Your Student Loan Statement
Take the stress out of paying your student loan by understanding the obligations
The moment of truth has arrived. You've graduated from school, your grace period has ended, and now you're about to begin repaying your student loans.
The good news is that by paying close attention to student loan due dates and paying on time each month, you're taking a giant step in the direction of building a good credit history. In coming years, that good financial reputation will help you accomplish everything from buying a house and securing attractive rates on your car loan to getting your dream job (yes, many employers actually run credit checks on job applicants).
One of the ways you can keep track of paying your loan on time is by reading and paying attention to the student loan statement that will arrive in your mailbox or email in-box each month from your lender. This document contains all the information you'll ever need to keep current on your loan.
Focus on the important details on your student loan statement
The most important details, of course, are the notations about the amount of the payment and the date on which it is due. Make sure to pay the full amount each month and to do so before the deadline. That will keep you current. Failure to do so can result in your falling into delinquency, which can lead to trouble (either being reported to a credit agency, which can hurt your credit score, or even defaulting on your loan). If the “payment due date” is in the past, that means your loan is already past due. You'll need to take care of that immediately.
If you're paying your college loans by U.S. postal mail, remember to detach the indicated portion of the statement and include it with your check, which should also contain your account number in the memo line.
You should also:
- Keep good records of all the activity on your student loan, both to resolve any possible future discrepancies that might arise and for the purposes of your tax return. The interest you pay may be deductible (check with a tax advisor).
- Consider setting up a direct debit account, which automates the payment process, so you don't have to remember to make the payment each month. But you'll still need to stay alert to your statements, either online or through the mail. And of course you'll need to make sure you have enough in the account to cover the debit each month.
Keeping close track of the information contained on your student loan statements will be a cornerstone in building a strong credit score, which is in turn a key part of building a strong financial future.
Learn more about Citizens Bank student banking
Eliminate the hassle of remembering to pay your student loans each month by signing up for automatic withdrawals from your Student Checking Account. If you don't already have one, apply for a Citizens Bank Student Checking Account today.