If you want to make a larger payment, let your loan servicer know you want that extra amount applied to the current month's payment so they don't inadvertently add it to the next month's payment. Some students aren't able to get by on subsidized loans alone and have to also take out unsubsidized federal loans or private loans.
If you have multiple student loans, determine which have the largest balances and the highest interest rates. Anytime you are able to pay more than the minimum, put that extra money toward these more expensive loans since it will save you the most money over time.
Also, be aware that federal loans have several different repayment plans to choose from. While yours may come with one automatically, you can change plans for free at any time. Contact your loan servicer to find out which plan would work best for you or to change your plan. Extra Credit Taking out student loans can help you establish credit history, and making on-time loan repayments can improve your credit over time.
Keeping an eye on your credit report, such as through Experian's free credit monitoring service , will help you track your progress as you pay back your loan, and will alert you to any changes in your credit file. The purpose of this question submission tool is to provide general education on credit reporting.
The Ask Experian team cannot respond to each question individually. However, if your question is of interest to a wide audience of consumers, the Experian team may include it in a future post and may also share responses in its social media outreach. If you have a question, others likely have the same question, too. By sharing your questions and our answers, we can help others as well. Personal credit report disputes cannot be submitted through Ask Experian.
To dispute information in your personal credit report, simply follow the instructions provided with it. Your personal credit report includes appropriate contact information including a website address, toll-free telephone number and mailing address. To submit a dispute online visit Experian's Dispute Center. If you have a current copy of your personal credit report, simply enter the report number where indicated, and follow the instructions provided.
If you do not have a current personal report, Experian will provide a free copy when you submit the information requested. Additionally, you may obtain a free copy of your report once a week through April at AnnualCreditReport.
Our opinions are our own. Here is a list of our partners and here's how we make money. Read more on federal student loans. Federal subsidized and unsubsidized loans: Direct student loans review. Choosing a lender: The benefits of government student loans. Government loan rates: Current student loan interest rates.
When choosing a federal student loan to pay for college , the type of loan you take out — either subsidized or unsubsidized — will affect how much you owe after graduation. Don't have to demonstrate financial need. Lower loan limits compared with unsubsidized loans. Higher loan limits compared with subsidized loans. How interest works while you're enrolled in college. Undergraduate and graduate or professional degree students.
Both subsidized and unsubsidized loans are distributed as part of the federal direct loan program. Here are the main differences between subsidized and unsubsidized student loans:. Subsidized: Undergraduate students enrolled at least half time. Unsubsidized: Undergraduate, graduate and professional degree students enrolled at least half time. These FAQs will get you started. Read More. You may be leaving financial aid, loans and scholarships on the table. Learn from an expert how to get started.
Watch Video. Your award letter may also include scholarships or grants, which is genuinely free money you never have to pay back. Try to use as much free money as you can before you borrow.
Just remember to check the terms to ensure you can fulfill any requirements. If you accept more federal student loan money than you end up needing, the good news is you can return it without penalty. Some people refer to these loans as Stafford Loans or Direct Stafford Loans or just subsidized and unsubsidized loans.
Both are federal student loans offered by the U. Department of Education. To be eligible to receive either of them, you must be enrolled at least half-time at your school.
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