The welcome letter should include contact information and information about how and when you make payments. It is important to keep and pay attention to your paperwork, as it can tell you important details about your loan. The paperwork can tell you who your lender or servicer is, where to send your payments, what counts as an “on time” payment (usually when the lender receives it, not when you mail it), and whether there is a grace period. The paperwork can also inform you about the amount of any late fees, whether there is a penalty if you pay off the loan early (prepayment penalty), and who to contact if you are having difficulty making payments.