By Steven Muller
Studies show that only one in five student borrowers make all of their monthly payments on time in the first three years of repayment. Yes, that loan can sneak up on you after that six-month grace period. And almost everyone I've spoken with who has taken out a student loan fails to fully consider the bite they're going to take in the long run. But forget any regrets you might have. You've taken out those loans, and the thing to do now is come up with a doable plan to close them out and get on with your life. Here are 10 terms you need to know to become a wizard-level repayment master.
Good Standing: This has nothing to do with posture. It means being up to date with repayment. The best way to do this is to set up an automatic direct debit on the due date each month, from your bank account to the student loan company or companies. Direct debiting might even net you an interest rate discount of a quarter point to a full percentage point.