Graduation is a time to look forward to the future and make your dreams a reality. However, it also requires you to begin making payments on student loans. While there is a grace period, having a plan in place will help avoid having to seek debt relief. Take a closer look at the following to determine the best techniques for keeping up with those monthly bills. 

How Recent Graduates Can Manage Student Loans

1. Understand Your Student Loans

To find the best approach for managing the debt, look into the payback requirements from your lender. For example, federal loans offer a few different options, such as standard or pay-as-you-earn. The former is a fixed monthly rate paid off over 10 years. On the other hand, pay-as-you-earn accepts amounts that are 10% of your available income and doesn't exceed the standard payment.

Private loans are an entirely different story. One option is to pay only the interest while you're in school. You could also choose to defer the loan until graduation. While this won't require immediate payment, it can allow the interest to grow. 

2. Maintain Contact With Lender

Lenders should have a way to contact you if there is a change to the account. This reduces the risk of missing a payment and ensures that they receive what's due. 

If you're preparing for a move or have to upgrade to a new phone number, take a moment to reach out. It's the easiest way for them to check their records and verify that everything is up-to-date.

3. Extend Your Grace Period

Finding employment takes time, and paying off the loans can add pressure. Alleviate some stress by asking for an extension. If it's a federal loan, you can do this through a deferment or a forbearance. These two options offer a temporary postponement of payments. Deferment lasts for up to three years, while forbearance is only for 12 months or less.

Students must meet certain criteria to become eligible, such as financial hardship, medical expenses, and change in employment. Those who qualify can avoid seeking debt relief and defaulting on their loan. Private lenders offer similar provisions, but usually for those facing extenuating circumstances, like a health crisis.

If you're having difficulty keeping up with student loans, seek debt relief through Greg Dunn, Bankruptcy and Debt Relief Attorney. Located in Honolulu, HI, this local debt lawyer has successfully completed over 13,000 bankruptcy cases. His offices maintain a wealth of resources, including a program that will help rebuild your credit score. Call (808) 524-4529 to schedule a free initial consultation, or visit the website to learn more about his services.