Take comfort in the fact that the majority of higher education graduates are in the same boat. Nevertheless, student loan repayment is a big, complicated deal. We'll help you decipher the messy jargon and figure out a plan of action. We hope you enjoyed those years, because now it's time to pay for them. The first major task to tackle is to figure out who you're paying and how much you owe.
Many types of loans exist.
Some of the more popular ones are Stafford, Perkins, HEAL, and PLUS loans. One way you can figure out how much you actually borrowed is to take a look at the contracts you signed - they should have the dollar amount spelled out to the cent. If you come across the financial aid reward letter that lists all the financial aid you're eligible for, be careful not to mix up grants with loans . It was free money. By selling off loans, banks gain more money to lend other students.