By Chad Wistick
Are you now out in the real world looking for a job and you know your student loan payments are right around the corner? This can be a scary time if you have yet to find a job and it can make it difficult on you if you do not find a job before your loans become due. Here is what you can do when you consolidate federal student loan and your other options as well.
When you decide that you are going to consolidate federal student loan you will be rolling everything into one loan, with one interest rate, and one payment. This will make life much easier on you instead of having to pay $50 here, $75 there, $100 over there, $30 on another one, and so on. You probably have nearly 16 loans or more, which means you will have about this many payments to make.
You should also know that other than using the consolidate federal student loan option you have other options as well. If you have yet to find a job by the time the 6 months are up after graduation, or the job you found does not pay as well as you need to really pay on your loans, then you can use what is called deferment for up to another 2 years before you have to start paying on your loans.
This will not hurt your credit, but you should know that interest will still be racking up at its normal rate. This will buy you some more time in order to get the job you want, move up and make more money, or figure out something you can do to start paying on your loans. You can also take part time classes in order to keep your loans in an educational deferment for as long as you are in school.
Click Here to get all the information you need for Financial Aid and Private Student Loans.
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