Students with Stafford loans do not have to start making payments until six months after they graduate, leave school, or stop taking at least a half-time load of credits. But that doesn't mean there's a lack of work to be done during your student loan grace period.
[Find out seven ways to spend your grace period.]
An important first step toward successful repayment of any type of student loan is communicating with your loan servicer. Here are some questions financial aid officers, student loan counselors, and former lenders recommend you ask:
1. When exactly will my payments begin?
2. Do you have my current contact information on file?
3. What is my interest rate?
4. Is my interest rate competitive?
5. Is there any way to get an interest rate reduction?
6. Is consolidating my loans a good option for me?
7. How do I qualify for Interest-Based Repayment or Income-Contingent Repayment?
8. Do I qualify for an economic hardship deferment?
9. What happens if I lose my job?
10. If I go back to graduate school, what are my loan options?
What other questions should student loan borrowers ask? Let us know on our Best Colleges Facebook page.