Paying Down Student Loans
Federal student loan payments have been deferred again until August 31, 2022. However, borrowers should start creating a plan now for when payments resume. Recent high school graduates and returning students also need to start planning for the upcoming fall semester.
OPTIONS FOR NEW STUDENTS
FAFSA: Applying for the Free Application for Federal Student Loan Aid (FAFSA) determines what federal loans, grants, and work-study programs you are eligible for. FAFSA submissions for the 2022-2023 school year will be accepted until June 30, 2022.
Federal loans: These loans do not typically have a credit requirement, offer income-driven repayment options, and include forgiveness options.
Private loans: A private student loan from SLFCU can help bridge funding gaps and offer potentially lower interest rates and higher loan limits.
POST-GRADUATION OPTIONS
Make small payments: With 0% interest, payments made on your federal student loans between now and August 31 will apply to your principal balance. Even small payments can improve your credit.
Student loan consolidation: If you have multiple federal loans, a direct consolidation loan can help. You will only have one student loan payment to manage, an extended repayment period, and other repayment options.
Refinance with SLFCU: Whether you have federal or private student loans, refinancing with SLFCU could save you more money with low interest rates and two repayment options.
Learn more and apply: slfcu.org/StudentLoans
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