Student loans are very important to most students. Due to the very expensive nature of colleges, it becomes rather difficult for most people to afford to reach into their own pockets to pay for school. By having the right information, it can be easy to get a loan.
If you were laid off or are hit with a financial emergency, don't worry about your inability to make a payment on your student loan. Usually, most lenders let you postpone payments if some hardship is proven. Just be mindful that doing so could make your interest rates rise.
If you have extra money at the end of the month, don't automatically pour it into paying down your student loans. Check interest rates first, because sometimes your money can work better for you in an investment than paying down a student loan. For example, if you can invest in a safe CD that returns two percent of your money, that is smarter in the long run than paying down a student loan with only one point of interest. Only do this if you are current on your minimum payments though and have an emergency reserve fund.
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