One of the first things that a recent college graduate needs to start thinking about is the proper management of student loan debt.  If student loan debt is handled correctly, it can turn into a serious financial burden on a graduate.

Many people forget this, but when you graduate, you need to very quickly apply to have your school loan payments deferred.  It is not something that is easily recognized by most graduates as a priority because for the length of time that they were still enrolled in classes, the deferment happened automatically.  As long as a student was taking enough classes to be classified as a full time student, payments on student loan debt were automatically deferred until the next semester.   However, as soon as full time status is lost, the payments will start being due.

This is not a difficult task for a recent graduate, although it can be a bit overwhelming, because, for most graduates it will be their first time dealing with financial matters.  Nevertheless, in reality, it could not be easier.  The first two deferments are awarded automatically, as long as a borrower calls in and requests the deferment.  The easiest way to handle the deferments is to wait until you receive a notice of a payment due, and then just call the listed number and request the deferment.

Once the student loan payments have been deferred, the next important task is to consolidate your loans.  There are numerous benefits to this, but it is important that it is taken care of as possible after graduating.

The chances are very good that most graduates will not be sitting on just one large loan, but in fact, will have quite a few small loans that have accumulated over their time in school.  This will all have different interest rates, payment agreements, and balances.  More importantly, there is a very good chance that the interest rates themselves will be adjustable rates.  This means that after a certain amount of time, the interest rate will start to move up and down, according to how the economy is doing.  When a graduate consolidates their loans, it ensures that they will all be in one payment, and will all have a fixed interest rate.

With just a little bit of work directly after graduating, a borrower can ensure that any future problems with student loan debt will be completely avoided.