Comments on: What do i do with student loans once i graduate? http://www.debt-loans.biz/blog/financial-aid/what-do-i-do-with-student-loans-once-i-graduate/ Call 888-653-9681 To Get Debt Help Now! Sun, 30 Oct 2011 13:10:42 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: superstar_81882 http://www.debt-loans.biz/blog/financial-aid/what-do-i-do-with-student-loans-once-i-graduate/#comment-471 superstar_81882 Wed, 17 Jun 2009 22:39:27 +0000 http://www.debt-loans.biz/blog/financial-aid/what-do-i-do-with-student-loans-once-i-graduate/#comment-471 Once you graduate or drop below 6 units, you get a grace period before you must start making payments on your student loan. This grace period is 6 months long. Once the grace period expires, your first loan payment will be due within 30 days. As far as consolidation, it is in your best interest to consolidate. Each loan you take out for each school year is counted as an individual loan, each with it's own interest rate and repayment schedule. So, considering that the minimum student loan payment on a Standard Repayment plan is $50, and say you have 4 separate loans, you'll be paying $200/month! If you consolidate, depending on the total loan debt, you could greatly reduce your monthly payment as save money in the long run in interest. Also, if your loans are currently at a variable interest rate, consolidation will "lock-in" that rate so that it remains the same for the life of the loan. If all of your loans are through the same lender and you don't find any problems with their service, then just contact your lender about applying for a consolidation loan. This is essentially a brand new loan in the amount of all your total loan debt, thus paying off the other loans and creating one larger loan. If you'd like to go with a new lender for some reason, then do some research, and contact the lender of your choice for a consolidation application. You may also choose to consolidate under the Federal Direct Loan program, this means the US Department of Education will pay off your loans and then you will make payment directly to them (their website is) and you can apply online. If you've already received your last loan disbursement, go ahead and consolidate now so that it's well taken care of before your grace period ends and you enter repayment. Once you graduate or drop below 6 units, you get a grace period before you must start making payments on your student loan. This grace period is 6 months long. Once the grace period expires, your first loan payment will be due within 30 days.

As far as consolidation, it is in your best interest to consolidate. Each loan you take out for each school year is counted as an individual loan, each with it’s own interest rate and repayment schedule. So, considering that the minimum student loan payment on a Standard Repayment plan is $50, and say you have 4 separate loans, you’ll be paying $200/month! If you consolidate, depending on the total loan debt, you could greatly reduce your monthly payment as save money in the long run in interest. Also, if your loans are currently at a variable interest rate, consolidation will “lock-in” that rate so that it remains the same for the life of the loan.

If all of your loans are through the same lender and you don’t find any problems with their service, then just contact your lender about applying for a consolidation loan. This is essentially a brand new loan in the amount of all your total loan debt, thus paying off the other loans and creating one larger loan. If you’d like to go with a new lender for some reason, then do some research, and contact the lender of your choice for a consolidation application. You may also choose to consolidate under the Federal Direct Loan program, this means the US Department of Education will pay off your loans and then you will make payment directly to them (their website is) and you can apply online.

If you’ve already received your last loan disbursement, go ahead and consolidate now so that it’s well taken care of before your grace period ends and you enter repayment.

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