Are you ready to graduate and you know that student loan repayment is right around the corner? Have you been properly informed as to what you are going to be dealing with and what exactly you are about to go through? There are many things you must know including education student loan consolidation and the process. Here are some of the things you should know.
First, when it comes to paying back your student loans you get 6 months from the end of school for you to find a job and start paying on them. This is a deferment or grace period that you are allowed to pay on them, but not required to. After 6 months you will be making regular monthly payments on all the loans you took out.
Second, you can use education student loan consolidation to combine all your loans into one. This will give you one monthly payment instead of multiple to manage. You will also get one low interest rate and only one loan provider to deal with. Using education student loan consolidation will make your loans much less of a headache and will allow you to make the payments with ease.
Last, you also have the deferment and forbearance options to use if you cannot pay on your loans for one reason or another. The deferment option is an option you can use for any reason at all for up to 2 years. Forbearance is for financial hardship and you can use if for 6 months at a time with no limit to how much you use it.