Very few students that have undergraduate student loans have any idea what they should expect when they get to the point that they have to start making payments. This is the very strange part about the education process. You go get a degree that is in a specific field, but they cannot take the time to teach you about your student loan repayment options. Here are some tips to help you out.
First, you have 6 months after you graduate or stop going to school before they will start sending you bills with payments due. This is supposed to give you time to find a job or decide to go on for more schooling. If you go on for more schooling your loans will go into an educational deferment, which keeps you from having to pay on them without hurting your credit. If you do not, then you have to pay or use one of the following options.
Second, with undergraduate student loans you have what is known as a regular deferment that you can use in 6 month increments for up to 2 full years. This is just you adding more time on the end of that original 6 months. You will not have to pay any money on your loans when you use deferment until the period is up. Then, you will have to start paying on your loans. This gives you time to figure out what to do about these undergraduate student loans.
Last, the other option, which you can use at any time with your loans is to go into forbearance. This is a way of protecting your credit rating while you are going through a financial hardship. This could be a period of unemployment or another time in your life when your money is just not enough to pay on your loans. Forbearance works for 6 months at a time and there is not a limit to how many times you can use it.
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