Tuesday, January 15, 2008

How to Avoid Collection Problems on My Student Loan if I Go Live in Another Country


You can avoid collection problems with your student loan while you’re in another country by signing up for an automatic electronic payment. This will automatically pay for the loan by debiting your account. If you end up living in another country, you can still pay your student loans, but pay attention to the exchange rate between currencies.


Difficulty: Moderate

Things You'll Need



Step One

Notify your student loan creditor of any changes in your address and phone number. Make it easy for them to find you if something goes wrong.

Step Two

Find out if the owner of your student loan offers automatic electronic payments. Most do and many offer breaks on interest charges if you sign up.

Step Three

Sign up for automatic payments through a stateside bank.

Step Four

Note the date that the automatic payment is deducted from your account.

Step Five

Set a deadline for yourself at least two weeks in advance of the payment date if you are living overseas. Give the money plenty of time to transfer to your stateside bank.

Step Six

Double check your transaction. Document your transaction and keep those receipts safe

Step Seven

No comments: