Federal student loans include a six month deferment period. However, if you ever consolidated your law school loans, you probably waived your six month deferment period. This means your consolidated loan will become due immediately upon graduation and you must start making payments at that time. Most law students are studying for the bar exam during this time, so they don’t have money to make student loan payments.
The good news is, many student loan companies will still defer your law school loan for six months if you call and request it (they will probably provide a form that you must complete). If you do not qualify for a deferment, the loan company may give you a forbearance (deferment and forbearance defined).
If you graduated in the spring, you should call to request loan deferment now to allow enough time to process the deferment before your loan becomes due.
Student Loan Consolidation
You may also want to consider consolidating your student loans. By consolidating your student loans, you can reduce the inconvenience of paying multiple bills for each loan. You may also benefit from locking in your student loan interest rates.
Finally, some student loan consolidation companies offer discounts for timely payments and discounts for automated withdrawal from your bank account. Although the rates for federal student loans are the same between student loan consolidation lenders, these discounts can reduce the amount you must pay over time, saving you money.