With multiple loan payments to make every month on different due dates, keeping track of your student loan payments can be challenging. Unfortunately, no lender will accept that as your excuse for missing a payment. Before you get into any trouble with your payments, it is a good idea to have some kind of plan that will help you stay on top of your financial commitments. Here are some of the best ways to keep track of your student loan payments:
Get Organized to Keep Track of Your Student Loan Payments
Goes without saying that getting organized is the key to keep track of your loans and payments but it is surprising how many people overlook this important step.
Getting organized regarding how many loans you have, what types of loans these are (federal, private, or a combination of both), and how much money you owe each lender are important steps in beginning your repayment process. Whether you choose to keep this information in a paper format (such as file folders, a large 3-ring binder with tabs, or another paper source) or via electronic sources (such as a spreadsheet), getting organized is the first step in managing not only your student loan debt, but your finances in general.
Take Inventory of Your Loans
Do you know how many student loans you currently have? One of the best ways to take inventory is to figure out how many loans you currently have from both private and federal sources. Save all initial statements, whether these are electronic or paper.
Set Up Spreadsheets
If you happen to be a whiz with MS Excel or any other spreadsheet program, you might want to use this method to organize your student loans. In your spreadsheet, keep track of the date you made each payment and how much you paid, with a running countdown of how much money you still have left to pay. If you’re not sure how to set up a spreadsheet for this purpose, you can find numerous examples online to help you get started.
Ask for Help from Your Lender(s)
Whether you’ve opted to get a federal loan or you have multiple loans from different sources, anytime you feel overwhelmed or feel as if you may have trouble making a payment, ask the lender for assistance. Most lenders are more than willing to help you when you foresee a possible problem, but if you don’t tell them, they won’t know. Many lenders are more than willing to assist their clients if they would only ask for the help they need when they need it.
Keep Track via Statements
Every month, whether you check online or just keep the billing statement, keeping track of your billing statements and making note of any remaining balances each month can help you maintain focus on paying down your debt and make managing your student loans easier.
Keeping track of your student loans and payments can save you a lot of money in the long run. Get organized and ask for help when it is necessary. Your bank balance will thank you.