| If you are inching closer to graduation, then you have | | | | do, but you will not have to pay until 6 months after |
| already begun to get marketing materials about | | | | you stop going to classes. |
| consolidating private student loans. This is because | | | | 2. Consolidating private student loans |
| when you graduate you have 6 months before you | | | | When you graduate you will have the option of |
| have to start paying on your loans. This is one of the | | | | consolidating private student loans and all your other |
| options you can use to make it easier to manage | | | | loans. Most of the time you can do this to make |
| your payments. Here are the other options you have. | | | | them into one loan with one payment and one |
| 1. Deferment | | | | interest rate. This will make it much easier for you to |
| There are two type of deferment. One is just | | | | deal with the loan and you will only have one monthly |
| deferment and the other is educational deferment. | | | | payment instead of a dozen or so. This is a smart |
| The first is a period of time that your loans will | | | | option if you plan to begin paying on your loans. |
| accrue interest, but you will have no payments due. | | | | 3. Forbearance |
| This will help you if you need more time to get your | | | | If you have begun to pay on your loans and you run |
| finances in order to pay on your loans. You can use | | | | into some difficult financial times, then you can use |
| this for up to 2 years after your first 6 months after | | | | what is called a forbearance to pause your loan |
| graduation. | | | | payments for 6 months at a time to help you get |
| The other deferment is used for going back to | | | | through the difficult time before you have to pay on |
| school. As long as you are attending college classes | | | | them again. This is for periods of unemployment or |
| part time you do not have to pay on your loans. | | | | medical emergency. |
| They will still accrue interest if they are the type that | | | | |