If a low interest student loan consolidation is chosen, paying back the low interest rate student loan becomes easier than paying loans with high interest rates. A good rule of thumb with debt consolidations is to pay if off as fast as possible to keep the interest down. This will require paying off more than the minimum payment at a time, or making bi-weekly payments instead of or in addition to the monthly—but always with the same minimum amount for each payment. If just making the payment monthly on a consolidated school loan, remember that one payment is easier to make than three or four different amounts being sent to three or four different locations. A person can afford to make larger payments with a set-up like this.
The grace period that a student has to begin paying on school loans after they leave school varies with lenders. Perkins loans are a nine-month grace period while Safford and other ones are six months. Private lenders vary even more, so this is something a student needs to stay on top of right from the beginning. Once that grace period is over, federal loans are automatically based on a 10-year plan that is standard for everyone. But if that is difficult to follow, they also offer alternative repayment plans and deferments. The Income-Based Repayment plan by the government places a cap on the monthly payments due up to 20 years, with the balance forgiven after that.
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