Tips for College Graduates Making Their First Loan Payments

Your Money adviser (The New York Times)

Tips for College Graduates Making Their First Loan Payment.

By Ann Carrns, Nov. 1, 2019

Make sure you know how much you owe and to whom. Then, look at your payment options.

"Student borrowers typically get a six-month grace period after graduating from college. For students who earned their diplomas in the spring, that means monthly loan payments start in November or December."

"The loan servicer — the company that collects payments and otherwise manages student loans — usually sends a notice a month or so ahead of the first due date."

 

"Go online and check your borrowing history at the National Student Loan Data System. There, you will find a list of your federal student loans and the amounts as well as their servicers, so you can contact them to make sure you are receiving necessary information. (Loans made by private banks and lenders, rather than the federal government, are not included.)"

"Unless you choose an alternative, you will automatically be placed in a standard 10-year loan repayment plan. That’s usually the cheapest option in the long run, and the one that will get you out of debt the quickest." 
Set it and forget it

By Bijan Stephen Nov 1, 2019
"Digit — the automatic savings app that deducts small amounts from your checking account and deposits them into an account you designate — has decided to get further into the debt game. Now, you can use the app to pay off your student loans."

"Digit can help you pay down at least some of that debt painlessly in the same way that the app does everything else. All you have to do is link your student loan account to Digit, set a loan goal, and then quite literally forget about it." 

Well... may be your shouldn't forget about it but it is a strategy to consider.