A graduate trying to remove saved money from her piggy bank. Isolated on white.
ALBANY, N.Y. — Congratulations, college graduates! Now, about that loan...
The state's Higher Education Services Corporation is reminding graduating students that the grace period for starting to repay federal loans ends in November. Loan servicers will send students information about repayment plans before the November cut-off date.
The standard plan uses fixed monthly payment with the loan being paid within 10 years. The extended plan, targeted for students with more than $30,000 in loans, will pay off the debt in 25 years with fixed or gradual monthly payments. The graduated repayment plan begins with low payments that increase every two years.
For more information on options available visit the HESC website at HESC.ny.gov.