The final exciting months of your educational program shouldn't have to leave you feeling anxious about repaying your loans. Know your loan terms and responsibilities in order to ease the burden of loan repayment.

Repayment Flexibility
If you already have home or car loans, you may be pleasantly surprised at your student loan's repayment options. After you graduate or leave school, a grace period will often give you between six and nine months to find an income before you have to start repaying your loans.

If you have multiple loans, it's important to know the information for each loan. Details like grace periods, repayment options, and interest rates could make a drastic difference in your repayment plan. Your school is required by law to hold loan repayment conferencing sessions. Attend these group or individual sessions for more information on repayment, deferment, and loan cancellation options.

Your loan repayment period will probably last ten to fifteen years, but it may be possible to repay them in less time. You may be able to request additional repayment time under some circumstances in exchange for a higher interest rate. When your repayment period begins, make sure you know where to send your payments for each loan, and what to do if you miss a payment. Talk to your lender for more details.

Deferment Options
It's possible to postpone repayment on certain Federal loans. If you enter active military service, continue your schooling or, in rare cases, if you are unable to find full-time employment, you may be able to apply for a deferment. Deferments aren't given automatically; contact your loan provider for more information.

Loan Cancellation
Loan cancellation is possible if you meet certain employment requirements. For example, taking a job teaching in certain low-income schools may qualify you to cancel all or part of your Perkins Loan. If you're concerned you will not be able to make loan payments, contact your loan provider immediately to prevent damage to your credit. Contact your loan provider for more information.