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It's six months for federal Stafford loans (sometimes called Subsidized and Unsubsidized loans), but nine months for federal Perkins loans.For federal PLUS loans, you probably have access to a six-month deferment (see details here and here). Stay in Touch with Your Lender: Whenever you move or change your phone number or email address, tell your lender right away.allows you to consolidate (combine) multiple federal education loans into one loan. Top Private education loans are not eligible for consolidation, but for some Direct Consolidation Loan repayment plans, the total amount of your education loan debt—including any private education loans—determines how long you have to repay your Direct Consolidation Loan.The result is a single monthly payment instead of multiple payments. Direct PLUS Loans received by parents to help pay for a dependent student’s education cannot be consolidated together with federal student loans that the student received.The concept of student loan consolidation is simple: you apply for one large loan which will be used to pay off all your existing student loans.That single loan will be easier to manage, because you’ll only make one monthly payment, and because it has a longer term than your old loans that payment will be smaller than the sum of your current payments.
The government has a strong interest in making it possible for students to pay off their educational loans, and at the end of 2012 it instituted a new form of the income-based repayment plan called Pay As You Earn (PAYE).If you're having trouble finding a job or keeping up with your payments, there's important information here for you, too. Know Your Loans: It's important to keep track of the lender, balance, and repayment status for each of your student loans.These details determine your options for loan repayment and forgiveness. You can log in and see the loan amounts, lender(s), and repayment status for all of your federal loans.Contact your school if you can't locate any records. Know Your Grace Period: Different loans have different .
A grace period is how long you can wait after leaving school before you have to make your first payment.
Whether you just graduated, are taking a break from school, or have already started repaying your student loans, these tips will help you keep your student loan debt under control.