If you are currently enrolled in college and will graduate without any student loans- we salute you!
For many students, this is not the case. Some students will have a federal loan to repay, others a private loan, and some both!
Congratulations on receiving financial assistance, (whatever kind it may be.) But, please make sure you know the terms of your student loan repayment BEFORE graduation day!
A great place to start is by asking for guidance from a student loan advisor that works at your school. Ask them questions so that you get a handle on the loan terms, the interest rates, the repayment guidelines and rules. Most loan companies offer a six-month grace period before they require repayment to begin after graduation. For federal loans, students can check the Department of Federal Student Aid. For private loans, students should reach out to the servicer of the loan. If possible, start paying off your loans right away, if not while you are still a student!
Even if your only source of income is a small paycheck from working at the front desk in your university’s fitness center, it is an excellent idea to start understanding how much money you have and how much you owe, and developing healthy financial management skills.
When you start making payments early, you develop a solid routine going forward and avoid the shock that “adulting” can bring in the months and years after graduation.
Check out studentaid.gov to learn more.