Yuma News Now

- Know what you owe. Before you choose what to pay off, you need to understand your existing debt. Compile information on your student loans, credit card loans, car loans and other expenses.

On its Web site, Sallie Mae (www.SallieMae.com/debtworksheet) provides an easy-to-use worksheet that can help you see how much you owe and where you owe it, which can make figuring out loan payments easier. Plan to pay down your highest interest debt first.

- Get the facts on student loan repayments. Mark your calendar so you will know when the grace period on your student loans expires. This is when you must begin making payments on your student loans.

Sallie Mae's Web site, www.SallieMae.com, can help you re-evaluate your repayment options. If you have extra cash, think about accelerating your payments. There is no penalty for early repayment on either federal or private loans through Sallie Mae. Depending on your lender, you can also accelerate payments on home, car and other loans. Paying off loans quickly can result in lower overall costs.

If your financial situation has changed, Sallie Mae can help you decide which repayment option best meets your needs. In addition, student loan customers having trouble making payments should contact their lender immediately to explore other repayment options, deferment or forbearance.

- Put yourself on a budget. Track your monthly income and expenses, then create a budget based on that information. Re-evaluate your personal budget whenever your income or your expenses increase.

- Get a copy of your credit report every year. Checking your credit report for inaccuracies is important because a poor credit report can mean higher interest rates on important future credit purchases, like a home or a car. More information about how to keep your credit healthy is available at www.salliemae.com/bedebtsavvy.