| Once
you have finished college, or drop below half-time enrollment, you
will enter the grace period phase of your student loan. The grace
period is typically 6 months for Stafford Loans and 9 months for
Perkins Loans. Before your loans become due (usually before you
leave school) your lender will send you information regarding the
total amount and options for repaying your loan. There are 4 options
to choose from: Standard Repayment, Graduated Repayment, Income-Sensitive
Repayment, and Extended Repayment. Under certain circumstances,
your loan may be postponed or even forgiven, check with your lender
for details. Another option is consolidation which allows you to
combine all of your existing loans under one new loan and the ability
to extend the repayment period. Consolidation of student loans has
both positive and negative consequences, for example, it will reduce
the amount of your monthly payment but will increase the amount
of interest paid on the loan. Additional
Resources: National
Student Loan Data System click
here
Repaying Student Loans click
here Studentdebthelp.org:
Financing Your Education click
here EDFUND:
Managing Your Loan click
here Calculators click
here
Loan
Repayment and Debt: Know Your Options
click
here
Repaying
Your Student Loans click
here
Money Plan
click
here
What
You Need to Know About Repaying Student Loans
click
here Repaying
Your Student Loans click
here
Guide
for Defaulted Borrowers
click
here Loan
Consolidation click
here Mapping
Your Future click
here
Repay
Loans: Ed.gov click
here |
