Six Basic Tools You Will Need to Manage Educational Loans
1. Notebook - to store and to maintain at-a-glance information about your total loan portfolio,
including how much you borrowed from each loan program/lender, addresses of lenders and services,
cash flow projections, etc. This can also be done in an electronic format.
2. Filing System - to store copies of applications, promissory notes, disclosure statements,
correspondence and other documents organized by loan program, date of loan, and lender/holder
for ready reference. This can also be done in an electronic format.
3. Safety Deposit Box or a Locking, Fire Proof File Cabinet or Box - to store original copies of
critical documents, such as promissory notes. You may also wish to scan copies of your critical
documents into an electronic format to keep in a file on your computer for easy access.
4. Calendar - to keep track of when payments are due, when deferment forms must be filed, when forbearance
was requested, etc. (should be kept with the notebook). The calendar can also be kept in an electronic
format for easy access.
5. Change of Address Cards - to inform lenders, servicers, guaranty agencies, and the school(s) you
attended when you change your permanent address.
6. Calculator - to compute how much you owe, how much interest is accruing, and what your monthly,
annual and total repayment will be. These calculations can be preformed and saved in electronic spreadsheet
formats.
