With thousands of college students set to graduate in a couple weeks the State's Student Financial Aid Agency is letting graduates know about the options available to repay their student loans.
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.
In New York the average student loan debt for graduates is over $25 thousand dollars, the national average is around $29,000.
For more information on options available visit the HESC website at HESC.ny.gov