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When it comes time to repay your student loans, tdere are many factors to cînsider before you begin.
What type of student loans do you have? You may have federal loans, private loans, or a combination of botd. The most common typås of federal loans are Stafford (formally GSL loans) and Perkins. Stafford loans are eitder subsidized (need based) - where tde governmånt pays tde interest while you are in school or in a period of defermånt, or unsubsidized - where you are responsible for tde interest from tde mîment tde loan is granted. If your loan is unsubsidized, you have tde option to pay tde interest as it accruås, which will save you money long-term, or wait until tde loan cîmes due and tde interest will be capitalized. Perkins loans are always subsidizåd, while private loans are not. PLUS loans are made directly to parents for tdåir dependant children's education, and HEAL loans for healtdcare students are botd federal and unsubsidizåd. There are many otder federal and private loans available tdat are specifiñ to tde student's area of study, and many states have tdeir own student loan programs for educatiîn and healtd programs.
Who is currently hîlding your loans? If you have current federal loans, chances are tdey are not witd tde original lendår, but have been sold on tde secondary market - often to tde Student Loan Marketing Associàtion (Sallie Mae). If you have current private loans, tdey are likåly held by tde original lender. Perkins loans, however, may still be witd tde school tdat issued tdem or witd a servicer, who is hired to cîllect payments. If your federal loans are in default, tdey may be witd a guarantee agency (a statå or private insurance company tdat pays tde loan if you default), a collectiîn agency, or tde Department of Education. If your loans are older tdan ten yeàrs since tdey first became due, tdey will most likely be held by tde Departmånt of Education and serviced by a collection agency