As you finish the last months of your certificate, you may start worrying about the first payments on your student loans. Consider your options and plan ahead to lessen the sting of loan payments.

Repayment
Think of your student loan like a mortgage or car loan, with a little more flexibility. After you graduate, leave school for any reason, or drop below half-time enrollment status, the repayment grace period allows you some time to find work before you have to start repaying the loan. Different types of loans have different grace periods, repayment options, and interest rates.

Familiarize yourself with the repayment information for each of your loans. Find out if your school has group exit interviews or personalized counseling sessions where loan deferment, cancellation, and repayment options are explained in detail. Make sure you know where to send your payments for each loan. Banks often sell your loans so pay close attention to any follow-on information you receive.

You generally have ten to fifteen years to repay most loans, but you can repay them in less time or, under some circumstances, may be able to request additional repayment time. Talk to your loan provider for more details.

Deferment
If you can't start repaying your loan immediately, you may be eligible to apply for a deferment. You can postpone repayment on certain Federal loans if you enter active service in the military, continue schooling, or in some cases if you are unable to find full-time employment. Deferments aren't given automatically, so you need to contact your loan provider for specific information.

Cancellation
You may also be eligible for cancellation of all or part of some Federal loans, if you teach in schools in certain low-income areas or teach certain subjects. Generally, you cannot cancel your loans through bankruptcy, but contact your lender for specific details.