Once you've secured your graduate or doctoral degree, you should start thinking about your first student loan payments. Plan ahead and use these tips to lessen the sting of loan repayment. 

Think of your student loans like any ordinary loan, with a little more flexibility in the first few months. Different types of student loans come with different grace periods, though six months is the norm. Interest rates and repayment options can also vary greatly from loan to loan. Failing to make timely payments on your student loans can mean a lower credit score, which hinders your ability to make large purchases in the future.

Know Your Options
Because each of your loans can come with vastly different repayment information, you should be sure you understand the repayment information for each loan. Your school may hold exit interviews or free loan counseling sessions where they explain your repayment, deferment, and cancellation options in detail. At these meetings, you should ask about details like where to send your payments for each loan. If you have a loan through a private lender, schedule a time to talk to them about your repayment options. 

Loan Deferral Options 
After you graduate or leave school, your loan repayment grace period allows you some time to find work before your loan repayment responsibilities begin. If it's not possible for you to begin repaying your loans after this grace period, you may be eligible to apply for a deferment. You may be eligible for a deferment on some Federal loans if you continue your schooling with another degree or certificate program enter active service in the military, or in some cases if you are unable to find full-time employment. Because deferments aren't automatically awarded, you should contact your loan provider for specific information as soon as you realize you may not be able to repay your loans on time. 

Loan Cancellation Options 
With the right career, you may be able to cancel your loans as you earn a paycheck. Some careers in law enforcement, corrections, or teaching could make you eligible for cancellation of all or part of your Federal loans. Joining the Peace Corps could also result in a partial cancellation. In most cases, you cannot cancel your loans through bankruptcy but contact your lender for specific details or if you have questions.

You should expect to repay your student loans within ten to fifteen years, but you may be able to take more time, if necessary. Talk to your school's financial aid department or your private lender for more details.