Ready or not, it’s time for January graduates to receive their first student loan bills. If you’re in the same shoes as countless grads all over the world, you’re given a choice: to defer or not to defer.
I’ll give you the bad news first: no matter what you choose, there’s no avoiding the payments altogether. But here’s the good news: there’s no right or wrong decision. Whether you decide to defer your loans for a few years or pay them back immediately, additional interest will not accrue on your original rates.
Deferring your loans might be a consideration if you decide to enroll in grad school, are faced with economic hardships, are placed on disability, if you’re a mother re-entering the work force, or if you’ve joined a public service (Armed Forces, Peace Corps, etc).
However, you may choose to repay your loans after the initial six-month grace period. If you’re in the position where you’re going to begin repaying your student loans, it’s a good idea to consider a student loan consolidation. That way, all of your student loan bills will be combined into one. Your bill will be based on the average interest on all loans, which often times gives you a better rate and lower monthly payment. Aspire even offers our very own EdAccess Student Loan Consolidation for your convenience.
With Aspire’s EdAccess Student Loan Consolidation, you can refinance and consolidate as little as $7,500 or as much as $100,000 in undergraduate private student loan debt or up to $150,000 in graduate debt. You’ll even have the option to have “Interest-Only Payments” for the first 4-years of repayment, and a cosigner release after just 12 consecutive on-time principal + interest payments. Interested? Visit http://www.custudentloans.org/aspirefcu/#EdSucceed for more information and to apply.
Whether you choose to defer your loans or begin paying them back right away, make sure that you are in contact with all of your student loan lenders and understand their repayment process and requirements. It also is highly suggested to ask to see everything in writing.