While you wait for principal and interest payments to begin, there are few things you can do to get ready.
By the time you leave college, you might have a combination of federal and private loans. Make sure you understand how many loans you have, what types of loans they are, their interest rates, and who the lenders are. Creating a simple spreadsheet can help you organize your loans.
Understand what your payments will be
Our How America Pays for College 2023 study shows that many undergraduate students aren’t aware of what their future loan payments will be. We can help you estimate your student loan payments.
Choose how to make loan payments
We offer several ways to make your loan payments. Auto debit is the most convenient way. When you enroll, your payments are automatically withdrawn from your authorized bank account each month. Plus, enrolling in auto debit may also qualify you for a 0.25 percentage point interest rate reduction.footnote 1
Consider the Graduated Repayment Period
The Graduated Repayment Period (GRP) is available for loans used to pay qualified higher education expenses at a degree-granting institution and gives you time to transition from school to career by making interest-only payments for a year after your loan enters principal and interest repayment.footnote 2
Take a look at some more advice
Our repayment tips can help you stay organized—and save time and money!