For the most part, after you accept a student loan, you won’t have to connect with the lender very often. However there are a few times that contacting them will be absolutely necessary. Here are a few examples of times you should connect with your student loan lender.
To Change Contact Information
Changing or updating your information is one of the most common reasons you will have to contact your student loan lenders. You should do this as soon as possible too. This could include a change in your phone number, home address, parents’ address, bank account, name (if you marry), e-mail, and more.
It is important that your student loan lender can get in contact with you, by phone or mail, in case of changes in your loan or information regarding your payment. Forgetting to update this and if left unchecked for extended periods of time could lead to problems, including missed payments or defaulted loans.
When a Problem Arises
If you ever notice an inconsistency on your loan, bill, or paperwork, or another problem arises, you should contact the lender immediately. It’s imperative to correct it as soon as you can, or to find more information on the particular issue.
Don’t leave problems to fester, especially if it is preventing you from paying back your loan. Putting it off can also lead to issues later on or produce conflicting information.
After graduation is another very common time that students should connect with their private student loan lender. This is the time that you should be putting all your various loan information into one place. Having all your loans collected can allow you to better design a repayment plan and ensure that all information is correct.
Even if you don’t have to contact your lender, don’t skip the step of collecting all your loan paperwork. It should all be kept in the same place for easy access.
When Finances Change
If you have a change in finances, whether an increase or a decrease, it may be time to contact your student loan lender. This is especially the case if your repayment plan is based off your income. There may also be cases when you wish to pay off a larger chunk of your loan that month, due to a bonus or other windfall.
If your repayment plan currently does not change with your income, you may want to contact your lender about the possibility of setting this up. This system may help you better manage your finances, while not letting your bank account take huge hits every month.
When you take out a student loan, always ensure that the information you are given are correct. This includes the original paperwork but also any amounts, documents, or information they send you over the next four years and beyond until it is paid off. Always keep these papers in a safe place and don’t throw it out! Connect with the lender regularly to make sure everything is up to date.