To avoid student loan pitfalls and misconceptions, NASFAA recommends administrators ensure students know:

• The difference between federal and private student loans
• All the terms and conditions of their loans
• The consequences of having a cosigner
• How to find the entity that holds and services their loans
• Who to contact with questions or issues
• Repayment options
• What to do if they can’t make payments
• The consequences of missing payments
• The consequences of default
• How to get a loan out of default
• How bankruptcy impacts a loan