Here are a few reasons why you may want to consider this strategy: Refinancing refers to taking out a new loan with new terms to pay off your existing loan(s). Get more tips for managing your student loan debt Be sure to check with your lender(s) about the terms of the grace period on your loan(s), if this information is not already provided to you. Grace period: Available with certain lenders, this is a set period of time after you graduate in which you are not yet required to make a loan payment. Please note that interest still may accrue on your loans during the grace period.Variable interest rates will vary over the life of the loan, depending on market interest rates, while fixed interest rates are just as their name implies: fixed, or permanent. It’s also important to determine whether the rates are variable or fixed. Loan interest rate: Your interest rate will be dependent on when you took out the loan, and whether the loan is federal or private.Some providers offer income-driven repayment plans, which can extend the term of the loan. Loan repayment term: Loan repayment terms may vary with private lenders, but the default term for many federal lenders is 10 years.There are many important distinctions between federal and private loans, which you can find on the Federal Student Aid website. You may be familiar with the Federal Stafford and Perkins loans, which are two of the most common loans available to students. private loans: Federal student loans are funded by the U.S. government, while private student loans are made by a financial institution acting as your lender. Unless you're one of the few who will escape college without it, the first step to eliminating your debt is to understand the key features of your student loans so that you can create a repayment plan that’s appropriate for you. Here are some of the important details you need to know: In 2016, the average college graduate finished school with more than $37,000 in student debt.
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