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	College Loan Repayment Plans Start College: Ask your college first College Education Planing How to choose the right college   Student Loan Consolidation: Get rid of student loans Repayment Plans Student loan consolidation College tuition is going to cost you?   College Cost: Dealing with the cost of college as a family The College Student’s Guide To Saving Money College costs depend on where you go to school   College Financing: College financing Where to look for college funding A simple comparison of education plans Financial aid for college 529 savings plans Coverdell accounts Education bond programs and custodial accounts Get all of the federal loans and grants that you can Free Application for Federal Student Aid Getting state financial aid for college Paid tuition plans Private grant or a private scholarship Paying for college Higher Education Student Loans Federal Student Loans Parent Loans for Undergraduate Students Private student loans You have made it through all of the grueling hours and years of college education and you have your diploma to show for it. Good for you, now the real work starts: paying off all of your student loans. You cannot waste any time when it come sot paying them off, there is a schedule of repayment and you need to stick to this schedule precisely or else. But before you can start paying back your student loans you need to know just how much you owe and to who. If you have gotten federal student loans then the majority of these will give you a grace period in which you can start planning your financial future including budgeting for repayment of said loans. These grace periods are usually anywhere from 6 months to 9 months after you have graduated from college. Most loans will send you a letter in this time that will tell you exactly what is owed and when you need to pay and how often. It is important that you never miss any payments for any reason, if you do you will hurt your credit, which is always a bad thing. Credit is important in today’s society and you need it to be good if you ever want to get another loan again someday. If the loans that you have do not send these types of letters out there are other ways in which you can find out what you need to know concerning your loans and their repayment schedules. One way to find out what you need to do is by taking a look at your original loan documents. You will have signed a promissory note and this will have some info on it and if your parents were somewhat involved in the whole borrowing issue then they might remember something important. You can also visit the National Student Loan Data System online. Here you will be asked for some personal information as well as for your Department of Education PIN. You can then access your data including just what you owe. You probably have your PIN but if not you can get it online as well. And you got your financial aid from somewhere right? Contact this lending office and ask them. They will be able to look up everything about what you owe and to whom. Don’t phone the office drop by and get the number for your lenders, this is the best and fastest way to get things done right the first time. One of the many reasons people like student loans is that they offer pretty flexible repayment plans. They will usually work with you somewhat to make things as easy and as painless as possible. If you think that you might have trouble with a certain plan then talk to your lender about using another repayment plan, one that will leave you with a little money left over for a place to live and some food. There are several repayment plans that you will be able to choose from. The first is the standard plan and this is the most straightforward plan. With this one you will have a set amount of money that you will pay towards your loans each and every month. Just how much depends on how much you owe and how much you are currently making at your new job. With the standard plan you will have generally about 10 years to pay off your loan. The amounts you pay each month can be higher with this plan but you can get your loans paid off so much sooner and in the end you will save money because you will have paid less interest on the loan. Then you have the extended repayment option and this one has a set payment as well but it can be lower. With this type of plan you can take as long as 30 to repay your loan in full. This can make the payments easier to swallow but you are looking at hundreds if not thousands of dollars more in interest over the life of this repayment plan. Graduated repayment plans are a sensible option that works well for most people. When you get out into the real world you are probably going to start at the bottom of the food chain and work your way up in your career, this is the normal flow. So with the graduated plan you will start off paying a smaller amount each month and over time this amount will increase along with your monthly income. The first payments that you make will be interest payments but as you start making more money you will be able to finally start to chip away at your principal balance owed. Income sensitive repayment plans are another great option and this one allows you to adjust your payments each year according to how much you can then afford to pay. To come across the adjustment each year your tax return will be taken into consideration as well as the size of your family and how much you owe all together and the interest rate on your loan. This is a very flexible plan that allows you to get rid of your college debt while still being able to support yourself and your family in the style you all deserve. Remember that just because you choose one repayment plan now, you can change it down the road. If your life changes and you think that a different option will suit your circumstances better than switch but to find out just which plans you can switch to you will have to talk to your own lender. Not all loans have all plans available to them. The amount that you owe on your student loans is not all just about how much you actually used for college you know. A lot of the balance is due to fees and these fees can be as much as 5 percent of your total amount owed. There may be some ways that you can get this amount down such as paying your loan online each month or even allowing the lender to take the money straight from your bank account each month on a certain day. This cuts down the amount of administration being done on your behalf and so they will sometimes take a little interest off your loan rate. Some lenders will even be willing to lower your interest rate after you have shown that you can pay your payments on time. After a few moths contact your lender and ask if they would be willing to do this for you.