Be aware of the length of your grace period. As common with most federal loans, the length of the grace period is six months after you graduate. Private lenders will let you know what the grace period is in the loan agreement. You might be able to take up consolidation of your loans within the grace period. Do the three things below to avoid defaulting on your loans.
1. Consolidate your loans: Consolidating student loans will decrease the amount of money you must pay per month on your loans thereby making it easier for you to afford the payments. You should however be aware that consolidating will increase the overall amount you pay as this extends the repayment period. But it is a great way to afford your monthly payments.
2. You can defer you payments: There are several circumstances that can allow you to defer your student loans. These include half-time to full-time studies, unemployment or economic hardships. You can also defer if you are studying at an approved graduate fellowship program or if you are undergoing a rehabilitation program for the disabled.
3. Forbearance: This just like deferring your loans. The difference is that when you defer, you don’t make any payments but with forbearance, you will make payments on the interest of the loan. You’ll need permission from the lender and you’ll have to fall under some circumstances to qualify for this
