Graduating? What You Can Do About Your Student Loans
INFORMATION FROM THE U.S. DEPARTMENT OF EDUCATION
As you prepare for life after school, we want to provide you with next steps, tips, and advice regarding your student loans. First, review your student loan records. You can access your federal student loan record at StudentAid.gov/login. You’ll need to figure out whether you have federal student loans, private student loans, or both. The advice below is for your federal student loans only. To discuss repayment options for your private student loans, contact your lender.
NOT ATTENDING GRADUATE SCHOOL OR CONTINUING YOUR EDUCATION?
In most cases, you’ll have six months from the time you graduate before you must begin making federal student loan payments. This is called your grace period. Use this time to explore the different repayment options available to you and prepare for repayment. Learn more about the different repayment options at StudentAid.gov/repay. During your grace period, you can also start making payments of any amount. Contact your federal loan servicer to find out how to get a head start on repaying your student loans. Here’s your repayment checklist: • Know whom to contact if you need help with your student loans. Your loan servicer can help you for free. You never have to pay for student loan help! TIP: Save your loan servicer’s phone number in your phone. You can find your loan servicer’s phone number at StudentAid.gov/servicer. • Choose a repayment plan that meets your needs. Compare your monthly payment options under different repayment plans using the Loan Simulator at StudentAid.gov/loan-simulator. Consider applying for an income-driven repayment (IDR) plan at StudentAid.gov/idr. Under an IDR plan, your monthly student loan payment is based on your income and family size and can be as low as $0 per month. If you take no action, you’ll be placed on the 10-year Standard Repayment Plan.
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