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When you graduate, you will have a six month grace period on your loans. In that time, it is advised you consolidate your loans. This will allow you to extend your payments over a 30 year period, while keeping all of your federal rights. So if you need deferment or forbearance, you have three years of each. If you consolidate while in your grace period, you will receive a .6% redcution on your loans that you took out before july 1st, 2006. Once you go into repayment, your interest rate on those loans will go up the .6%. You will also be able to pick your repayment plan. I recomend the smallest payment you can get, but pay as much as you can. This is because there are no pre-payment penalties with student loans, so if your payments are $200 and you pay $400, the extra $200 would go directly to principle, and you would pay you loan off in less than half the term. Consolidation will also help your beacon score and improve your credit. Please, get in contact with me so I can explain it to you based on your actual loans.
How about getting a job in your field and making the payments??
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