If you graduated from college or vocational/trade school this spring (2010), which is considered your separation date from college, and you had student loans with a 6 month grace period, your loans are probably due this December 2010 or January 2011. You have probably been bombarded with letters and statements from your lenders or your loan servicers. Do not ignore these statements. It is important that you make your payments on time.
Student loans are almost impossible to discharge, they have very few consumer protections so you are at the mercy of your lender or servicer, so avoid late payments which will increase your interest rates or cause you to lose your incentives or discounts. Paying late will cause the unnecessary compounding of interest and will add penalties and fees to your loans.
Not paying at all, will cause your loan to go into default. Defaulting on student loans can have dire consequences which could impact your entire life negatively. Have I scared you? You'll thank me later.
Even if you haven't received payment requests or statements from your student loan lender or servicer, it is your obligation to make your payment on time. Some servicers will send your statements only to your email address, and that email address may have changed over time, so, make sure you keep your servicer informed of both your email and "snail mail" address changes. Take the initiative and call your lender, or visit their website and create an account and get your loan account information.
Share this post with a friend who graduated along with you, and ask them to pass it on.
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