STUDENT LOAN REPAYMENT At this point, you may be feeling a little overwhelmed about repaying your student loans after you graduate. Don’t worry; you will be given ample time to pay back your loans. You may notice over the course of your college years that your loan provider may change. While student loans are managed by the government, the money is actually coming from a lender. When you sign your promissory note, you will see the lenders name on the note. Over the years, many loans companies have been bought out by larger loan companies. When this happens, you will be notified. If you transfer to another college or begin a graduate program at another school, you may use a different lender. This is very common and should not affect the amount of money you will receive. Once you graduate, you may have loans from two, three, or four different lenders. This can cost you a lot more money in interest fees if you do not consolidate these loans into one monthly payment. Many larger loan companies offer this service for free as long as you consolidate during your grace period, which is the six months after you graduate when you have time to find a job in order to begin paying back those loans. Loan consolidation is very important because it will save you money and the hassle of writing out different checks each month. When consolidating your loans, you should: Choose the loan terms that fit your lifestyle Find the lowest interest rate possible Choose a reputable lender Consolidate all loans
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