Ask a PSU Financial Wellness Coach: Five Tips for Loan Repayment

Student loan repayments are about to resume. You might make your first payment soon — or at least make your first payment in a very long time. To help get you started, the Portland State Alumni Association partnered with the Financial Wellness Center to share some important factors to consider before you begin making payments.

Avoid the many scams and third-party companies trying to get your attention and your money. Log in to StudentAid.gov to view your lifetime loan details and to find out who your loan servicer is. Early communication with your loan servicer can help you navigate this transition and prepare you for any financial adjustments that you might need.

Here are five important factors to consider:

Financial Situation

Evaluate your current financial stability and ability to resume payments without causing undue strain.

Loan Terms and Interest Rates

Understand the terms of your loans, including interest rates, repayment plans, and potential loan consolidation options.

Budgeting

Create a realistic budget that accounts for your loan payments while covering essential expenses and savings goals.

Repayment Plans

Explore repayment options such as income-driven plans, which adjust payments based on your income, and find the best fit for your circumstances.

Loan Forgiveness Programs

Research if you're eligible for any loan forgiveness programs, especially if you work in public service or certain non-profit sectors.

To learn more about Public Student Loan Forgiveness and preparing for payments to restart, visit the Popular Topics section of StudentAid.gov. 

Shawna Chambers is the Assistant Director of the Financial Wellness Center, which offers tools and resources to empower PSU students to make healthy financial decisions. Have an idea for a topic you'd like to learn about? Contact us!