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Graduating? Here’s What to Know About Your Student Loans

The New York Times – Ann Carrns

“Whether the speaker at your college graduation is the Apple chief executive Tim Cook (M.I.T.) or the actress Eva Longoria (Knox College), the event signals the end of your undergraduate career — and moves you that much closer to having to repay your student loans. Most federal student loans come with at least a six-month grace period, a time during which you don’t have to make monthly payments. For spring graduates, that means repayment is likely to begin sometime in November or December. That gives new graduates some breathing room — to find a job, rent or buy an apartment, or buy a car — before starting to make payments. But many borrowers, despite studying hard to earn a degree, are uneducated about the type of loan they have, how long it will take to repay, what their monthly payment is likely to be and other important details, according to research from Prudential Financial. So they may be caught off guard when it comes time to begin repayment.”(more)

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