I graduated in May so I know it’s about time to start paying my loans off. Will the lenders be sending me a bill or do I have to set up a payment plan with them. Also, I have loans from a few different lenders, is there a way to consolidate them? Will that hurt my credit?
28 April 2009 at 11:15 pm
4 comments
Answers
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28 Apr 09 11:15 pm
Typically, you have 6 months after graduating to save up and find a job before the lenders will send you any bills. They’ll send you a notice saying you’ll have to start paying on X date. About 3 months before you start paying, you gather all loan info (lender, amount, etc) and choose who you want to go through. (I’ through Sallie Mae) You might want to do the one who the majority of your loans are through. They’ll send you papers about the process and you can call to start it, or go online.
Also, don’t be afraid to talk with you parents about any quesions, or contact your school, they have people who can also help answer questions.
28 Apr 09 11:15 pm
Talk to the lender…Each one is different
28 Apr 09 11:15 pm
Your lender will send you a bill six months after graduation.
If you want to consolidate, it will be better to talk to a loan officer and he/ she can help you set that up.
Your credit will only get affected if you miss a payment so make sure not to forget.
28 Apr 09 11:15 pm
I get a bill in the mail every month. If you want to consolidate it will not hurt your credit. The only way to hurt your credit is to not pay it on time.