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Repay Your Student Loans

After you’ve graduated from college and now that you have your first job, you’re going to have to do the inevitable—repay your student loans. Many people who are in their first year of career mode are scared because they’re not sure of the “who, what, when, and where” of the system.

A college financial aid counselor offers the following tips:

  • Students should obtain loan information, including loan amounts and interest rates, from all of their lenders. Most schools will provide you with this information during your exit interviews.
  • Know all of the loan repayment options that are available to you, such as loan consolidation, standard repayment, and graduated repayment.
  • If you cannot make a payment for whatever reason, contact your lender. No one wins in a default situation.
  • Forbearance options, in which the lender agrees to extend your payment schedule to avoid a default situation, are also available.
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