Are you on the point of start paying on your loans from college and you should know what to expect? There are many things that they usually do not tell you and knowing all your options you will be better prepared to deal with this new debt you need to pay back. Here are the options you have to know for federal student loan repayment.
First, you have the choice of more schooling. If you are enrolled at least part time in any university or college you will not have to pay on all of your loans until you stop going for a amount of 6 months. This is called an educational deferment and it works even though you have already started paying on your loans then you return to school.
Second, when it comes to federal student loan repayment you may also use what is called a forbearance period in order to stall your loans without hurting your credit. Normally, this is used for a financial hardship and for intervals of unemployment. It can really be used for any time that you're struggling to make your payments and need to consider a 6 month break to get caught upward with other bills.
Last, you also need to know that you could consolidate your loans. This is very important since it will make your life with your loans easier. You want a comparable rate and all the choices you have now, but you want one payment with one rate of interest and one monthly due date. This will make your loans easier to manage instead of lots of different payments.