Family Finance: Advice for recent college grads with student loa - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

Family Finance: Advice for recent college grads with student loan debt

SAVANNAH, GA (WTOC) - This month millions of American college students will graduate and begin the next phase of their lives, but for most of those students, this also means it's time to start thinking about repaying those student loans.

If your son or daughter will be getting their diploma next week and they're worried about making those payments, we have some advice.

Whether your child has a job lined up by graduation day or not there are several options for repayment.

Samantha Hutto, with the financial aid office at Armstrong State University, explained what a recent grad should not do.

"The worst thing they can do is absolutely ignore contacting their servicer. I know that's what a lot of people want to do. "

Hutto says most loans offer a six month grace period after graduation. Then, there's plenty of different ways to start paying back what you owe.

"There's income based repayment. If they're unemployed they can have their payments deferred. If they run out of the deferment period of three years, they can then request a forbearance."

The bottom line is stay in communication with the loan provider, let them know what you or your student's financial situation is, and you'll prevent a headache later on.

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