“Why I wish I kept track of my loans.”

“A few months after I graduated college, I started getting these harsh-sounding letters and phone calls from a loan company. They told me  I was “delinquent” and owed them money. I didn’t even recognize their name and at first, I thought it was a scam. But it wasn’t. It was just that I totally forgot about this one loan I took out for the spring of my junior year. I mean, I had a different loan every year from the government, and a couple of others from different lending companies, so it’s not too surprising that one got away from me. I also thought it would be up to them to get in touch with me when it was time to start paying it back. Now I’m getting penalty fees and I’m worried about my credit rating.”

College Money Matters Responds

Whether you borrowed from the government or from a private lender, it’s your responsibility to notify the companies servicing your loans when you do any of the following. According to studentaid.gov, you should let lenders know when you:

• Graduate
• Withdraw from school
• Drop below half-time status
• Transfer to another school
• Change your name, address, or Social Security number

You also should contact your loan servicer if you’re having trouble making your scheduled loan payments. They should have options to help you keep your loan, and your credit rating, in good standing.

Our suggestion: Keep a record of all your loans as you sign for them. Because if you lose track of even one, you could get yourself into some unwelcome financial trouble.