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Former Students May Want To Pay Off Loans Quickly

Posted by Bill Crowley on June 7 2011 @ 3:06 pm

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Loans need to be paid off quickly. Recent college graduates average approximately $24,000 in student loans, according to The Chicago Sun-Times. This is money that consumers may need to start cutting into their mounting debt as soon as possible.

The borrowed funds accrued while going through college cannot be forgiven, the news source reported. Whether it is a Stafford or Perkins loan, payments must begin between six and nine months after a student passes their final classes.

These young adults who are going to pay the debts might want to keep in contact with the lender, according to the news source. It is the responsibility of the borrower to keep addresses and other contact information current. If a former student does not receive a bill, the money is still due to be paid.

For those who have not been able to pay for a variety of reasons, debt relief from the government may be available, the news source reported. It is unlikely, but if a person is unemployed, they may be able to get a stay of payments, for at least a little while.