This student loan checklist can help borrowers keep track of their loans. Paperwork for each loan should be kept in a separate electronic folder.
Download the PDF: Student Loan Checklist
| Loan #1 | Loan #2 | Loan #3 | |
|---|---|---|---|
| Lender/Servicer | |||
| Website | |||
| Phone Number | |||
| Payment Address | |||
| Loan ID Number | |||
| Type of Loan | ☐ Federal ○ Perkins ○ Direct Subsidized ○ Direct Unsubsidized ○ Parent PLUS ○ Grad PLUS ○ Consolidation ☐ College ☐ Private |
☐ Federal ○ Perkins ○ Direct Subsidized ○ Direct Unsubsidized ○ Parent PLUS ○ Grad PLUS ○ Consolidation ☐ College ☐ Private |
☐ Federal ○ Perkins ○ Direct Subsidized ○ Direct Unsubsidized ○ Parent PLUS ○ Grad PLUS ○ Consolidation ☐ College ☐ Private |
| Cosigner/Endorser | |||
| Date Borrowed | |||
| Loan Balance at Repayment | |||
| Interest Rate | ☐ Fixed ______% ☐ Variable ○ LIBOR + ______% ○ PRIME + ______% ○ 91-day T-Bill + ______% ○ 10-year Treasury + ______% |
☐ Fixed ______% ☐ Variable ○ LIBOR + ______% ○ PRIME + ______% ○ 91-day T-Bill + ______% ○ 10-year Treasury + ______% |
☐ Fixed ______% ☐ Variable ○ LIBOR + ______% ○ PRIME + ______% ○ 91-day T-Bill + ______% ○ 10-year Treasury + ______% |
| Loan Fees | ______% | ______% | ______% |
| Repayment Plan | ______years ☐ Standard ☐ Graduated ☐ Extended ☐ Income-Sensitive (ISR) ☐ Income-Contingent (ICR) ☐ Income-Based (IBR) ☐ Pay-As-You-Earn (PAYE) ☐ Revised Pay-As-You-Earn (REPAYE) ☐ Other |
______years ☐ Standard ☐ Graduated ☐ Extended ☐ Income-Sensitive (ISR) ☐ Income-Contingent (ICR) ☐ Income-Based (IBR) ☐ Pay-As-You-Earn (PAYE) ☐ Revised Pay-As-You-Earn (REPAYE) ☐ Other |
______years ☐ Standard ☐ Graduated ☐ Extended ☐ Income-Sensitive (ISR) ☐ Income-Contingent (ICR) ☐ Income-Based (IBR) ☐ Pay-As-You-Earn (PAYE) ☐ Revised Pay-As-You-Earn (REPAYE) ☐ Other |
| First Due Date | ___ / ___ / ___ | ___ / ___ / ___ | ___ / ___ / ___ |
| Monthly or Quarterly Payment | $_______________ | $_______________ | $_______________ |
☐ Compile contact information for the servicers of each loan
☐ Contact each lender/servicer to find out when the first payment will be due
○ Repayment typically begins 6 or 9 months after graduation
○ Add a calendar reminder two weeks before the payment is due
☐ Provide each lender with the borrower’s current postal mailing address and contact information
☐ Choose a repayment plan for each loan
☐ Decide whether loan consolidation is worthwhile (and if so, when)
☐ Record the name of each lender representative and his/her contact information each time a call is made to the lender
☐ Sign up for automatic monthly or auto-debit loan payments
☐ Retain all paper and electronic correspondence from each lender
☐ Borrowers should claim the student loan interest deduction on their federal income tax returns
☐ Before skipping a loan payment, borrowers who encounter financial difficulty should contact the lender to ask about repayment options
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