To better manage your student loans, which of the following should you know?

Understanding your repayment options is crucial for effectively managing your student loans. Knowing the different repayment plans available—such as standard repayment, graduated repayment, income-driven repayment, and others—enables you to choose a plan that aligns with your financial situation and goals. This knowledge can help you minimize your monthly payments, avoid default, and potentially maximize forgiveness opportunities if you qualify for certain programs.

While it's also important to be aware of your interest rate, total loan amount, and your school's default rate, these factors primarily inform your decisions rather than help direct your repayment strategy. Knowing your repayment options can empower you to navigate the complexities of your loans, manage your budget better, and ultimately achieve financial stability.