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Sallie Mae offers grads tips on student loans
By Angela Hawke on May 28th, 2010
Many young people may have graduated from college recently, which may necessitate them starting to deal with their finances in a more responsible way.
Recently, Sallie Mae published a number of tips graduates can follow when it comes to managing money and dealing with student loans. One of the most basic things they can do is let their lender know when they have moved.
"Your loan servicer can help you stay current on your student loans, but only if it can contact you," the company said.
Another option recent graduates may consider is paying off a larger portion of their student loan every month, assuming they can afford doing so. Paying off more of the principal on any loan can lead to interest savings.
Young people who may have relied on private lenders for their education may also consider an option like debt consolidation, which may allow them to find a lower interest rate. However, consumers should keep in mind that they must treat loans originated from the government separately from private borrowing.
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