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A grace period is how long you can wait after leaving school before you have to make your first payment.It's six months for federal Stafford loans (sometimes called Subsidized and Unsubsidized loans), but nine months for federal Perkins loans.For federal PLUS loans, you probably have access to a six-month deferment (see details here and here). Stay in Touch with Your Lender: Whenever you move or change your phone number or email address, tell your lender right away. In fact, it was less than two years ago that I finally paid off the last of my debt.The longer you carry a balance on credit cards and loans, the more interest you'll rack up on your debt — and the more you'll have to fork over when all is said and done.(See also: Snowballs or Avalanches: Which Debt Reduction Strategy Is Best for You?These details determine your options for loan repayment and forgiveness. You can log in and see the loan amounts, lender(s), and repayment status for all of your federal loans.If some of your loans aren't listed, they're probably private (non-federal) loans.
Consolidating the various balances you're carrying on different credit cards and loans into one single amount can help you obtain a lower interest rate, which will save you money over time.If you're carrying debt on a credit card with a high interest rate, you can save big by transferring the balance onto a new card with a lower rate.Some cards offer promotional interest fees as low as 0%, which can be monumental in helping you conquer your debt faster.For those, try to find a recent billing statement and/or the original paperwork that you signed.Contact your school if you can't locate any records. Know Your Grace Period: Different loans have different .
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Most of my $14,000 debt was made up of consumer loans and credit cards, so I understand how much it stinks to see your debts being paid down so slowly.