If you graduated in May or June of this year - 2011 - then your 6 month grace period is probably up this month (November) or next. Perkins Loans have a 9 month grace period - mark your calendars now. If you haven't heard from your lender or servicers - contact them. If you aren't sure who your loan servicers are - look it up here at www.nslds.ed.gov - the National Student Loan Data System.
Here is a previous post on the issue.
Understandably, if you are currently unemployed or underemployed, repayment of these loans may be taking a toll on you - you may be able to continue deferment, place your loans in forbearance, or opt for income based payments. On some of these options where you delay re-payment, interest continues to accrue e.g. if your loan is in forbearance, and if you have unsubsidized loans in deferment. Talk to you servicer and make notes while you are doing so - ask if interest will continue to accrue if you delay repayment - and if you have several different types of loans - go down the list of each one and have them give you a response on each.
Do not allow your loans to go into default, you options are lessened once you enter that status, among them is the recent consolidation relief offered by the Obama Administration which will not apply if your loans are in default. There are numerous repayment options - determine which one of these suits your situation. Request an extension of your deferment if you qualify.
Share your experiences with student loans and financial aid with someone who is just starting the process. Many people indicate that they would not have taken loans as large as they had if they had been better informed on the front end of the process. Others indicate that they thought their parents made too much money and opted for private loans instead, which now have significantly higher interest rates than Direct Loans. Share your experience (good or not-so-good) or your questions with others here on the blog.
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