This year is predicted to be a tough one for landing that dream job. So what’s a smart graduate to do with repayment looming? Think outside the standard repayment term – you have many payment options available, including graduated payment plans that start as low as interest-only. If you need to postpone making payments, consider applying for a deferment or forbearance.
And starting July 1, 2009, a new income-based repayment plan is available to borrowers who are in a partial financial hardship. The income-based repayment plan is calculated based on household income and poverty line depending on your family size. You need to qualify for the income-based repayment plan every year.
So contact your lender and learn your options. You’ll be glad you planned ahead when repayment kicks in.