Most federal student education loans will give a 90 day grace period before you need to start repaying your loan back. During this sophistication period, make sure all you contact information is actually up-to-date. You should receive a Student Loan bill within 60 days after you have graduated or stopped attending college.
When you do receive your first Education loan bill, make sure to review the total amount owed and determine if the monthly installment payments are correct. When the monthly installment payments are not correct, check to ensure your lender has you on the correct repayment plan that you simply requested during the exit counseling sessions.
There might be errors found within your first bill, so ensure that you contact the Department of Education to resolve any errors or difficulties with the bill. The best way to contact all of them is by calling their (800) quantity. They do respond to e-mail, but it typically takes much longer for an answer.
If you cannot pay your first loan due to financial issues, make sure to contact your lender. All federal student education loans will be administered through the Direct Loan Plan or the FFEL program. Students that find employment for a non-profit company or a student that becomes a teacher can request a Stafford Loan Forgiveness. This loan forgiveness enables them to be relieved of all Stafford Loan debts they may have incurred.
It's important to pay your loan repayments promptly. Your credit score will be negatively impacted and you'll start to acquire late fees if you begin to make monthly late payments.