<p>Good day, I wanted to ask those who have begun to repay their loans, what do you feel is the best way to keep track of the loans. I really dont want to make a mistake.</p>
<p>Thank you.</p>
<p>for federal loans, use this:
<a href=“https://www.nslds.ed.gov/nslds_SA/[/url]”>https://www.nslds.ed.gov/nslds_SA/</a></p>
<p>Does that site just give a list of loans I have, I am more interested in how folks handle them. Like how they keep track of repayments and such.</p>
<p>Many students choose to consolidate their student loans. That way, there is a single payment, rather than multiple payments to several lenders. Otherwise, it’s just like any other bill … you need to figure out a way to keep track of what is due & when.</p>
<p>for me, i already know the total amount of loans i’ll be taking out for all four years… so I’ll just keep that number in mind while making enough money to cover it… it’s kinda hard to forget the amount of money you owe (that can screw up your life too)</p>
<p>You’re quite right to want to keep track of your own payments; loan companies make a surprising number of errors in processing loan repayments.</p>
<p>For paying back my own student loans, I signed up to have them debited from my checking account. This is bad if you don’t always have enough money in your account to cover your loans when they come due. However, it’s good for three reasons:</p>
<ol>
<li>You don’t have to remember to mail in a check every month.</li>
<li>Many banks will knock off part of your interest rate (the standard is .25%, I think) for using automatic payments.</li>
<li>You can always view your loan balance online and print statements for yourself.</li>
</ol>
<p>In addition to this plan, many of my colleagues who are paying off student loans use Excel spreadsheets to keep track of what they still owe and when they’ve made payments, as well as their MS Outlook calendars or other calendar software to set reminders for repayment dates and ‘check-in’ dates (meaning they check their online statements periodically to make sure it matches their own records of the payments they’ve made).</p>
<p>Vincent - My D and I created an Excel spreadsheet where we have listed the type, the amount(s), the date disbursed, the interest rate(s) and the lender. When she begins paying them back she will most like consolidate so they’re under one “umbrella” so to speak, and I will encourage her to list her payments, dates, etc. on same spreadsheet.</p>
<p>Great recommendations guys, I will be sure to make a spreadsheet to keep track of the loans. I am just kind of curious how the interest is calculated. I have a few Sallie Mae loans and they have a 3% interest rate, so is that the APY or is that per month. It really doesn’t specify on the website.</p>
<p>As for the consolidation, dont you need to add 1/8th of 1% to consolidate</p>
<p>If they are all at one loan dealer and online, it’s easier. My son’s (as my nephew’s) were with Sallie Mae. My son pays but doesn’t have to yet. He just goes on, checks the loans he is paying, the amount and hits “pay”. We have a his checking acct set up and it comes out within 2 days. My nephew also had internet pay which made it much easier and I think he had the amount taken out monthly. As stated above, many times there is a discount.</p>