Starting with your first semester, it’ll be helpful to keep track of both your federal and private student loans. Here are some tips for managing student loans and debt:
You may apply for a new loan every year that you’re a student.
You may need to be enrolled in school at least half-time.
Interest accrues on your student loan throughout the life of the loan. Making in-school payments may lower the total cost of your loan.
Once you leave school, whether you graduate or not, you’ll generally have a grace period of six months before you begin to make principal and interest payments.
As you continue to take out federal or private student loans throughout your years in college, keep a list of the lenders, how much you’re borrowing—and don’t forget to borrow responsibly.