Students preparing for graduation should also prepare to begin repayment on their loans. The first step is to review the student copies of the loan applications and promissory notes to ascertain the beginning payment dates and amounts. Some loans do not have any grace periods, and repayment begins immediately after graduation. Most loans, however, have grace periods during which re-payments are not needed.
Students are responsible for notifying lenders of their current address. Failure to notify lenders may result in a great deal of confusion for both student and lender, and could possibly lead to default and legal action even though the student intended to make payments.