As you finish the last terms of your degree, you should start thinking about the first payments on your student loans. Consider your options and plan ahead to ease the burden of loan payments.

Repayment
Think of your student loan like a mortgage or car loan, with a little more flexibility up front. After you graduate or leave school, a repayment grace period will often give you between six and nine months to find employment before you have to start repaying the loan. Different types of loans have different grace periods, repayment options, and interest rates, so be sure you know your loan's options.

Familiarize yourself with the repayment information for each of your loans. Your school may hold group exit interviews or personalized counseling sessions where repayment options, loan deferment, and cancellation options are explained in detail. Make sure you know where to send your payments for each loan, and what to do if you miss a payment.

You generally have ten to fifteen years to repay most loans, but you can repay them in less time. Under some circumstances, you may be able to request additional repayment time in exchange for a higher interest rate. Talk to your lender for more details.

Deferment
You can postpone repayment on certain Federal loans if you continue your schooling, enter active military service or, in some cases, if you are unable to find full-time employment. In most situations, you'll need to repay your loan regardless of your financial situation, and deferments aren't given automatically, so you'll need to contact your loan provider for more information

Cancellation
If you take a job teaching in certain low-income schools, you might be eligible for cancellation of all or part of your Perkins Loan. You typically cannot cancel your loans through bankruptcy, but contact your lender for specific details.

Knowing the details of your loan repayment can save you money in the long run. Contact your loan provider to get details.