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How Not To Panic When That First Student Loan Bill Arrives

Aug 22, 2008
Graduating from college is a great feeling. The world is ready for your skills, there are numerous opportunities out there, and there are many things you have yet to explore. All of it is just so promising right up until the moment that you get hit with that first student loan bill.

The vast majority of students use loans to get through school. These loans can be out of sight, out of mind while you are in school. That ends quickly when you graduate and are staring at a bill for tens of thousands of dollars. So, what can you do?

Most new college graduates are incredibly happy to learn one word in relation to their loans. Deferal is the magic term. You can defer payments on most loans. Lenders realize most graduates need some time to get up and running. Deferrals are the answer.

Ah, but what if you have a job waiting for you when you graduate? Deferal is no long an option. This creates a problem since most starting positions do not exactly pay a lot. To make ends meet, many use a trick to lower their month payments.

Make no mistake. The loan consolidation is a faustian proposition. You get relief in the form of lower monthly payments, but you will pay much more over the length of the loan. Why? The repayment term is extended to 30 years or more.

If you pay off the consolidation loan for the full 30 years, it is a vast financial mistake. To make it work for you, make one extra payment a year whenever you can. You will cut the repayment term down by half or more.

Going to colleged used to require a reasonable financial price. Now, it is very expensive. This means practically everyone is going to have to pay the piper with student loans. The key is to understand what you are getting into in relation to repayment.

I will be honest. Looking at the amount you owe on student loans can be pretty brutal. Some refer to them as their first child! The key to handling them is to pay more when you can. When you pay them off, your credit will be stellar.
About the Author
David Thomas writes for USStudentLoanCompanies.com, where you can find student loan companies across the country.
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