Federal Student Loan Repayment – What to Do When it is Time to Repay!

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Are you getting ready to start paying on your loans from college and you need to know what to expect? There are many things that they usually do not tell you and if you know all your options you will be better prepared to deal with this new debt that you have to pay back. Here are the options you need to know for federal student loan repayment.First, you have the option of more schooling. If you are enrolled at least part time in any college or university you will not have to pay on any of your loans until you stop going for a period of 6 months. This is called an educational deferment and it works even if you have already started paying on your loans then you go back to school.Second, when it comes to federal student loan repayment you can also use what is called a forbearance period to stall your loans without hurting your credit. This is usually used for a financial hardship and for periods of unemployment. It can really be used for any time that you are struggling to make your payments and need to take a 6 month break to get caught up with other bills.Last, you also need to know that you can consolidate your loans. This is very important because it will make your life with your loans much easier. You want a comparable rate and all the options you have now, but you want one payment with one interest rate and one monthly due date. This will make your loans easier to manage instead of a lot of different payments.