· Because so many students consolidated in school, they gave up their six-month grace period. This means your first student loan statement may be coming before your first paycheck, so be prepared. If you didn’t consolidate, don’t get too comfortable. Consolidating before your six-month grace period is up will get you a better rate, so if you considered consolidation, now is the time.

· But approach with caution: consolidation is not always your best option because of high interest rates. Especially if you have fixed-rate loans in the mix, you may end up paying more for your loans if you consolidate.

· Shop around for lenders that offer the best discounts. If you have all your loans with one lender, you no longer have to consolidate with that lender. But beware the strings attached: many lenders offer a reduced rate only after a certain number of on-time payments, but less than 10% of borrowers ever actually receive that bonus. Even then, make one late payment during the life of the loan, and that bonus is gone for good. A delayed reward also means it will apply to a much smaller principal amount.

· Keep in mind that lowering your monthly payments or extending your repayment period means you will pay more on your loan, so repay sooner rather than later if you can and skip lowering the rate or extending your repayment period unless it’s absolutely necessary.

· Tackle your biggest debts first. For many students, that means credit cards. And while you may be more anxious to repay your student loans, that 18% APR on a credit card balloons a lot faster than a 6.80% Stafford loan interest rate.