Spotlight on Student Loans:

Planning ahead for your student loans

Mother Nature plans ahead, do you?

“April showers bring May flowers.” The old adage rings true, reminding us that nature is predictable and consistent. The scenic splendor of spring doesn’t come without preparation, even if it’s a chilly and wet one.

As Alice sings along in her sojourn through Wonderland, “You can learn a lot of things from the flowers…” and indeed we can. There’s time to prepare, time to grow, time to wait, and time to make way for the next generation. Are you making these kinds of plans for your own life? How about for your student loans?

Make a calendar for your documents

If you’re in repayment, it’s likely you have some special forms your loan servicer requires. Unless you’re on the standard 10-year repayment plan, you need to submit an income recertification annually for your income-driven repayment (IDR).

For those pursuing Public Service Loan Forgiveness (PSLF), you should also be submitting an employer certification form as well so you can track your progress. (For more info on both these forms, see Payment Plans: Whozits and Whatzits?)

Keeping track of when to submit these is a good practice to embrace, as it ensures you stay on top of them. Make yourself a “forms season,” giving you peace of mind to “grow” the rest of the year without worry.