After Graduation

Contact your servicer before you miss a payment — switching to an income-driven plan, requesting a temporary deferment or forbearance, or exploring refinancing (for private loans) are all easier to arrange proactively than after you've already fallen behind. Falling behind can trigger late fees and credit damage that make the situation harder to recover from.

Federal loans typically have a grace period, often six months, after you graduate, leave school, or drop below half-time enrollment before payments are required. Private loans vary by lender — some have a similar grace period, others expect payments to begin sooner, so it's worth checking your specific loan terms.

It tends to make the most sense for borrowers with strong, stable income and good credit who have exclusively (or mostly) private loans already, since there's no federal protection to lose in that case. For federal loan holders, it's worth being confident you won't need income-driven repayment, deferment, or forgiveness options before trading them away for a lower rate.

A partial payment is almost always better than skipping, since it reduces what's owed and shows a good-faith effort, even though it may not fully satisfy that month's due amount depending on your servicer's policy. Either way, call your servicer proactively — many have hardship options that are far better than an unplanned missed payment.