Graduating Class of 2014: How to Deal with Repaying Student Loan Debt

Commonbond Student Loan Debt Repayment Infographic

Congratulations to the graduating class of 2014! For those who weren’t lucky enough to escape debt-free, don’t worry because you’re not alone. In fact, the graduating class of 2014 is the most indebted in the history of college grads and student loan debt, rolling in at close to $34,000 of student loan debt on average. Although recent graduates are being buried by student loan debt, there are many great federal and private student loan repayment options that can help you tackle your student loan debt without the stress.

Here are a few tips and definitions provided by CommonBond, a student lending platform who helps student loan borrowers refinance student loans.

1) Grace Period

Recent grads have 6 months before they need to start making student loan payments on federal loans. Depending upon your private student loan lender, they might include a grace period as well, but it is always recommended to check with your student loan servicer!

2) Repayment Period

After your 6 month grace period, your student loan repayment period begins. Depending upon your financial situation and whether or not you can afford your monthly student loan payments, you have several federal and private student loan repayment plans to choose.

3) Deferment and Forbearance

For your federal loans, you typically have up to 3 years of deferment eligibility and 12 months of forbearance if you are experiencing difficulty paying your student loans. The terms and eligibility factors of deferment and forbearance can change depending upon your specific job and income situation. You can read more about student loan deferment and forbearance here.

4) Income Based Repayment Plans

Income Based Repayment (IBR) and Pay As You Earn (PAYE) can be a godsend for many student loan borrowers who have a high student debt load or high Debt-to-Income (DTI) ratio. If you need to lower your monthly payments, Income Based Repayment plans are a great option.

5) Private Student Loan Refinancing

For the folks who were able to solidify a job after graduation, student loan refinancing might be a great option to help lower interest you will pay and lower your monthly payments. Variable rate student loan refinancing starts at roughly 3% and fixed rate student loan refinancing starts around 5%, so if your interest rate is higher than the listed rates, student loan refinancing might be able to help.


Read the following student loan infographic for some quick and simple student loan repayment tips:

Commonbond Student Loans Infographic

This infographic was contributed by CommonBond , a student lending platform that provides a better student loan experience through lower rates, exceptional customer service, and a commitment to community. CommonBond is also the first company to bring the One-for-One model to education and finance: for every degree fully funded on the company’s platform, CommonBond funds the education of a student in need abroad for a full year. Learn more about how you can save on your student loans.

Interested in refinancing student loans?

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Published in Federal Student Loan Refinancing, Federal Student Loan Repayment, Federal Student Loans, Private Student Loan Consolidation, Private Student Loan Refinancing, Private Student Loans, Refinance Student Loans, Student Loan Consolidation, Student Loan Infographics

  • Thomas @ i need money ASAP!

    This is an exciting time for new grads. It’s important to keep lifestyle inflation in check. With everyone getting new jobs it will become tempting! But sticking with the loan repayment will put you way further ahead in the long run.