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Student Loan Management Tips
Know what to expect Your payments on your student loans will begin six months after you graduate. Most neurosurgeons pay between $650 and $1,050 per month on their student loans. Factor this payment in with other monthly costs, such as taxes, your car note, rent or house payment and other monthly bills, and compare the total with your salary. If your monthly expenses, including your student loan payment, don’t leave you enough disposable income each month, keep reading.
Lower your monthly student loan payments The Federal Consolidation Loan Program can cut your monthly payments by up to 45%. For example, the average neurosurgeon may cut his/her payment from $1,050 per month to $577.
Pay off high-interest debt first Federal student loans are simple-interest loans set at low rates. Consolidating your student loans gives you the opportunity to: 1) Afford the things you need on a starting neurosurgeon’s salary. 2) Pay off higher interest debt, such as credit cards, car notes and private loans. Paying off these types of debts first may save you thousands of dollars in interest charges.
New graduates can save the most by acting quickly Consolidation allows you to lock in the interest rate on your variable-rate Stafford Loans (disbursed prior to July 1, 2007) at a discount of up to 0.6% during your six-month grace period, which is the six-month period directly following your graduation date. For neurosurgeons like you, this interest rate reduction could mean thousands of dollars in savings over the life of your loan. Make sure you consolidate during this six-month window; once your grace period ends, the interest rate on your loan will go up - and so will your monthly payments!
More good news for you You can lock in an interest rate as low as 6.375%1 and enjoy a low, fixed rate for the life of your loans. Protect yourself during financial difficulty Your federal student loans currently have up to six years of deferment and forbearance options for times of financial difficulty. These benefits are carried over when you consolidate your loans.
Contact a VIP loan consultant to help you plan your Debt-management strategy AANS has partnered with College Loan Corporation to help new neurosurgeons manage their student loan debt. You will be assigned to a VIP loan consultant who can help lower your monthly payments and pick a repayment option that best fits your needs. Call your loan consultant anytime to ask questions or update your debt-management strategy as your needs change!
Get special AANS cash benefits - up to $4,000 You can earn up to $4,000 cash back2 when you consolidate your loans through the AANS VIP Program with College Loan Corporation. Use your cash to pay off your student loans, buy a new car, go on a vacation or save for the future!
