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By Brooke Heath
Unfortunately, because of skyrocketing costs associated with obtaining your law degree, more and more law students are turning to student loans to help them fund their schooling.
Fortunately, Law School Loans has compiled a list of tips that will help you as you decide on which student loans to borrow and how to manage student loan debt after you have received your degree. Regardless of where you are in the student loan time line, this list will guide you on how to handle your student loans from start to finish.
Educate Yourself
Chances are that you did not just decide to go to the first law school that you saw online or heard about. You most likely learned as much as you could about the benefits of each school and what they had to offer, their location, and etc. before deciding on which school would be in your best interest. You should use the same logic when borrowing student loans. You never want to borrow the first loan that you hear about, because not all loans are the same. Educate yourself on the different loans and their benefits to ensure that you are receiving the loan that best suits your needs.
Borrow Only What You Need
Many students/potential student loan borrowers get caught up with realizing that they can receive a substantial amount of money up front, but it is important to also realize that this money does not come without strings attached to it. Loans are by no means free, as they will need to be repaid with interest in the future. To avoid excessive debt in you future, only borrow what you need at the present time.
Consolidate to Save Big!
Multiple student loans can be overwhelming to deal with once you start making the several payments each month to several lenders. No only can it be draining mentally, but it can also be draining on your wallet! The perfect solution lies in consolidation.
Consolidation merges your multiple student loans in to one, simple, easy-to-manage loan. The result is just one, low payment that you make each month to just one lender! This not only saves you time and sanity, but when you consolidate your student loans with Law School Loans, it can also save you money! You can literally save thousands of dollars over the life of your loans with Law School Loans! * And because Law School Loans offers both federal and private student loans, you can manage your student loans and save money, regardless of the type of loan you borrow! We also offer incredible benefits such as competitively-low interest rates, interest rate reductions of up to 1.25% *, several flexible repayment plans and extended repayment terms of up to 30 years!
Use Your Deferment and Forbearance Options
Once you have started repaying your student loans, you can use your deferment and forbearance options, depending on the type of loans that you have. Deferment and forbearance allows borrowers to temporarily suspend your monthly payments for a specific amount of time, due to financial hardship. Using these options can save you from going into default or damaging your credit when you are unable to make your monthly payments. If you find yourself unable to make your monthly payments, be sure to call your lender to apply for deferment or forbearance ASAP!
Manage Your Student Loans with Law School Loans
For more information and tips on student loans, continue reading informative articles on our website: www.lawschoolloans.com. To manage your student loans with a federal or private student loan consolidation, contact Law School Loans today at 800-659-8344 or complete your application online.
* Due to federal legislative changes to the FFEL Program, as of October 1, 2007, Law School Loans will no longer offer borrower benefits on federal consolidation loans. Any information contained herein regarding "borrower benefits" may no longer apply. For more information, contact us at 800-659-8344.
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