Does the price of college scare you? You may question how others can afford all of these expenditures. Well, most of them take out student loans. There’s no reason you can’t get a loan. Continue reading to learn what you need to know about them.

Learn about your loan’s grace period. This is typically a six to nine month period after your graduation before repayments start. Having this information will help you avoid late payments and penalties.

Stay in contact with your lender. Make sure your records are updated, such as your phone number and address. Anytime you receive a phone call, email or paper letter from your lender, pay attention to it as soon as it is received. Make sure you take action whenever it is needed. Missing an important piece of mail can end up costing a great deal of money.

Don’t be scared if something happens that causes you to miss payments on your student loans. Typically, most lenders will allow you to postpone your payments if you can prove you are having hardships. This might increase your interest rate, though.

If an issue arises, don’t worry. Unemployment and health emergencies can happen at any time. There are options such as deferments and forbearance that are available with most loans. Still, remember that your interest will have to be paid back, so try and pay what you can, when you can.

Grace Period

Be mindful of the exact length of your grace period between graduation and having to start loan repayments. Many loans, like the Stafford Loan, give you half a year. For Perkins loans, the grace period is nine months. Grace periods for other loans vary. It is important to know the time limits to avoid being late.

Think about what payment option works for you. Most student loans have a ten year plan for repayment. If this won’t work for you, there may be other options available. For instance, it may be possible to stretch out your payments for a longer period of time, although you will end up paying more interest. Consider how much money you will be making at your new job and go from there. Sometimes you may get loan forgiveness after a period of time, often 25 years.

Now you know how easy it is to get a great loan. Use the advice you were given here when you go get financial aid so you can get great student loans. Don’t let the high costs of school stop you from getting a good quality education.