Asking Your Student Loan Servicer the Right Questions

If you're a recent high school graduate, chances are you're looking forward to the independence that comes with becoming a college freshman. And while anticipating all the excitement that comes with entering college – meeting new people, establishing a home away from home, etc. – establishing how you're going to pay for it is an entirely different story. Here at Scholarships.com, we encourage students to apply for scholarships early and often but taking out student loans might be inevitable. With that being said, knowing what questions you should ask your student loan servicer might ease the transition so check out the list of helpful questions that financial aid officers, student loan counselors and former lenders recommend you ask:

• When exactly will my payments begin?
• Do you have my current contact information on file?
• What is my interest rate?
• Is my interest rate competitive?
• Is there any way to get an interest rate reduction?
• Is consolidating my loans a good option for me?
• How do I qualify for Interest-Based Repayment or Income-Contingent Repayment?
• Do I qualify for an economic hardship deferment?
• What happens if I lose my job?
• If I go back to graduate school, what are my loan options?

Can you think of any other questions you’d like answered? If so, feel free to add them in the comments section. And for more information on the ins and outs of student loans, head over to Scholarships.com’s Financial Aid section.