Grad Edition - Student Loan Repayment Preparation
Your one stop for timely personal finance education, resources and services
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Grad Edition - Student Loan Repayment Preparation |
Spring college commencement means a time for reflection on your journey through higher education, and a celebration of your academic accomplishments. This time of year also means preparing to start the repayment process for student loan borrowers. OKMM wants to help make that preparation as seamless as possible. There are many changes being made, so it’s important to frequently visit Federal Student Aid to stay updated.
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Student Loan Repayment Tips |
Beginning the repayment process upon graduation comes with many questions, such as how long it will take to become debt free and how much you will pay in total interest. Knowing how to avoid delinquency and default on student loans is also important. Ready Set Repay offers several resources to help you successfully repay your student loans.
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- Repayment Calculator: This calculator can be used to estimate your monthly student loan payments based on the current standard 120-payment/10-year repayment plan.
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Repayment Plans: Once you’ve estimated your monthly payment, educate yourself on each type of repayment plan currently available. You’ll want to ensure you make the best choice for your budget and unique financial situation.
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Compare Repayment Plans: The current administration is working through some changes to the repayment plans for the federal student loan program. To stay on top of the latest news, we encourage you to follow StudentAid.gov.
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Ready Set Repay provides the information you need to know no matter where you are in your repayment cycle. Check out all of our resources at ReadySetRepay.org.
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Student Loan Repayment Tips
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- Pay on time to avoid late fees.
- Make extra payments when possible.
- Stay in touch with your loan servicer if you cannot make a payment on time to discuss deferment or forbearance.
- Start paying before the grace period is over.
- Select an appropriate repayment plan.
- Sign up for automatic payments to avoid late fees.
- Add windfalls toward your student loans.
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Log in to your StudentAid.gov account to stay up to date on your loan specifics.
- Create a spending plan because budgeting is key when starting the loan repayment journey.
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Projected Student Loan Interest Rates for Academic Year 2025-2026 |
- 6.392% for undergraduate Federal Direct Stafford Loans
- 7.942% for graduate Federal Direct Stafford Loans
- 8.942% for Federal Direct Grad PLUS Loans
- 8.942% for Federal Direct Parent PLUS Loans
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We offer webinars for educators, students and parents on budgeting, saving, credit, and more. If you want to schedule a webinar, complete our workshop form and we'll contact you to plan the details.
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