Student Loan Information:

If you are like thousands and thousands of other college students, you probably have at least some debt in the form of a college student loan.  In most cases, this debt load will grow throughout your college career because each year you will take out new loans to continue your studies.  For this reason, you should have a very clear understanding of your college student loan and plan ahead for the time when you will begin repayment.

Piling On The Debt
It is easier than you can possibly imagine to graduate from college with a great deal of debt.  You should consider carefully the kinds of debt you incur and make plans for paying off that debt in the future.  For example, student loans themselves are generally considered a reasonable type of debt because the money borrowed is essentially an investment in yourself and your future.  Credit card debt, on the other hand, is not good to have no matter what the credit card companies may tell you.

When Repayment Begins
Repayment of your college student loan will begin after you leave school or in some cases if you drop to part time student status.  Specific terms and conditions vary, but you can expect to start making payments somewhere between six and twelve months after you are done with school. 

Budget For Repayment
Many people neglect to build loan payments into their post-school budget, so when that first notice arrives in the mail it can come as quite a shock.  In addition, if you have taken out multiple loans over the years you may receive separate repayment notices from different lenders, further complicating your budget planning.

Regardless of whether or not you find a job right away after leaving school, you should put together a budget that includes all of your living expenses and debt payments.  Stick to your budget and resist the temptation to overspend or skip regular contributions to your savings.  This will help you be more organized and disciplined when you start repaying your student loan.