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Determine First Payment Logistics

How much?  When?  And how?  Those are the three questions you have to be able to answer about repayment before you can officially start making those payments.  To answer these three questions, first set up an account with your servicer (Direct Loans, FFEL Loans).  Much of the information will then be at your fingertips whenever you log on to your account.

The "how much" is going to be set by your final loan volume and your repayment plan, adjusted by any reductions for which you qualify, have applied, and have been granted.  Make sure your expectation of your required first payment amount matches what is actually listed in your bill, and contact your servicer if there are any discrepancies.

The "when" involves two parts:  When will you receive your bills, and when is the due date for payment?  The due date should be apparent on your bill or account statement, but getting how much lead time you'll have between when you receive your bill and when a payment is due might require a phone call to your servicer.

The "how" is set by your specific servicer.  Items to establish at this time:

• Lender contact information
• Servicer contact information (if different from lender)
• If you're paying electronically, your payment account information
• If you're paying by mail, the payment mailing address

Also check to see how much lead time is required if you change payment methods, such as if you are making payments electronically but need to change your banking account information.  This can help you avoid delinquency.

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