Fast Fact

In a survey of parents across all income levels, 63% expect their children to take on debt in order to pay for college.

Source: College Savings Foundation, 2008

During College

Take advantage of the time your son or daughter is in college to prepare for the day your child takes over his or her own financial management responsibilities, including any student loan debt. Even if you are not the one paying the bills, you can still pass on important financial information.

Get organized.

If your son or daughter is not already doing it, keep copies of all loan documents from every year he or she is in college. Some of the things to keep on file include:

If you call a lender/loan servicer, make a note of the date and the person with whom you spoke.

Also keep on hand the names and most recent addresses of the lender, the loan servicer, and if there is one, the guarantor.

Know the lenders/loan servicers for all loans.

The lender/loan servicer is the primary point of contact for all payments for parent PLUS and other student loans.

If you are handling your child's loan paperwork while he or she is in school, the lender/loan servicer needs your contact information, as well as your child's. Keep in mind that the loan paperwork will likely be sent to your house anyway, if your child uses it as his or her permanent address.

Notify the lender and/or loan servicer in writing if any of the following events occur at any time before or during the repayment of a loan:

Don't know who services your child's federal loans? Have your child sign in to NSLDS.ed.gov to find out. Keeping track of all loan servicers (PDF) will make it easier to contact them when you don't have the internet at your fingertips.

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