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Looking for employment after graduation from college can be so taxing, especially if you are worrying about repaying the student loans you made while studying. College graduates who have received student loans will typically need to begin making payments on their loans within approximately six months from the time of graduation.

For the purpose of ease and convenience in managing your student loans, you might think of consolidating them. The same method of consolidating your credit card debts can apply to student loans. The best time to consolidate is right after graduation as many lenders are still waiting for the loan maturity before pushing for payment. A few things should be considered before you make the decision to gather all your loans under one roof.

If you have availed of federal student loans, such as Perkins, Stafford, Pell, it is best not to include them in your consolidation. Turning these federal loans into a private loan could void the privileges attached to them such as low interest rates, student loan forgiveness program, etc. Be sure to exclude the study grants you received, too. They were awarded to you free by the federal government.

There are also programs which are called student loan repayment programs, and these are much more common than student forgiveness programs. A student may actually receive additional funding which can be used to help pay down the loan, or an arrangement is made with the student’s employer for a specific amount of money to be paid straight to the lender. There is a small downside to using either of the above mentioned programs and that is whatever the amount is that is eliminated under either program, may still be consider taxable income by the federal government. However, that alone should never be the deciding factor on whether or not to use either program.

There are programs which are federally funded, and backed by the government, called student loan forgiveness programs. Typically the loans these programs cover are the Perkins and Stafford loans, which are federal student loans. When a student enrolls in one of these loan forgiveness programs, certain portions of their debt is able to be wiped off of their loan amount, as if it never existed. This is something that anyone with one of these loans should look into, especially if they are experiencing some sort of financial hardship or having trouble securing employment.

If a student has taken out several loans and has numerous loan documents and contracts, with varying interest rates, and different payment schedules, a very good step in helping to eliminate a lot of the stress associated with these bills is to consolidate them all into one.

Once you’ve taken out a debt consolidation loan, it is important to be cautious so that you do not find yourself in the same situation again especially when you’ve already found employment.