Most federal student loans will give a 90 day grace period before you have to start repaying your loan back. During this grace period, make sure all you contact information is up-to-date. You should receive a Student Loan bill within 60 days after you've graduated or stopped attending college.

When you do receive your first Student Loan bill, make sure to review the total amount owed and check to see if the monthly installment payments are correct. If the monthly installment payments are not correct, check to make sure your lender has you on the correct repayment plan that you requested during the exit counseling sessions.

There may be errors found within your first bill, so make sure to contact the Department of Education to resolve any errors or issues with the bill. The best way to contact them is by calling their (800) number. They do respond to e-mail, but it usually takes much longer for an answer.

If you are unable to pay your first loan due to financial difficulties, make sure to contact your lender. All federal student loans will be administered through the Direct Loan Program or the FFEL program. Students that find a job for a non-profit company or a student that becomes a teacher can request for a Stafford Loan Forgiveness. This loan forgiveness will allow them to be relieved of all Stafford Loan debts that they may have incurred.

It's important to pay your loan repayments on time. Your credit score will be negatively impacted and you will start to acquire late fees if you start to make monthly late payments.read more loan repayments