Paying Back Student Loans
After four (plus) years of workers toiling over books, reports, and tests, you’ve finally made it. You don the cap and gown and walk across the stage. What a great accomplishment!
First on the list is getting a job of course. If you haven’t already lined up a job, internship or graduate school now is the time.
But you’re also probably wondering about those student loans you’ve taken out over the years. How do you pay them back? What’s the processing for paying on loans? What if you don’t have a job yet and can’t pay? These are all questions that a recent graduate asks.
First, the good news — there is a 6 month grace period on all loans which have not been consolidated yet. That means that you have six months from the day of graduation to when your first student loan payment is due. The idea is that this will give you time to get your feet on the ground, a job, and ability to pay.
During this time you will receive paperwork from your lenders regarding your loan. They will let you know about your repayment options. Your options for repayment consist of how the loans will be consolidated into one loan, and what your monthly payment will be.
Find out more Student Loan Consolidation by staying tuned on College Financial Aid Guide.