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Fox Business News talked to student loan experts about making plans and managing money to repay student loan debt. …
Written by Emily Driscoll, February 10, 2012, FOXBusiness
As the class of 2011 graduated with the title of the most indebted class ever, it’s essential that grads understand the repayment process and how to shed student loan debt as quickly as possible.
A student loan grace period, or the time before payment is due, usually ranges from three to nine months depending on the loan. Federal loans (Stafford and Perkins loans) have a grace period between six and nine months before payment is expected. For the Class of 2011, that time is up.
“In a tough economy it can be a challenge for new grads to land full-time employment before, or immediately following, their college graduation,” says Suzanna de Baca, president of wealth strategies at Ameriprise Financial. “A grace period allows those with student loans some time to find a job and begin working and earning money before they have to start paying back their loans.”
With the typical six-month grace period over, now’s the time for recent grads to get serious about paying loans back. To help devise a plan, we talked to student loan experts about the six steps you can take towards repayment.
Read the rest of this article at the Fox Business website.
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