your bills online using these cards. Some banks offer the feature of paying bills. However, using your debit card online is as good as using your bank account details online so you should be extra careful while doing that.Make sure that when you make your transactions, they are carried out in a secure manner.
This means that using a browser that has the ability to encrypt your user ID and password when you are executing the online payment. Also, the browser, when secure, will protect all your personal information from being accessed by a third party. If your browser does not have encryption, then gets a secure web browser. Internet Explorer and Fire Fox are two reliable browsers that come with encryption.
Also, ensure that the bank site is secure. Do not save passwords in the browser history. Your bank website, if it is good, will automatically remove this option. Never save bank account or credit card information on the browser. It is better to type it out each time you have to make a purchase.

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