Student Loans: Steps For Payment After College

By: Michael Millington

You’ve graduated from college and you’re ready to take on the world. One of the most fear-inducing thoughts is how you’re going to pay off your student loans. You might wonder whether or not that job you’ve been studying to get is really going to make a dent in your debt or how your student loans might affect your credit. Here are a few things you should consider after you’ve taken off the cap and gown.

 

1. Find out what kind of student loans you have. Most student debt is going to be secured debt in the form of federal money. Whatever is left is generally unsecured debt, or debt that doesn’t have any collateral backing it. Once you know which types of student loans you’re dealing with you’ll have a better understanding of how they affect you financially.

 

2. Stay current with your payments so you don’t have to worry about fees. Once your grace period (or separation period) is over you’ll be responsible for both your principle and interest payments. Make sure you’re aware of payment amounts and due dates so you don’t fall behind. Late payments on student loans can have a large, negative impact on your credit rating.

 

3. Did you know that you can defer your payments if you take up an internship after you graduate? Internships, fellowships or residencies that happen after you’ve achieved your degree will grant you the opportunity to defer payments on your student loans. You must make sure to fill out the proper paperwork to do so or you’ll still be responsible for on time payments.

 

4. Make sure you coordinate with your co-signor if you have one. You don’t want to put someone else’s financial standing in jeopardy because you can’t make a payment on your student loans. If you find yourself unable to keep up with your payment schedule then make sure you contact your lender immediately. Lenders are inclined to help you achieve your goal of being debt free and can offer options like forbearance to temporarily stop payments.

 

 

Don’t Wait To Seek Help for Student Loans

It might seem like you have a lot to handle as soon as you head out of college. It’s a lot, it’s true, but you shouldn’t wait to seek help. It’s easy to mess up your credit at a young age and it takes a long time to repair on your own. Find professional help for your unsecured loans through Guardian Debt Relief and take the stress out of paying back your unsecured student loans. Make the move towards debt freedom with Guardian Debt Relief today.