It can be challenging to navigate major bills and student debt repayment. This year, new payment plans may complicate matters further.
College graduation season is underway, and nearly 3.2 million students are slated to pick up their associate or bachelor’s degree diplomas this spring, according to the National Center for Education Statistics. When the cap tosses and festivities wrap up, it’ll be time for job applications, apartment leases — and student loan payments.
If you’re leaving campus this year and starting your first full-time job, here’s how to prepare for impending student loan bills and a new financial reality.If you have federal loans, you must complete mandatory student loan exit counseling when you leave school. The process takes about 30 minutes and can be done online at. Exit counseling will ask you to update your contact information, walk you through how much you owe and explain the basics of student loan repayment.
If you’re unemployed or earn less than $32,800 as a single household, you’ll qualify for $0 monthly payments and interest won’t build under SAVE — while also making progress toward loan forgiveness. However, this plan could extend your repayment period from 10 years to up to 25 years, depending on how much you owe.
If you start a job before the grace period ends and your federal loans are unsubsidized, consider starting repayment anyway. Interest will accrue during the grace period, which could increase the total amount you’ll repay over time. But if you have need-based subsidized loans, there’s no downside to taking advantage of the grace period — interest won’t start building until after the six months end.
@Lll @Exmeter @Mrose Student-Loans
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