Payment of both loan types is deferred while you attend school at least half-time. The government pays the interest on your subsidized loan while you are in school, but the interest on the unsubsidized loan is your responsibility. Making payments on the accruing interest on an unsubsidized loan can save money on interest. If you can, make payments while you’re attending school.

It’s important to monitor how much you borrow. Keep in mind the length of your program of study and other expenses you may incur while studying. Maximum loan amounts may apply. You can monitor your borrowing by going to nslds.ed.gov or looking up the information on your loan servicer’s website.

If you take a student loan, you will be assigned a loan servicer. Your loan servicer is the company that will be collecting your monthly payments once your repayment period begins. If you do not know the name of your servicer, you can look up that information by going to StudentAid.gov. You will need your FSA ID, Username and password.

Making small payments while you’re still in school will help you pay down your loans, which will save you money in the long run.

Make sure your contact information is always current, so you do not miss key communications. It only takes a quick phone call to your servicer.

An online account with your loan servicer is a good way to track your loan balances, payments, and other activity as well as an easy way to update your account information.

Creating a monthly budget is a great idea to help you monitor and control your spending – before, during, and after your years in college. Changing your spending habits early can translate into less borrowing for college and make repaying student loans easier.

It’s important to avoid defaulting on your student loans as there are many consequences. Defaulting could damage your credit, make you ineligible for future financial aid and cause wage and tax refund garnishments. Reach out and ask for help if you cannot make your loan payments.

When you need assistance with your student loans, only work with Berkeley College or your loan servicer and beware of student loan debt relief companies. Remember, you never have to pay for help with your student loans. Assistance is available at no cost through your loan servicer.

Gogebic Community College is committed to helping students manage their student loans efficiently and responsibly. If you have questions or need more information, contact us by email at: FAO@gogebic.edu or (906) 307-1206.