Student Loans After Graduation
As you take your first hesitant steps off a college campus and into the world of professional jobs and regular paychecks, it’s easy to become giddy or overwhelmed. The congratulations and cards keep coming, but soon you have to make some major decisions. Part of these will be what to do about your student loans. According to the Department of Education, more than two-thirds of graduates leave college with student-loan debt, and it’s an average tab of $19,200. While the best advice used to be to consolidate your loans as the variable interest rates on the Stafford loans dipped to historic lows of 2.77 percent, the changing economy means shifts in student loan deals as well. Students must be more proactive about getting the best deal on a low rate. Also, be sure to mind your grace period, as some borrowers receive their first student-loan statement before their first real-world paycheck-but if that scares you, consider the fact that these graduates can often get a lower interest rate. You should make a list of your loan amounts and lenders, and then you can work your way through the list to compare the general offers.
