If you’re anything like me, you probably neglected to read all the fine print when you first took out your student loans. Now it’s time to start repaying them, and you have no idea where to begin.

Lucky for people like us, many federal student loans have a grace period, which is a set period after you graduate, leave school, or drop below half-time enrolment before you must begin repaying your student loans. The grace period gives you time to get financially settled and to select your repayment plan. For those of you who have graduated within the last six months, chances are that time is almost up.

So, to get you started, here are five things you should know about your student loans:

Type of loans

You may have federal loans, private loans, state loans, loans from your school, or some combination. Different loan types can have very different terms and conditions, so be sure you know what types of loans you’ve got.

You can browse the internet to access a list of your federal student loans, including the loan type and information for your loan servicer. The student loan settlement lawyers can help you handle the billing and payments on your federal student loans.

For all other types of loans, consult your records. If you have questions about the type of loan, you can try contacting the financial aid office at the school you were attending when you took out the loan.

Loan balance

Once you’ve tracked down all of your loans, you’ll want to find out what your total loan balance is. This will help you determine a repayment plan.

Loan interest

Remember, a student loan is just like any other loan—it’s borrowed money that will have to be repaid with interest. As interest accrues, it may be added to the total balance of your loan if left unpaid. As a recent graduate, you may want to consider making student loan interest payments during your grace period to save money on the total cost of your loan.

Repayment options

Depending on the types of loans you have, you will have different repayment options.

Federal student loans offer great benefits, including flexible repayment options. Some options include tying your monthly payment to your income, extending your payments over a longer period, or combining multiple loans into one.

Once you figure out which repayment option is right for you, contact your loan servicer to enroll in that plan.

For non-federal loans, you’ll want to check with your lender to see what types of repayment options are offered.

Repayment terms and benefits

Familiarize yourself with the repayment terms of all your loans. Here are some things to keep an eye out for:

• Ways to save on interest, like enrolling in automatic debit
• Options for paying more than your monthly required payment
• Forgiveness, cancellation, and discharge options

Ok, that’s a lot to take in, but hey, if you could survive the final exams, the all-nighter, and even a crazy roommate or two, figuring out a plan for student loan settlement should be a walk in the park. Good Luck!