photo by steed media service

After four years of late-night study sessions, endless tests and unforgettable parties, college graduation marks the beginning of a new stage in life. But while the impulse to celebrate this important achievement is overpowering, the realization of college debt looming over oneÕs financial future can be overwhelming.

Over the years, college tuition has increased across the nation and caused students to have to take out larger loans. According to Science Daily student loans have become an 85-million-dollar industry. But as recent graduates search for their dream jobs, they shouldnÕt allow the pressures of loan repayment to become a crushing burden.

Depending upon the loan, students usually have a six- to nine-month grace period before they have to begin repaying the loan. During this period, recent graduates should consolidate their loans in order to lock in a low fixed rate. They should also begin to properly organize their finances so theyÕll be prepared make payments when the grace period is over. The Sallie Mae Stafford Loan allows students a six-month grace period after graduation, while the Federal Perkins Loan gives students nine months. Even if recent graduates are not prepared to begin repayment after the grace period, they can defer their loans up to a maximum of five years.

Students can also go into forbearance. This allows students a period in which they do not have to pay, or to make a payment for less than the repayment amount. However, the loan still accrues interest during forbearance.

Although repaying student loans can be a hassle, it's a necessary step in getting physically fit. Your loan issuers know who and where you to find you. So running is not an option. - amir shaw



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