11.20.08 | I never received a bill for my stafford loan, now what?
I can’t tell you how many students wind up with a defaulted student loan simply because they never got their monthly payment reminder in the mail. And by falling into default they end up having to pay back thousands more in late fees and interest. Don’t fall into this trap!
It is so easy in life to make excuses – to pass the buck – to blame someone else. It takes a person with character to stand up and take responsibility. Just because your lender or servicer has not sent your monthly invoice doesn’t mean you don’t have to pay your loan back. When you borrow stafford loans to finance your education you are also promising to pay them back. That is what your master promissory note is for. Billing statements are merely sent as a convenience. Sure, ignorance may be bliss for a while, but when they finally catch up with you it won’t be pretty.
Just remember your loan repayment begins six months after you either take a leave from school, fall below a half time status as defined by your school, or graduate. For most they graduate in May so by turkey time those graduates should be receiving a bill, but again, not all will.
We are defined by the choices we make in life. Don’t get off on the wrong foot by letting your loans fall into default and then blaming your lender. Be proactive instead of reactive and make it happen!
If you are unsure who your lender is you can contact the Department of Education at 800-433-3243 or log on to http://www.nslds.ed.gov/nslds_SA/. Please note you will need your 4-digit FAFSA pin number to access your information online.
If you are in need of a stafford loan (click here).
Five most recent Stafford loan help blog posts:
The Student Loan Help blog is sponsored in part by:
