If you graduated Spring, 2011, your 6-month grace period for repaying your student loans is ending. You will have to start making repayment in 30 to 60 days. You should have heard from your leading institution, and if not, make sure your contact information is up to date. Call now.
Next choose a repayment plan. You can
- Pay a fixed amount monthly for 10 years,
- Start with a low monthly payment and graduate to higher payments every 2 years over 10 years,
- Do an extended plan over 25 years,
- Arrange a monthly repayment based on a percentage of your income capped at 15%.
Find out more at Studentaid.ed.gov/repaying.
Also read about the new options under President Obama’s college debt initiative.